Washington Research Group

Washington Research Group (WRG), founded 35-years ago, is a 15-member policy analyst team providing institutional investors with insights about the impact of Washington policy on their investment decisions. The team aims to be the professional investor's "one stop shop" for all things Washington, and its clients include the largest mutual funds and hedge funds in the country. The team covers a broad range of sectors, including health care, financial services, defense, national security, international trade, media/telecommunications, agribusiness, biofuels, tobacco, and corporate tax. The team has consistently ranked in the top three groups for Macro/Washington research in the Institutional Investor magazine's All-American Research Team poll.

Edward V. Garlich
Managing Director, Head of Washington Research Group

Edward V. Garlich is the Head of Concept Capital's Washington Research Group, which provides political, economic and industry research for institutional and corporate investors.

In addition to leading the team, Mr. Garlich is the senior international and domestic energy analyst. He has an extensive background in Middle Eastern studies and serves as one of Washington Research Group’s foreign policy analysts.

A former Co-Chairman of the Conference on the Atlantic community, he was a member of the Center for Strategic and International Studies in Washington, D.C., and the International Institute for Strategic Studies in London.

Mr. Garlich, formerly the President of the Washington Forum from 1973- 1989, began his career as an aide to former Colorado Senator Gordon Allott and subsequently worked in a number of senatorial and presidential campaigns.

In addition, Mr. Garlich was a government relations specialist with several trade associations where his work centered on international trade issues as well as domestic legislation before the U.S. Congress.

Mr. Garlich received his B.S.F.S. from Georgetown University’s School of Foreign Service and did Graduate work at the Johns Hopkins School of Advanced International Studies.

Eric Assaraf
Associate Analyst, Healthcare Industry

Mr. Assaraf serves as Associate Analyst supporting coverage of healthcare and medical technology issues for the Washington Research Group. He has six years of experience in policy research.

Before joining the healthcare team in 2007, Mr. Assaraf held positions as Editor and Communications Coordinator at the Washington Research Group and Schwab Soundview Capital Markets.

Mr. Assaraf received a bachelor’s degree in Communication and an M.B.A. from the University of Maryland at College Park.

Stephen H. Baker
Senior National Security and Defense Analyst

Rear Admiral Baker specializes in defense budget and national security issues for the Washington Research Group, which provides political, economic and industry research for institutional and corporate investors. In addition, he works closely with Senior Vice President and Director of International Research Joanne Thornton on geopolitical and international trade issues as well as with Managing Director and head of WRG Ed Garlich on global oil issues.

Prior to joining Washington Research Group, Rear Admiral Baker served 30 years as a naval officer. As the Navy’s chief independent operational tester, he served as a direct reporting and primary advisor to the Chief of Naval Operations and the Assistant Secretary of the Navy for Research Development and Acquisition. His experience includes operational testing of the following programs: Seawolf Submarine, New Attack Submarine, F-18E/F Super Hornet, V-22 Osprey, Joint Strike Fighter, CVX, LPD-17, DDG-51, Aegis Combat Systems, Cooperative Engagement Capability, Navy Theatre Ballistic Missile Defense, Tomahawk Cruise Missile Developments, Strategic Sealift, Global Command and Control System, Integrated Defense Electronic Countermeasures, JDAM, JSOW, AIM-9X, and F-14 TOMCAT upgrades. Admiral Baker’s last military assignment was as the Commander, Operational Test and Evaluation Force for the Navy – for which he was awarded the military’s highest peacetime award - the Distinguished Service Medal by President Clinton.

In additional to his military experience, Admiral Baker has been an independent senior executive consultant for the aerospace industry, primarily involved in the ongoing geo-political/military events of today. Additionally he has been a senior fellow at the Center for Defense Information - a non-partisan, non-profit think-tank organization committed to independent research on the social, economic, environmental, political and military components of global security. Admiral Baker’s educational background includes a Masters in Public Administration from George Washington University, and a Bachelor’s degree in Business Administration from Hofstra University. He is a 1985 graduate from the Industrial College of the Armed Forces, majoring in Computer Systems at Ft. McNair, Washington, DC.

Clint Currie
Transportation/Infrastructure Analyst

Mr. Currie covers developments in transportation and infrastructure policy, with a focus on the railroad, aviation, trucking, and maritime industries, as well as the federal budget process as it relates to highway and infrastructure spending. He has five years of experience in policy research and a background in journalism.

Prior to his current work, he was an associate producer at Fox Sports in New York and Los Angeles. Mr. Currie earned his bachelor’s degree from the Walter Cronkite School of Journalism at Arizona State University.

While at ASU, he received the Rolex/Golf Digest Journalism Award, an annual award chosen by the editors of Golf Digest and given to the nation’s top collegiate golf writer.

Teddy Downey
Senior Vice President

Mr. Downey relies on a lifetime of relationships with politicians and their staffs to provide insights and actionable ideas for clients. Over the last several years Mr. Downey has focused his professional experience on Washington policy analysis. In addition to working alongside our sector analysts, Mr. Downey leads our political strategy work and covers other specific issues as they arise (such as for-profit education). He is also responsible for organizing exclusive “Washington Days” for our clients in different issue areas. Prior to joining Concept Capital, Mr. Downey developed the Potomac Research team’s Washington policy product from the ground up, developing coverage areas in healthcare, financial services, and energy. Earlier, he was a research analyst in FBR Capital Markets’ Washington Policy Group. He has also worked on Capitol Hill for Congressman Ed Markey from Massachusetts and on the 2004 Kerry-Edwards presidential campaign. Mr. Downey holds a B.A. from Columbia University.

Paul Gallant
Senior Vice President

Mr. Gallant covers telecommunications and media policy for the Washington Research Group, which provides political, economic and industry research for institutional and corporate investors. Prior to joining WRG, he served as legal advisor to the Chairman of the FCC. He has also served as legal advisor to two other FCC Commissioners. Mr. Gallant has previously held senior government affairs positions with Qwest Communications and with Broadband Office, Inc. He received a bachelor's degree from Georgetown University and a law degree from Catholic University.

Chris Krueger
Co-Head of Political Strategy

Mr. Krueger co-heads political strategy at Concept Capital.  Prior to joining Concept Capital, Mr. Krueger was a Senior Analyst with the Potomac Research Group where he provided policy analysis in healthcare, energy, financial services and event-driven areas.  Prior to this, Mr. Krueger was the National Field Director for Impact ’08 – a presidential election initiative of the Center for U.S. Global Engagement , part of a 400-member coalition of business, NGOs and community leaders focused on our government’s interaction with the international community.  Earlier, he worked for nearly four years on the senior staff of the U.S. House of Representatives Committee on House Administration, mainly on the House Floor. Mr. Krueger appears often on television, including CNBC’s Closing Bell, and can be heard on Bloomberg Radio.  He has also worked on several local, state, and federal political campaigns across the country and holds a B.A. from the University of Vermont and a M.A. from King’s College London in International Relations.

Anne N. Mathias
Senior Vice President, Director of Policy Research

Anne N. Mathias is the Director of Research for the Washington Research Group, which provides political, economic and industry research for institutional and corporate investors. In addition to her responsibilities as Director of Research, she covers tax policy issues.

Prior to joining the Washington Research Group, Ms. Mathias was a General Partner in healthcare and biotech private equity funds investing in the United States and internationally. Earlier, she spent five years as a senior consultant with Deloitte & Touche in an international management consulting group that specialized in restructuring and privatization in the emerging markets, particularly Eastern Europe.

Ms. Mathias earned a Bachelor of Arts (cum laude, Phi Beta Kappa) in Spanish from the University of Maryland in 1987, and a Master’s Degree in International Affairs from Georgetown University in 1991. She became a CFA Charterholder in 1999. She is a member of the Washington Society of Investment Analysts and the CFA Institute and is a founder of Women in Bio, a professional organization dedicated to entrepreneurs in the life sciences. She speaks Spanish and French.

Mark McMinimy
Senior Vice President

Mark McMinimy is a Senior Vice President of the Washington Research Group, with responsibility for the biofuels, agribusiness and tobacco sectors. The Washington Research Group provides political, economic and industry research for institutional and corporate investors.

Prior to joining Washington Research Group in 1996, Mr. McMinimy was employed by the Food and Agriculture Organization of the United Nations in Rome, Italy, where he compiled and assessed country-level food supply and utilization statistics. Previously, as a consultant to the Commodities and Trade division of the FAO, he assisted the Organization in tracking global production, trade and prices of grains and other basic food commodities as part of the FAO’s early warning system for food and agriculture.

As associate editor for markets for the trade journal “Milling and Baking News,” Mr. McMinimy analyzed developments in grain markets, as well as those in the political and regulatory spheres, of importance to the milling, baking and grain trade industries.

In 1982-83, Mr. McMinimy served as agricultural aide to then-U.S. Rep. Dan Glickman of Kansas and, later as an analyst with the agriculture policy group of the Congressional Research Service in Washington.

Mr. McMinimy began his career as a commodity analyst for tropical products for Schnittker Associates, a Washington-based agricultural and economic consulting firm. He received his Bachelor of Arts in History from the University of Delaware in 1979, and speaks Italian and French.

Jaret Seiberg
Managing Director

Jaret Seiberg is a Senior Vice President covering Financial Services policy for the Washington Research Group, which provides political, economic and industry research for institutional and corporate investors.  Issues that he follows include: financial stability, credit quality, subprime lending, GSE reform, capital rules, credit cards, student lending, Terrorism Risk Insurance Act, optional federal insurance charter, payday lending, Internet gambling, private mortgage insurance and asbestos reform.

Mr. Seiberg appears often on television, including the CNN shows The Situation Room, The Glenn Beck Show, and Open House, as well as on CNBC, PBS, Bloomberg Television and Canada’s BNN business news network. He also can be heard on Bloomberg Radio, public radio’s Market Place show, Federal News Radio in Washington. He has been quoted in numerous newspapers, including the Wall Street Journal, The New York Times, the Washington Post, Los Angles Times, Boston Globe and American Banker.

Mr. Seiberg joined Washington Research Group at the start of 2005 after spending more than a decade following Washington policy developments, most recently as the Washington Bureau Chief and Assistant Managing Editor of The Deal and The Daily Deal.  Prior to this he was the Deputy Bureau Chief for the American Banker. 

He was honored by the Journal of Financial Reporting as one of the top business journalists and was a Finalist for the Neal National Business Journalism Award for Best News Coverage in 2004.  In addition, he spent three years both working for and covering the Federal Courts.  He has an extensive network of contacts and relationships in Government, industry groups and private companies in the financial services sector.   He has a B.A. from American University in Washington, D.C., and an M.B.A. from the University of Maryland at College Park.

John Shepard
Sr. Healthcare Research Associate

Mr. Shepard supports the Washington Research Group healthcare team on services, state, device, healthcare IT and pharmaceutical policy issues.

Before joining Washington Research Group in 2004, Mr. Shepard was the healthcare Legislative Assistant in the personal office of Senate Finance Committee Chairman, U.S. Sen. Max Baucus (D-Mont.) While there, he advised the Senator on healthcare legislation, assisted the Senator’s staff who were working on major legislation such as the new Medicare drug benefit, and communicated with constituents and industry groups on healthcare topics. In addition, he undertook a detailed drug pricing study for Sen. Paul Wellstone (D-Minn.). Mr. Shepard received a bachelor’s degree in Political Science and History from Macalester College in St. Paul, Minn.

Whitney K. Stanco
Vice President, Energy Policy Analyst

K. Whitney Stanco is an Energy Policy Analyst for the Washington Research Group, which provides political, economic and industry research for institutional and corporate investors.

With a broad range of experience in traditional and alternative energy companies and a background in technology solutions, Ms. Stanco covers alternative energy, climate policy and the intersection between traditional energy generators and renewable suppliers. She follows legislative and regulatory issues in power generation, supply and investment in the U.S. and internationally – with a special focus on solar power, having developed a proprietary model to estimate U.S. solar PV demand.

Ms. Stanco joined the Washington Research Group in 2006. Earlier in her career, Ms. Stanco was involved in a study on major U.S. gasoline retailers for PFC Energy and was a contractor with BP (Triad Resources) where she managed projects designed to enhance the technology for BP’s Houston and Calgary gas and power trading floors. Prior to that, she was with Accenture in both Germany and the U.S. as a financial services analyst. She has an M.A. from Johns Hopkins University in international relations, a BBA from the University of Texas in Management Information Systems and she speaks Spanish, Portuguese and German.

Joanne L. Thornton
Senior Vice President, Director of International Research

Joanne L. Thornton is the Director of International Research for the Washington Research Group, which provides political, economic and industry research for institutional and corporate investors.

Ms. Thornton assists in writing and editing Washington Research Group’s many publications and provides client briefings on Washington policy developments affecting financial markets and industrial sectors. She specializes in the areas of international trade and foreign policy.

From 1979 to 1989, she held a number of positions at the Washington Forum, a predecessor to Washington Research Group. She became a Vice President of the firm in 1987 and most recently served for several years as the Director of Research. Prior to joining the Washington Forum, Ms. Thornton worked as an analyst at the International Security Council, a foreign policy research and information organization.

Ms. Thornton earned a Bachelor of Arts in Political Science and French from Duquesne University in Pittsburgh, PA, in 1978, and a Master’s Degree in International Affairs from The George Washington University in Washington, D.C., in 1983. She is a member of the Trade Policy Forum, The World Affairs Council and Phi Sigma Iota, the foreign language honor society.

Rick Weissenstein
Managing Director

Rick Weissenstein is a Managing Director covering health care for the Washington Research Group, which provides political, economic and industry research for institutional and corporate investors.

Mr. Weissenstein joined Washington Research Group in 1999 as the senior analyst responsible for analyzing health care policy issues and trends emerging in the federal and state legislative, regulatory and legal arenas and their implications for the health care industry.

Mr. Weissenstein came to Washington Research Group from Modern Healthcare Magazine. He was the Washington Bureau Chief responsible for covering Capitol Hill, the executive branch, federal courts, health care reform, reimbursement policy and regulation for the weekly magazine and daily Internet newsletter that focuses on the business of health care.

Previously, Mr. Weissenstein worked as a reporter for Advertising Age Magazine and as a certified public accountant in the Chicago office of Ernst & Young.

Mr. Weissenstein earned a bachelor’s degree in accounting at Millikin University, Decatur, Illinois, and a master’s degree in journalism at the University of Illinois, Champaign-Urbana.