Gary Smith is an Executive Vice President and George K. Baum & Company's senior mortgage-backed securities salesman and trader. He has been with the company for 30 years and was a former Vice President of Merrill Lynch. For five years, he served on the Merrill Lynch U.S. Government Securities Advisory Panel in New York City. He is an occasional speaker on embedded options in callable and mortgage securities and has been a repeat presenter on these subjects to the FDIC and to the Federal Financial Institutions Examinations Council in Washington, D.C. Mr. Smith is a graduate of Manchester University with a degree in Economics and Business. From 1967 to 1971, Mr. Smith served on active duty as a radar officer in the U.S. Air Force.