Those we lost in 2023

January 3, 2024 9:00 AM

Enjoy complimentary access to top ideas and insights — selected by our editors.

They were all part of the municipal bond business. They were underwriters, dealers, lawyers, analysts, insurers, reporters and government officials, but they were friends and colleagues first and foremost. These are the people in the public finance arena that we lost last year.

Those we lost in 2022. Those we lost in 2021. Those we lost in 2020.

Yvette Shields dies at 57

Yvette Christine Shields, a longtime Bond Buyer reporter and editor who spent decades as one of Chicago's finest and well-known financial writers who made a national reputation for excellence the public finance industry, died unexpectedly in July. She was 57.

"Yvette was everything a reporter should be — perpetually curious, tenacious, whip smart and unafraid to ask the tough questions," said Mike Scarchilli, Editor-in-Chief of The Bond Buyer. "More importantly, she was a wonderful person, both personally and professionally, beloved by colleagues and industry sources alike."

She was posthumously inducted into The Bond Buyer's Hall of Fame Legacy Wing at the Infrastructure Conference held in Chicago in September.

Richard Ravitch dies at 89

Richard Ravitch, former MTA head and New York lieutenant governor — Richard Ravitch, former N.Y. MTA head and Lt. Governor of New York State.

Richard Ravitch, one of the financial saviors of New York City during its near bankruptcy in the 1970s, died in June. He was 89.

Mr. Ravitch, a former lieutenant governor of New York State and chair of the New York Metropolitan Transportation Authority, was an expert in municipal finance and had also executed a successful fiscal turnaround as chair of the then-troubled New York State Urban Development Corp. in the 1970s.

Ravitch was a founding member of Build America Mutual's Board of Directors, serving from 2012 through 2016 and was a director of the Volcker Alliance and founder of the Richard Ravitch Public Finance Initiative.

Tim Schaefer dies at 75

Tim Schaefer, former California Deputy State Treasurer.

Tim Schaefer, who served the California public finance market for decades as a trader, banker, financial advisor and deputy state treasurer, died in January. He was 75.

Schaefer served as California's deputy treasurer for public finance in two administrations. He was appointed to the position by State Treasurer John Chiang in 2015, and continued to serve under Fiona Ma until he retired in 2022.

During more than five decades in the industry, Schaefer worked as a salesman on a trading desk, a banker at Chemical Bank and Bank of America, and as president of Fieldman Rolapp & Associates, a leading California financial advisory firm, before forming his own financial advisory firm, Magis Advisors.

Schaefer first joined Chiang when he was state controller as a fiscal policy advisor, then followed him to the State Treasurer's Office.

Robert Doty dies at 81

Robert Doty, whose career covered many aspects of public finance.

Robert Doty, a veteran lawyer, underwriter, financial and municipal advisor, law professor, special consultant, expert witness and author of numerous publications, died in April. He was 81.

Doty, whose passing came after a years-long battle with cancer, played an early and instrumental role in developing disclosure rules for the municipal market.

Fritz Stradling dies at 96

Fritz Stradling, co-founder of the public finance practice at Stradling Yocca Carlson & Rauth. — Fritz Stradling, co-founder of the public finance practice at Stradling Yocca Carlson & Rauth

Fritz Stradling, who co-founded Stradling Yocca Carlson & Rauth's public finance practice, died peacefully in his sleep on Feb. 17. He was 96.

He and his fellow co-founders of Stradling's public finance practice, John Murphy and Tom Clark, are credited with helping to give California bond law firms stature in the public finance world.

Laurence Msall dies at 61

Laurence Msall, who led the Chicago Civic Federation for more than two decades, died in February at 61.

As leader of the Chicago Civic Federation, Laurence Msall's guidance and insights helped shape city, county, and state finances for two decades with his views sought out by business and political leaders. He died in February at age 61.

Msall took over as president of the 129-year-old non-partisan research organization two decades ago. It was a position that allowed him to marry his political acumen with his financial knowledge.

Theodore R. Vogel dies at 64

Theodore R. Vogel, a 30-year veteran of the municipal bond market and seasoned portfolio manager died on Sept. 3 at his home in Millington, New Jersey. Mr. Vogel, 64, specialized in and was recognized for fixed income solutions, especially taxable and tax-exempt portfolio strategies and execution.

He also had expertise in overall financial markets, investments, risk mitigation, trading and marketing. His more than three-decade career included 17 years at Neuberger Berman in New York City as a senior vice president beginning in 2006.

Steven H. Gerdes dies at 68

Steven Herbert Gerdes, 68, a nationally recognized tax attorney specializing in public finance, who spent more than 30 years working at Vinson & Elkins LLP in Houston, died July 30, following a brief illness.

Born in Walnut, Illinois, and growing up on a farm, Gerdes made the transition from farmer to tax attorney, acquiring clients such as cities, counties, hospitals, school districts, universities, airports and not-for-profits throughout the country.

Peter McCrae Ramsey dies at 82

Peter McCrae Ramsey, former Smith Barney banker and public finance executive for over 30 years.

Peter McCrae Ramsey, 82, a former public finance executive who spent more than 30 years as a banker in the municipal bond industry and was considered a mentor to many people, died June 8 in Annapolis, Maryland.

His extensive career in public finance largely consisted of structuring municipal bond financings that funded the expansion of airports, healthcare centers and other institutions.

Gerard 'Jerry' Fernandez dies at 98

Gerard "Jerry" Fernandez, former bond attorney at Hawkins, Delafield, Wood LLC, died April 21 at the age of 98.

Gerard "Jerry" Fernandez, Jr., a municipal bond attorney who spent nearly 67 years at Hawkins, Delafield & Wood LLP and was known as an innovator in the public finance industry, died April 21 at the age of 98.

After serving in the U.S. Navy as a lieutenant (JG) in the Pacific during World War II, Fernandez began his career at Hawkins, Delafield as an associate in 1950. A decade later, in 1960, he became a partner at the firm and remained one for 34 years. He retired in 2017.

Benjamin S. Wolfe dies at 85

Benjamin S. Wolfe, a former public finance banker, died July 8. He was 85.

Benjamin S. Wolfe of Short Hills, New Jersey, a former public finance banker passed away on July 8. He was 85.

His career in the field of public finance began in the controller's office at Columbia University in 1965 and similar roles at Adelphi University and the University of Chicago followed. He then led the Illinois Health Facilities Authority for three years before joining the municipal finance division of Goldman Sachs in New York City in 1977 and was there for 18 years. Later, he worked at Prudential Securities, E-Bond Trade.com, Merrill Lynch and ButcherMark Financial Advisors.

Sheila Oliver dies at 71

N.J. Lt. Gov. Sheila Oliver died in August.

New Jersey Lt. Gov. Sheila Oliver, the first black woman to serve as the state's Assembly speaker died in August. Oliver, 71, had been serving as acting governor while Gov. Phil Murphy was in Italy on vacation and was hospitalized for an unspecified illness.

Oliver, who was born and raised in Newark, became Assembly Speaker in 2010, making her the second black woman in the nation's history to lead a house of a state legislature, according to a statement from Murphy's office. She was first elected to the Assembly in 2003.