July 2011 News Association of Securities and Exchange Commission Alumni, Inc. For and About SEC Alumni Harvey L. Pitt Receives William O. Douglas Award President’s Message Thank you all for another successful year at 2011 Annual Dinner for ASECA. Our annual dinner on February 4, 2011 was a terrific evening at which we had More than 750 SEC alumni, the opportunity to visit with SEC alumni, staff practitioners, industry officials, and friends and to present the 2011 William O. and SEC staff attended the Douglas award to Harvey Pitt. Harvey had two Nineteenth Annual ASECA distinguished careers at the SEC--first as a staff Dinner on February 4, 2011. As member and the agency’s youngest General in past years, the event was held Counsel and then as Chairman of the agency at the Ronald Reagan Building during 9/11 and following the corporate and and International Trade Center accounting crises of the 1990s. A copy of Harvey’s in Washington, D.C. in con- remarks is available on page 5 of this newsletter junction with the annual PLI as well as on the ASECA website. SEC Chairman , who was recipient of the 2008 program, “SEC Speaks.” William O. Douglas award, introduced Harvey, and Rick Ketchum, Chairman and CEO of FINRA and The evening began with opening recipient of the 2009 William O. Douglas award, remarks by ASECA President gave a toast to the SEC. ASECA President Amy Goodman presents the Amy Goodman, followed by William O. Douglas Award to Harvey Pitt. a toast to the SEC given by Another important aspect of the dinner is the Richard G. Ketchum, Chairman presentation of scholarships and awards to SEC and CEO of FINRA, and recipient of the 2009 William O. Douglas Award. A total of staff and law students. Through your membership $58,000 in scholarships and writing competition prizes was then awarded to law students and support of the annual dinner, ASECA has been and members of the SEC staff. (See story on page 4.) able to fund nearly $500,000 in scholarships and awards to SEC staff and law students since 1995, Following dinner, Amy Goodman presented John Hartigan with an award for his service including $58,000 this year. My congratulations go as ASECA President for 2009-2010. His accomplishments as President included expan- to this year’s recipients, many of whom attended the dinner. sion of the law school scholarship program to Northwestern and Stanford Law Schools and overseeing celebrations of the SEC’s 75th anniversary in 2009, including events in Let me say a word about the scholarships to SEC SEC regional offices co-sponsored with the SEC Historical Society. John remains on the support staff. These scholarships are available to ASECA Board as Immediate Past President. secretaries, paralegals, technical support staff, file clerks and other administrative staff and must The highlight of the evening was the presentation of the William O. Douglas Award to be used toward an accredited undergraduate Harvey L. Pitt, the twenty-sixth SEC Chairman and its youngest General Counsel. The degree-granting program. I had the opportunity Douglas Award, instituted by ASECA in 1992, is given each year to an SEC alumnus for the first time this year to read the essays of or alumna who has contributed to the development of the federal securities laws or has the applicants. Some are the first in their family served the financial and SEC community with distinction. The recipient’s achievements to attend college, while others are single mothers should be considered extraordinary by his or her peers, and contributions to the protec- who have inspired their children to further their education. Since its inception in 1999, the staff tion of the investing public are given significant weight. scholarship program has awarded 93 scholarships to SEC staff. Mr. Pitt was introduced by SEC Chairman Mary L. Schapiro, herself a winner of the 2008 William O. Douglas Award. Her warm introduction spoke to Mr. Pitt’s outstanding Our law student scholarships and writing professional and personal qualities and to his support for the work of the SEC through competition also have taken on greater the years. The full text of her remarks can be found on page 5. significance in today’s difficult environment for law students. I’m pleased to report expansion Mr. Pitt is the founder and Chief Executive Officer of the global strategic business con- of the law student scholarship program to sulting firm, Kalorama Partners, LLC, and its law firm affiliate, Kalorama Legal Services, Northwestern University School of Law and PLLC. Prior to their founding, Mr. Pitt served as Chairman of the SEC from 2001 until Stanford Law School. I want to thank David Ruder (Continued on the page 2) and John Hartigan for their efforts in this regard. In addition, the Board has established a new Scholarship Committee to explore expansion to This could be your last ASECA newsletter! additional law schools.

If there is a large blue X by your address on the back of this newsletter, your ASECA A special thanks goes to our Executive Director, Cecile Srodes, who not only does such a membership is not current, and you will not receive future ASECA communications, wonderful job in planning our annual dinner, but or be listed in the ASECA directory, unless you renew by September 15. also manages the scholarship programs, our

Renewal is available online at www.secalumni.org or by using the form on the last (Continued on the page 2) page of this newsletter. ASECA Officers and Directors 2011 Annual Dinner continued from page 1 2003. He was responsible, among other things, for overseeing the SEC’s response to the market Officers disruptions resulting from the terrorist attacks of 9/11, for creating the SEC’s “real time enforce- Amy Goodman, President ment” program, and for leading the Commis- sion’s adoption of dozens of rules in response to Jonathan G. Katz, President-Elect the corporate and accounting crises of the 1990s. Former Chairman Pitt joined the SEC immedi- Ernest Ten Eyck, Treasurer ately after graduating from law school in 1968. Starting as a Staff Attorney in the Commis- John F. Hartigan, sion’s General Counsel’s Office, Mr. Pitt served Immediate Past President for over ten years in a variety of increasingly responsible positions, including Legal Assis- tant to former SEC Commissioner Francis M. Rick Ketchum, FINRA Chairman and CEO and 2009 William O. Douglas Wheat; author of the Wheat Report that served Board of Directors Award winner, offers a toast to the SEC. as the basis for the Commission’s integration of the Securities Act with the Securities Exchange Act; Special Counsel in the SEC General Counsel’s Office; editor of the Commission’s Brandon Becker Institutional Investor Study; and first Chief Counsel of the then newly-formed Division of Market Regulation. In 1973, Mr. Pitt was appointed Executive Assistant (Chief of Wayne Carlin Staff) to SEC Chairman Ray Garrett, Jr., and in 1975, at the age of 30, Mr. Pitt became the SEC’s youngest General Counsel, serving in that role from 1975-1978. From 1968- Martha L. Cochran 1978, Mr. Pitt served seven SEC Chairmen and was the recipient of the Commission’s Distinguished Service Award. Linda D. Fienberg After leaving the SEC staff in 1978, Mr. Pitt became a corporate partner at a major New York law firm, where he practiced law for nearly twenty-five years. He was a founding Robert C. Friese trustee and first President of the SEC Historical Society, and served on the Board of ­ASECA in its early years. He has served as an Adjunct Professor of Law at Georgetown, Kathleen G. Gallagher George Washington, University of Pennsylvania, and Yale law schools. He is a frequent ana- lyst on CNBC, Fox Business News, Bloomberg TV-Radio, CNN, Reuters, CBS and ABC. Douglas W. Hyman Mr. Pitt received a J.D. degree from St. John’s University School of Law (1968), and his B.A. from the City University of New York ( College) (1965). He was awarded Julie Bell Lindsay an honorary LL.D. by St. John’s University in June 2002, and was given the President’s Medal of Distinction in 2003. Simon Lorne In accepting the award, Mr. Pitt spoke of the excellence of the SEC staff throughout the agency’s history. He described the challenges currently facing the SEC and encouraged all Andre Owens SEC alumni to support the agency’s efforts to fulfill its critical mission of investor protec- tion. For the complete text of Mr. Pitt’s speech, see page 5. Marvin Pickholz President’s Message continued from page 1 Frank C. Razzano newsletters and membership and anything else we ask of her. I also want to thank the wonderful members of our Board, listed opposite, whose commitment to the SEC and our organization is Thomas L. Riesenberg unfailing. Please mark your calendars for our next William O. Douglas Award Dinner on Friday, February 24, 2012, and note that it has been moved from the first to the last Friday in February. Paul Roye We hope to see you there. Sincerely yours, Honorable Stanley Sporkin Amy Goodman

Michael K. Wolensky SAVE THE DATE!! February 24, 2012

Twentieth Annual ASECA Dinner Cecile Srodes, Executive Director and William O. Douglas Award Presentation Ronald Reagan Building and International Trade Center, Washington, DC

The dinner will be held on Friday evening in conjunction with the annual PLI program, “SEC Speaks.”

Please note that the dinner will be the last Friday in February rather than the first Friday as in previous years.

2 2011 Annual Dinner

SEC Chairman Mary Schapiro introduces Harvey Pitt’s remarks combined nostalgia, Former ASECA President John Hartigan talks with award winner Harvey Pitt. seriousness, and humor (see page 5). Ike Sorkin.

ASECA Board members at the dinner. Harvey and Saree Pitt chat with Dick Jacobson and Amy Goodman.

ASECA President-Elect Jack Katz with former ASECA Board members Julie Bell Lindsay and Paul Roye Harvey Pitt with ASECA Board member SEC Commissioner Irv Pollack. share a laugh. Kathy Gallagher.

See these and other photos at www.secalumni.org.

Visit ASECA’s website, www.secalumni.org, which allows members to join, renew membership, and update contact information online.

3 ASECA Awards $58,000 in Scholarships and Prizes at 2011 Annual Dinner

ASECA’s scholarship and writing competition winners were honored at the annual dinner held on February 4, 2011. A total of $58,000 was awarded to nineteen scholarship recipients and writing prize winners. ASECA President Amy Goodman presented the Georgetown Uni- versity Law Center scholarship of $5,000 to Lawrence Scheinert of Arlington, VA. Scheinert is a former summer honors associate in the Division of Enforcement who is working toward an LLM degree at Georgetown. She also announced the Brooklyn Law School scholar- ships, totaling $5,000, awarded to Boris Brownstein, Bailey Somers, and Katherine Stefanou, all of Brooklyn, NY. They are former interns in SEC divisions in Washington and at the New York Regional Office.

ASECA’s first scholarship at Northwestern University School of SEC Chairman Mary Schapiro poses with ASECA award winners and Law was awarded to Jonathan Sabo of Chicago, IL, a former intern scholarship recipients. in the SEC Chicago Regional Office. Former SEC Chairman and William O. Douglas Award winner David S. Ruder, a professor of • Angela Thompson, Office of International Affairs; law emeritus at Northwestern, was instrumental in establishing this • Renee Y. White, Office of Administrative Services. scholarship. Scholarships to the following SEC staff members also were ASECA Board member Frank Razzano presented the awards for the ­announced: ASECA writing competition for law student articles in the field of securities law, as follows: • Shara Brooks, Office of the General Counsel; • Jennifer L. Patterson, Fort Worth Regional Office; • Bryan J. Hall, St. John’s University School of Law, first place • Misty Reiter, Salt Lake Regional Office; for Not My Brother’s Keeper: Accounting Firms Face Increased • Joyce Segura, Division of Corporation Finance; Securities Claims for Audits Performed by Affiliates in Other • Dana Tischler, Philadelphia Regional Office. Countries (published St. John’s Law Review, late 2010) Since the first scholarship was established in 1995, ASECA has • Sean F. Doyle, University of North Carolina School of Law, contributed nearly $500,000 to students in scholarship and writing second place for Simplifying the Analysis: The Second Circuit competition awards. These activities are funded by dues, annual Lays Out a Straightforward Theory of Fraud in SEC v. Dorozh- dinner ticket purchases, and contributions to the Scholarship Fund. ko (published North Carolina Law Review, December 2010) Detailed information about ASECA’s scholarship and writing com- • Reed T. Schuster, University of Minnesota Law School, third petition programs is available at www.secalumni.org. Contributions place for Rule 14a-11 and the Administrative Procedure Act: It’s to the Scholarship Fund may be made online at www.secalumni.org, Better to Have Had and Waived, Than Never to Have Had at or by sending a check payable to ASECA Scholarship Fund to P. O. All (published Minnesota Law Review, January 2011) Box 5767, Washington, DC 20016. ASECA is a 501(c)(3) non- profit organization; contributions to the ASECA Scholarship Fund ASECA Board member Marti Cochran presented the SEC staff are tax deductible to the full extent allowed by law. scholarships of $3,000 each to the following individuals: • Tomeka D. Allen, Office of Compliance Inspections & Examinations; • Patricia Banson, Office of International Affairs; ASECA Programs Held in • Jacqueline Dailey, Office of Compliance Inspections & Examinations; Los Angeles and Chicago • Magdi Mekhail, Office of Information Technology; ASECA members in Los Angeles once again sponsored a cocktail party following a securities regulation seminar on October 29, 2010. The 43rd Annual Securities Regulation Seminar was sponsored by the Los Angeles County Bar As- ASECA Expands Scholarship Program sociation and featured a strong line-up of speakers including SEC Commissioner Elisse Walter and other top SEC of- to Stanford Law School ficials. The cocktail party for SEC alumni was well attended Earlier this year ASECA expanded its law school scholarship and included many of the program speakers. program to include Stanford Law School. As with other scholar- In Chicago, a meeting of ASECA members was held on ships for students of securities law, the Stanford scholarship is in November 9, 2010 hosted by ASECA member Junaid the amount of $5,000. The recipient of the scholarship in 2011 Zubairi at Vedder Price. Dr. Felice Batlan, Associate is Myung “Ken” Shin who received his J.D. in June 2011. This Professor of Law, Chicago-Kent College of Law, spoke to brings ASECA’s law school scholarship program to a total of four the group about “The Imperial SEC?: Foreign Policy and law schools: Stanford, Georgetown, Brooklyn, and Northwestern the Internationalization of the Securities Markets, 1934- Law Schools. The ASECA Board has established a Scholarship 1990.” One hour of CLE credit was arranged for attendees. Committee to explore expanding the program further.

4 For those not present . . . . speeches from the dinner SEC Chairman Mary Schapiro’s Introduction of Harvey Pitt

Good evening and thank you. It is such a pleasure to be here among friends and spend even a short time with Harvey, you will understand that the SEC is like family fellow alumni of the U.S. Securities and Exchange Commission. to him. He cares deeply about our mission – about the protection of investors, the integrity of our markets and ability of companies to raise capital to create jobs and Let me first add my congratulations to tonight’s scholarship and writing competition grow our economy. winners. Your work is outstanding, your commitment inspiring, and your futures are very, very bright. Congratulations once again. But it’s more than that. Harvey cares about the people of the SEC. He understands that this agency is its people. He’s concerned that we not be overwhelmed by the And thank you to ASECA and to the members whose commitment to education and task of implementing Dodd-Frank – which he understands from his experience with support of excellence made these awards possible. Sarbanes-Oxley. He wants to see employees and alumni satisfied and rewarded by the My job tonight is a simple one. I have been asked to introduce someone who quite path that we have chosen. And he works actively to see that we get the support that literally – and, especially, before this group – needs no introduction. we need to succeed. • You already know that Harvey joined the SEC straight out of law school Harvey is someone with a tremendous number of friends, including scores, or maybe in 1968 and flew through the agency ranks until he became the agency’s hundreds who are here tonight. youngest-ever general counsel. And being family means something special to Harvey. As you might guess, someone • You know that he then spent almost a quarter century as a senior partner at as successful as he is a bit driven – and he demands a great deal from the people he Fried Frank, where he established a reputation as the “Zeus” of the securities works with. bar. And you know that he sometimes swooped down from Olympus to teach law and to found the SEC Historical Society. But where so many people put their families on hold to take care of their careers, Harvey is different. I have seen him step away from important meetings to take • You know that, as SEC Chairman, he skillfully guided the financial markets phone calls from his children, and he’s been known to tell his colleagues to do the th back to full operations after September 11 , using his experience in and out same – even when they were meeting with him. of government to coordinate the effort by the SROs, the exchanges and other federal agencies to resume their roles as rapidly as possible. Harvey does the same thing for his SEC family. He always finds time to take a phone • You know that Harvey oversaw the adoption of dozens of rules in the wake call, offer public support, or to see that organizations like ASECA and the Historical of Sarbanes-Oxley, and significantly enhanced the Enforcement Division’s Society flourish and thrive. I know that I am grateful for the support he has given performance with the introduction of “real time enforcement.” me. And one of the great things about introducing Harvey tonight is having the opportunity to show my appreciation, personally and publicly, for everything he • And you know that he founded and heads his own global strategic business has done. consulting firm, Kalorama Partners, a position that also affords him great visibility as an analyst and commentator on financial subjects for a wide variety Thank you, Harvey. of media and outlets. Even in a room full of SEC alumni, I can think of nobody more committed to Harvey’s many achievements make him the perfect recipient of an award named after this family – to the health and success of the agency which we are so proud to William O. Douglas, who – as SEC Chairman – was known as “the man who got have served. And so it is a great pleasure to introduce a friend who richly deserves things done.” the recognition he receives tonight, the 2011 William O. Douglas Award, the 26th Chairman of the U.S. Securities and Exchange Commission, Harvey L. Pitt. One of the great things about my job is that, every now and again, I get a chance to spend time with Harvey comparing notes and seeking his counsel. And if you

Remarks of Harvey Pitt William O. Douglas Award Presentation at ASECA Annual Dinner, Washington, DC, February 4, 2011 A gracious good evening! to speed for his confirmation hearings. Bill and I agreed to meet away from prying eyes, and convened at my home. After a productive two-hour session, I offered to I’m grateful to ASECA and its Board for this recognition, and to all of you for drive Bill to the airport, and he graciously accepted. When we got to my car, I slid in helping me celebrate. I want to thank Chairman Schapiro for her generous to the driver’s seat, while Bill—preoccupied with flight schedules and all he had to introduction which, fortunately for me, wasn’t subject to the same accuracy standards do in coming weeks—instinctively eased into the back seat! I turned toward the back she and her colleagues apply to those they regulate! I’ll have more to say about Mary seat and, as if on cue, we both paused for a second, and exchanged surprised glances. and the Commission shortly, but her willingness to give the introduction makes this Although I assured Bill I didn’t mind driving to the airport with him in the back seat, special award even more special. he hastily repaired to the front!

The worst mistake an award recipient can make is to assume that he or she actually To me, these bookend vignettes are metaphors for an important truth all SEC deserves the acclaim that accompanies a particular award. I harbor no such illusions. alums share—during our service at the SEC, we have the chance to add luster to Indeed, Billie Jean King may well have had me in mind when she coined her “First the agency’s storied history. But, we shouldn’t lose sight of the fact that, at the SEC, Rule of Recognition”—namely, that “you never get recognition when you want it, everyone—except perhaps for William O. Douglas—followed others who made and then when it does come, you get too much.” That makes it daunting to stand impressive and important contributions before we got there, and we’ve all preceded before this aggregation of SEC alums and securities law experts to accept an award others who’ve done, or will do, even grander things than those we aspired to do, or that easily could have been given to many others. Billie Jean King’s First Rule of actually did, during our tenures. Recognition also brings to mind two anecdotes that bracketed the beginning and end of my tenure as SEC Chair. I’d like to share both with you. ASECA brings together a diverse group of people who have an important attribute in common—a shared appreciation for the SEC’s important role—and who reflect After becoming SEC Chair, I was incredibly eager to get started, and on my first the dedicated service so many have given unstintingly to the agency whose mission workday, I dutifully went to the bowels of 450 Fifth Street, where my photo was is to protect and foster American capitalism. Apart from giving us an excuse to taken and I was given my official SEC ID. It was a proud moment for me, until I get together, renew our shared heritage, and tell stories about the “good old” days, looked closely at the card and saw that, over the line “Chairman,” my ID had been ASECA provides meaningful scholarship assistance to deserving young people, some signed by . . . ! When I gently inquired “who’s the SEC’s Chairman?,” of whom will undoubtedly form the pool from which future William O. Douglas the genial staffer ushering me through the process gasped, and immediately issued me Award winners will come. And, as gratifying as this award is in its own right, I’m a new ID, one that replaced Arthur’s signature as Chairman with my own. Although also pleased that my selection coincides with the beginning of my friend, Amy an effort was made to reclaim the original ID, I declined to part with it. Indeed, I Goodman’s, tenure as ASECA’s new President. still have it today as a treasured memento of my first day as SEC Chairman. There are seven former Douglas Award winners here tonight, including the very first The second incident occurred near the end of my tenure as Chairman. The White honoree, Irv Pollack, and two present or former SEC Chairs, Chairman Schapiro, House asked if I would help my old friend and former client, Bill Donaldson, get up and former Chairman Ruder. I’m honored to join their ranks. But, I’d be remiss if 5 I didn’t say a word at the outset about the 2nd recipient of the William O. Douglas This award and this evening are thus incredibly meaningful to me, because they Award—my dear friend, longtime SEC colleague, and now my next-floor business reflect the recognition of all of you—my past and current colleagues, as well as my neighbor, the Honorable Stanley Sporkin. Putting to one side Stan’s poor judgment family—and that’s recognition it’s always gratifying to receive. As in every aspect reflected by his single-minded pursuit of my receipt of this award, Stan’s a dear of my life, my lasting gratitude goes to my wonderful wife, Saree, and my fabulous friend, with a marvelously creative mind, and is a pillar of integrity. He sets the bar children, now numbering five, three of whom—Emily, Madeleine and Jonathan—are high for the rest of us to emulate, but we all do well to try and emulate Stan. So, here tonight. Through good times and bad, they support my efforts, don’t harp on thank you Stanley and, even though I know it’s a few days early, Happy Birthday! my many foibles—well, not too much—and comfort me in the face of difficulties. That, of course, is the most wonderful recognition of all, the kind you always want to I was asked to try to keep my remarks brief. Those who know me, however, know receive, and a gift that keeps on giving. that’s like asking the Washington Redskins to exhibit patience, and develop a winning team by making sound draft picks, rather than signing flashy, egotistical, Thank you. over-the-hill, big name free agents—not in this lifetime! But, I recognize that many here would like to catch up with friends, while others are either three sheets to the wind, or would like to be. So, I thought that, instead of offering my usual top ten observations, I’d make three simple points for your consideration: ASECA Financial Summary – 2010 • First, even though the Douglas Award is given to a single individual each year, it actually celebrates the fact that every recipient of this recognition has had the Income good fortune of working alongside several thousand talented men and women. The SEC has attracted wonderful people throughout its nearly eighty years, and Dues 25,400.00 there aren’t any individual achievements; they’re all collective. • Second, it should trouble us, both as citizens and SEC alums, that, but for Scholarship Funds 10,568.75 Chairman Schapiro’s leadership, and the efforts of the current Commission and 2010 Dinner Receipts 325,250.00 its staff, the agency literally was on the brink of extinction. We shouldn’t pass lightly over how, under Mary’s able leadership, the Commission has restored 2011 Dinner Receipts 117,175.00 its credibility, reputation and effectiveness, both in fact and in the public’s perception. Those of us who care about the agency owe Mary and her colleagues Interest Income 515.52 an enormous debt of gratitude. My concern, however, is that the Commission’s Total Income $ 478,909.27 reputation and stature were reduced to such a state at all, especially since those who toiled at the Commission while its reputation was being denigrated were bright, hard-working and full of integrity. True, on occasion mistakes have Expenses occurred, but that’s true of all human endeavors, and always will be, not just at the Commission, but at every organization. What’s different was that the 2010 Dinner 122,100.90 Commission has been utilized as an institutional piñata, bashed by politicians, 2011 Dinner Expense 895.50 editorial writers and others with their own agendas—agendas that relate to many things, but never to the public interest. 2012 Dinner Expense 16,437.50 • My third, and last, point is that, unfortunately, the bashing hasn’t ceased, and 2013 Dinner Expense 16,612.50 those with their own agendas continue to criticize the Commission, almost always unfairly. For every problem or crisis the SEC confronts, the world divides Credit Card/Bank Charges 4,107.53 into two groups—a relatively small number of folks who genuinely want to help the SEC solve a particular problem, and a surfeit of those who seek to use Directory/Membership Renewal 4,268.92 the problem for their own advantage. We can’t control the finger-pointers or Donations 10,000.00 advantage-takers, but we can control ourselves. That’s why I encourage all of us to support our former agency’s efforts to fulfill its critical mission. This doesn’t Executive Director 59,000.00 mean we have to agree with whatever the Commission proposes or does. But, it is possible for us to disagree with the SEC, not just civilly, but also constructively Miscellanous 1,889.50 and respectfully. If the Commission seems headed down the wrong path, give it the benefit of your insights, which should include alternatives, but don’t impugn Newsletter 3,051.30 its motives or attack individuals. Those who attack the SEC and the dedicated Office Supplies 368.36 staff it continues to attract, jeopardize our common background. If we don’t stand up for our former agency, who will? Postage 2,740.78 • Our public support for the agency is especially important because the PO Box Expense 510.00 Commission is facing what may be its most serious challenge—implementing Dodd-Frank’s directives. When Sarbanes-Oxley was passed, it seemed the Regional Activities 2,000.00 Commission had been given an almost impossible challenge—we had a dozen rules and four studies to complete in an incredibly short amount of time. Each Scholarship Payments 38,757.04 of the Commissioners and the staff worked diligently round the clock, and Telephone Expense 1,154.02 we met every deadline, unanimously. That was a walk in the park, however, compared to the 100 rules and 20 studies the Commission must complete Website 3,145.00 under Dodd-Frank. And, mere numbers don’t begin to tell the real story. The Commission’s tasks, after all the rules are written and studies performed, are even Writing Competition 14,975.03 more daunting, and carry the seeds for future criticism. Don’t misunderstand me—I’m confident this Commission is up to the task. But, we’ve seen—and Total Expenses $ 302,013.88 continue to see—the Commission criticized either when it acts or if it doesn’t. Net Ordinary Income 176,895.39 It’s up to us—SEC alums—to come up with constructive ideas, and support the agency’s good faith efforts, even if they depart from our view of the Other Income/Expense perfect solution. * * * Other Income I’d like to close on a personal note. I started my legal career as a staff attorney at the SEC 43 years ago, in 1968, right out of law school, and it was at the Commission Unrealized Gain/(Loss) 178.65 where I truly learned to be a lawyer. I was given an incomparable opportunity to serve as its General Counsel—although unlike one of my successors, the Commission Total Other Income 178.65 wisely believed that one tour of duty as GC by me was more than enough! A quarter Net Other Income 178.65 century later, I was honored to serve as SEC Chairman. I wouldn’t trade one second of my two tours of duty at the Commission for anything. I’ve met and worked with many able, talented and wonderful people, who made the experience of being at the SEC even more rewarding, many of whom are here tonight. Net Income $ 177,074.04

6 Please use this form only if you have not renewed membership for 2011. If unsure of membership status, e-mail [email protected] or call 202-462-1211.

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ASECA was founded in 1990 by U.S. Securities and Exchange Commission (“SEC”) alumni. ASECA was initially formed to continue the camaraderie that existed among ASECA members when they worked together at the SEC. Today its membership is nationwide and international. ASECA is a non-profit charitable organization whose stated mission is to provide the opportunity for education and growth of industry professionals; to promote study and research in the field of securities law; and to educate members on securities law by means of lectures, seminars and publications.

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