SPOTLIGHTING WOMEN 2021

Bella Marshall Barden

Born in Windsor, Canada but raised across the Detroit River in Detroit, Michigan, Bella Irene Marshall was a longtime official with the City of Detroit and Wayne County. Ms. Marshall served as Detroit’s finance director appointed by Mayor Coleman A. Young from 1982-1993. After leaving the City, Ms. Marshall worked for Wayne County Executive Robert Ficano, first as chief financial officer and then as chief operating officer. After leaving public service, she was appointed president and chief executive officer of Waycor Development Company, a real estate developer of luxury homes. She was also the chief operating officer of one of her former late husband’s other businesses, an automobile manufacturing plant in Namibia.

She earned her law degree from the University of Michigan and was hired by the Detroit office of Michigan State Housing Development in 1975 as staff counsel. She became its first female director as well as the youngest in the agency’s history just three years later. At the age of 32 years old, she became one of the youngest women and one of a small group of African Americans to head the finance department of a major American city. She was in this position for over 10 years and was responsible for the financial health of the city while it was struggling with budgetary challenges. She headed a staff of about 500 people and was responsible for the city’s banking and investments. She was also charged with reforming the property tax department. By the time she left the post in the early 1990s, Detroit had rebounded.

Friend and finance attorney, David Baker Lewis said “During her tenure as Finance Director of Detroit, Bella led some of the most consequential economic development projects the City ever completed. Her knowledge of finance was immense, and she was a natural leader dedicated to uplifting Detroit. She was a perfect match for Mayor Young. She could be charming in any setting yet tough as nails when she needed to be. She possessed a witty and sometimes self-deprecating sense of humor: always a pleasure to work with and be around. She is missed.”

Carol Converso

Carol Converso started her career in 1983 in the municipal bond department of Alex Brown and Sons in Baltimore, Maryland while attending Towson University. After almost five years, she moved to Legg Mason to become a Vice President and their municipal bond underwriter where she helped to grow the firm into a prominent underwriter in Maryland and, ultimately, a super-regional firm that competed nationally. Ferris, Baker Watts persuaded Carol to join their firm in 2000 to utilize her expertise and network to restructure their municipal fixed income desk. Under Carol’s guidance, Ferris was able to institute changes which resulted in Ferris becoming a strong force in Maryland and the Northeast. When Ferris was bought by RBC in 2008, Carol moved to M&T Securities and created the municipal capital markets group that served Maryland issuers and other states along the East coast. In her career, she has managed Public Finance, Underwriting, and Retail Marketing and served as a member of various internal risk and compliance committees.

Throughout her long career, Carol has enjoyed teaching others about the business of public finance. For Carol, summers meant local law firm interns would come over to learn what it meant to run a competitive bond bid, and students from local high schools would call to see if they could visit the trading desk. Carol offered training programs to issuers, regulators and anyone who wanted to learn about the municipal bond market. She is a strong believer is empowering people with knowledge and hoping to create awareness of job opportunities in the bond business. Carol is a past president of the Municipal Bond Club of Baltimore and one of its first women members, and she currently serves as the Treasurer of the Maryland chapter of Women in Public Finance.

As a pioneer in the municipal bond business in Maryland, Carol has benefitted from many great mentors in her long career. Carol offers this advice to women interested in pursuing a career in public finance:

“It has been a journey with some hurdles to overcome, but would not change my career path for anything. There are many great people I have met and worked with in this industry. Connect with people who see your strengths and will take the time to teach you. People are willing to help; you just need to reach out. Form a strong networking community, they will see you through the rough days. Most importantly, be honest, ethical and treat people fairly, even if it takes a few dollars away.”

Kathy Kardell

Kathy Kardell is currently the Debt Manager for Hennepin County, MN and the Chair of GFOA’s Debt Committee. She was also the driving force for the establishment of the Minnesota Chapter of Women in Public Finance ten years ago and currently serves as its President. Her extensive and storied career in public finance began more than 30 years ago working for a suburban city in the Twin Cities Metro. She left that city to take a position with a financial advisory firm where, as the younger, female member of the team, she was often expected to do the work but was not invited to attend the meetings and received little recognition for the meaningful input she was providing. Despite a difficult and sometimes dismissive working environment, Kathy persevered and began to take on leadership roles with clients. When Kathy was a financial advisor, her work covered a national footprint primarily for large, complex issuers and state agencies from Alaska to Virginia. She eventually moved back into the public sector first as Assistant Commissioner for Debt and Treasury at the State of Minnesota and then to Hennepin County.  

Given her early experience feeling undervalued in what was once very much and still can be a male-dominated field, Kathy has always looked for opportunities to mentor women, advance women’s careers and advocate for women inside and outside the organizations for which she has worked. One needs look no further than the current members of the Minnesota Chapter of Women in Public Finance to see younger women (and now some not so young women) whose careers she has fostered either directly or indirectly. These women include a receptionist who is the current President of the Minnesota Institute of Public Finance, a woman hired to write proposals who is now a Senior Vice President and leading her own practice for an investment banking firm and a woman who worked in a mailroom that she asked to be her analyst who is now a Managing Director at a financial advisory firm.

Danni Breaux

Danni Breaux is a founding member of the Texas Chapter of Women in Public Finance and has served fearlessly as the Chapter’s Treasurer since 2014. Danni began her public finance career in New Orleans at broker dealer Howard, Weil, Labouisse, Friedrichs, Inc. In 1990, she joined investment bankers in the start-up of Cypress Capital Corporation, a Louisiana Independent Municipal Advisory firm until 2005. After Hurricane Katrina devastated New Orleans, Danni proved her resilience by relocating with her young son to San Antonio, Texas to work as marketing director for ImageMaster until 2013, when she joined the capital markets team at Frost Bank. Danni was quick to roll up her sleeves and take on the labor-intensive job of Treasurer for the newly formed Texas WPF chapter. Using her technological savvy and persistence, she tirelessly built the financial infrastructure for the chapter, managing bank accounts, event tickets, sponsorship checks, and the membership database, and serving as an active member of the Texas chapter and San Antonio region events committee, organizing numerous events and conferences. No Texas WPF event would be complete without Danni’s infectious laugh and sweat equity to organize, plan, set up and clean up any event. She is perhaps best remembered for the infamous San Antonio Tequila Tasting, with personalized WPF shot-glasses for everyone, at the 2017 State-wide conference in San Antonio. While the next chapter of Danni’s life will take her away from Texas to help her extended family, she will always stay close to our hearts as a Texas WPF Trailblazer.

Meredith Hathorn

Meredith Hathorn graduated cum laude from Tulane University School of Law in 1983 and served as an Editor of The Maritime Lawyer. Ms. Hathorn was also appointed as a Senior Fellow responsible for teaching legal research and writing to fellow law students. She became an associate at the firm of Mudge Rose Guthrie & Alexander in New York and passed the New York State Bar in 1983. Ms. Hathorn joined Foley & Judell LLP in New Orleans in May of 1985, where she currently serves as Managing Partner and specializes in Public Finance.

Ms. Hathorn has participated in various special project financings for the State of Louisiana, has served as the Chairman of the Government and Public Law Section of the Louisiana Bar Association and was the editor of the Government and Public Law Newsletter for the Government and Public Law Section. In addition, Ms. Hathorn served a three-year term on the Board of Directors of the National Association of Bond Lawyers ("NABL") and served a term as Secretary to the Board. She was also on the NABL Committee that published Model Engagement Letters. Ms. Hathorn was appointed to the NABL TIFIA Task Force. She was co-chair of the NABL Committee for the release of the revision to The Functions and Professional Responsibilities of Bond Counsel. Ms. Hathorn is currently serving a four-year term on the MSRB where she serves on the Governance Committee and the Steering Committee.  

Ms. Hathorn has participated in and executed financing projects for the State of Louisiana, the Louisiana Transportation Authority, the Greater New Orleans Expressway Commission, the Mississippi River Bridge Authority, the Louisiana Stadium and Exposition District, the City of New Orleans, the Ernest N. Morial New Orleans Exhibition Hall Authority, the Louisiana Offshore Terminal Authority and the Louisiana Public Facilities Authority, which issue bonds for numerous universities, colleges, non-profits and hospitals throughout the State.

Ms. Hathorn is very involved with the Louisiana Department of Transportation and Development, having served as bond counsel for numerous issues of Gasoline and Fuel Tax Revenue Bonds. She served as bond counsel for the Louisiana Transportation Authority on the first start-up toll facility in Louisiana since the 1950s. This engagement involved multiple borrowings totaling over $160 million. These transactions involved the Secured Loan Agreement with the United States Department of Transportation which was the first TIFIA (Transportation Infrastructure Finance and Innovation Act of 1998) loan in Louisiana and one of seven done nationwide. Ms. Hathorn was also bond counsel for the refinancing of these bonds in 2013.

Ms. Hathorn is a true trailblazer in the Public Finance industry. She is admired by many and respected at the highest levels in local and state government arenas. Well said from Board member and Past President, Stephanie Ferry, “In addition to being one of the best attorneys I’ve worked with in my career, Meredith has been a strong advocate for women in the public finance industry in Louisiana. I have personally benefitted from her friendship and advice at many points throughout my career.” 

Ms. Hathorn is one of the founding members of the Louisiana Chapter of WPF and served as Board President in 2019 and 2020.

Kathleen Aho

Kathleen Aho started her career in municipal finance shortly after graduating from the University of Minnesota in the early ‘70s. She went on to own and grow two municipal advisory firms; helped found the National Association of Municipal Advisors and is a past president, board member and chair of its Standards and Certification Committee; and is a past president and board member of the Minnesota Institute of Public Finance. She has served on the MSRB Compliance Advisory Group and been honored as a Top Woman in Finance (2011, Finance and Commerce) and a Woman in Business (2020, Minneapolis/Saint Paul Business Journal.) She has served as elected Chair and board member of her local school district, planning commission member of her City, and on the finance committee of a non‐profit housing developer. Kathleen has three daughters and three wonderful sons‐in‐law and what she describes as seven delicious grandsons. Here is how she describes her career.

“Landing in municipal finance was a total accident that lasted for nearly 50 years. I grew up in a business and time when women were still referred to as “the girls in the office”, where I was told that the job I wanted was “too hard” for me, that our clients “weren’t ready” for a woman or a black consultant in the field. Doors were still closed just because they were. End of story. It’s a lesson for all of us that have made too quick a decision about someone that was different without looking to see what the substance of that individual was. We all have done it. It happens to men as well and women, people of color, those who speak with a different accent, young people, older people.

“Being married and a mother complicated things further. I rejoice in conversations today when someone – male or female – will say, I’m sorry I have to go pick up my kids from daycare, and every head nods yes, we get it, we understand. I did not feel I could do that as I built my career because it would be a substantiation of why it was unreasonable for me to think I could have ambitions. I burned up a few day care options along the way when days got long and praise my mom for having my back when the meeting went over or when a snow storm held me up, especially in the days before cell phones. Those were stressful times.

“The bottom line professionally is, if you want it go for it, but be prepared to have to make compromises and sometimes sacrifices. Pursue your passion. It is something that you will need to define for yourself and then make room for, hopefully in both your career and personal life. Don’t hold yourself back. Know that you can and if you have trouble believing that on your own, get someone in your life that believes in you. And give back. There is far more fulfillment in giving to others – time, money, talent, whatever you have – than in getting.”

Betsey Bayless

Betsey Bayless’ extensive State government career includes serving Secretary of the State, as the director of the Arizona Department of Administration, acting director of the Arizona Department of Revenue, and assistant director of the Arizona Board of Regents. She is credited with restoring Maricopa Institute of Health System (Valleywise Health), the County’s public hospital and health care system, to financial viability and an expansion of hospital facilities.

She was part of Arizona’s “Fab Five” – five women holding the highest public offices in the State at the same time - Gov. Jane Dee Hull, Secretary of State Betsey Bayless, state Attorney General Janet Napolitano, Treasurer Carol Springer and Superintendent of Public Instruction Lisa Graham Keegan

Firsts: Created a statewide toll-free voter registration hotline. Established a Voter Outreach program. Established a Tucson Secretary of State Satellite Office.

Marianne Camille-Spraggins

Marianne Camille-Spraggins began her Wall Street career at Salomon Brothers where she was one of 5 African Americans in a starting class, the largest such group in the firm’s history. Over her 8-year career there she held several positions, starting as an associate in the pioneering Mortgage Finance group and becoming a Vice President in the Municipal Finance group. On Salomon Brothers’ exit from the municipal bond market, she joined Prudential Bache as a Vice President in its Municipal Finance department. After her first year at Prudential Bache she took a leave of absence to work on David Dinkins’ historic mayoral campaign. Following Mayor Dinkins’ successful campaign, she joined Smith Barney. While leading the company’s New York Public Finance group she secured for the firm the then largest municipal water financing ever done, the NYC Municipal Water Financing Authority’s $2.5 billion bond issue and became the first African American female Managing Director on Wall Street.

She moved on to entrepreneurial ventures including leading W.R. Lazard, a minority owned public finance and asset management company, following the death of its founder and she started an asset management subsidiary for Atlanta Life Insurance Company, an over 100 year old company founded by a former slave. She then led Jamaican-Canadian billionaire Michael Lee Chin’s move into private equity, raising a $100 million fund for Caribbean investments, the first of its kind.

A native New Yorker and third generation attorney, she has had a lifelong commitment to civic engagement and African American political and economic progress. She is a former director of the Securities Investor Protection Corporation to which she was appointed by President Bill Clinton and confirmed by the U.S. Senate. She was a member of the Executive Committee of the Democratic National Committee, co-chair of its Credentials Committee and a Superdelegate to many Democratic Conventions. She was formerly a member of the Board of Directors of the New York City Economic Development Corporation, the New York Law School and the Apollo Theater Foundation, where she chaired the Restoration Committee. Currently, she is a member of the Board of Directors of the NYC Campaign Finance Board, Grow NYC, the pioneering sustainability initiative known best for operating NYC’s greenmarkets and the West Harlem Development Corp.

She is a graduate of Boston University where she received a B.A. in English Literature, New York Law School where she received a J.D. and Harvard Law School where she received an LL.M. in International Law. Now a recovering investment banker, she is a serial renovator and is pursuing a lifelong passion for real estate selling residential and investment properties and doing her part to preserve the character of the Harlem community she grew up in.