Bill Baker

For over 25 years Bill Baker, author of "Endless Money: The Moral
Hazards of Socialism" and founder of the Conservative Economist web
site, has been an equity money manager or investment research analyst in
an institutional setting.

More than half these years he has spent concurrently developing two
companies: GARP Research & Securities Co. (member FINRA, SIPC) and
Gaineswood Investment Management, Inc. (an SEC registered investment
advisor). Before this he was at Reich & Tang, Oppenheimer Funds, and Van
Kampen American Capital, being directly responsible for mutual funds or
institutional accounts during most of that interval.

One of the funds he managed at Oppenheimer was awarded a Morningstar
five-star rating in November 1990 shortly before he left the firm. Mr.
Baker received his master of business administration from the Amos Tuck
School at Dartmouth College in 1980, and he was granted a bachelor
degree in economics in 1978 from the University of Pennsylvania. He is
vice president and a trustee of the Harbour League, a think tank
headquartered in Baltimore with affiliates in other U.S. cities.