SEC EMPLOYEE NEWS United States Securities and Exchange Commission

Vol. 10, No. 3 Washington, D: C. May/June 1986 f Quinn Succeeds Huber As CF Chief

Linda Quinn Named Huber Resigns/Enters CF Director Private Practice

Goldstein Named Linde C. Quinn John S. Huber Executive Assistant Linda C. Ouinn was named Director John S. Huber resigned on April 21 of the Division of Corporation Finance, as Director of the Division of Corporation To The Chairman effective April 21,1986. Finance to become a partner in the Wash- In announcing the appointment, ington office of Latham & Watkins, a Los Chairman Shad said, "As Executive As- Angeles-based law firm with offices in six Joseph I. Goldstein was named Ex- sistant, Ms. Quinn's skills as an attorney, cities. Linda C. Ouinn, former Executive ecutive Assistant to Chairman John Shad, adviser and administrator were of great Assistant to the Chairman, succeeds Mr. effective April 27. Mr. Goldstein replaces value to me personally and to the Com- Huber as Division Director. Linda C. Quinn, who now serves as Direc- mission overall. These skills, combined Mr. Huber joined the Commission in tor of the Division of Corporation Fi- with her four years' experience in the 1975 as a staff attorney in a branch of nance (See story, page I). Until this ap- Division of Corporation Finance, includ- Corporation Finance. Three years later pointment, he was an Assistant Director ing the position of Associate Director he was chosen as the first recipient of the of Enforcement. (Legal), will serve the Division well." Manuel F. Cohen Outstanding Younger In announcing the appointment, "I'm delighted to return to Corp Lawyer Award by the Federal Bar Asso- Chairman Shad said, "Mr. Goldstein has Fin," Ms. Quinn said. "The Division has ciation. (The award recognizes a younger for the past six years served with distinc- quite a challenging agenda, and I look for- lawyer who within the first year here tion as an attorney and administrator in ward to working with the many talented brings significant benefit to the Commis- the Commission's Division of Enforce- members of the Division." sion by his or her performance.) In 1983-- ment. He will bring that expertise to the Ms. Quinn was, until appointed Divi- eight years and four promotions later--he position of Executive Assistant to the sion Director, Executive Assistant to the was named Director of the Division. Chairman." Chairman, a post she assumed in May Mr. Huber contributed to the devel- Of his new responsibilities, Mr. Gold- 1984. Before that, she was Associate opment of many major securities rules stein commented, "It is a real challenge.

See QUINN, p. 4 See HUBER, p. 4 See GOLDSTEIN, p. 3 Foreign Visitors Program Goldstein

"If winter comes, can foreign visitors tors this year, and for shorter periods of be far behind?" With the advent of time," said Missy Donnelly (OPA), coor- spring weather, the Commission's Foreign dinator of the Foreign Visitor Program. Visitor Program has begun its annual "A side benefit from this limitation is the surge. opportunity to concentrate on a closer In recent years, the number of visi- 'match' between visitors and appropriate tors to the SEC has fluctuated from a Commission staff. high of 642 in 1981 to a low of 274 in 1982. Budget constraints and limited re- "We have had excellent support and sources have caused OMB to severely cur- cooperation from SEC staff, even from ~: ~ ;~ ~i ~ j tail visitor programs of all Federal agen- those people who are repeatedly request- cies, particularly small ones such as the ed to brief foreign visitors. They have SEC. Consequently, the SEC has institu- been extremely helpful and flexible, and ted guidelines restricting the program to the foreign visitors ate very appreciative." dignitaries who actually represent foreign Foreign visitors this year have come governments or quasi-governmental for- from many areas of the world, including eign financial-service industries. Britain, Denmark, Belgium, Netherlands, "As a result of these limitations, we Egypt, Turkey, Thailand, Malaysia, Indo- Joseph L Goldsteln expect to host a smaller number of visi- nesia and Japan. I will have an opportunity to gain a broad overview of the work of the Commission and to be involved in issues of Commis- sion policy. I am looking forward to working with the Commission, the divi- Dr. Arthur Flemming, Former HEW Secretary, sions and offices and people outside the Commission." Addresses EEO Counselors He joined the Commission in June 1980 as a staff attorney in the Division of Enforcement, where he served as a Thirty Commission employees at- presenting the conference by Ben Alex- senior counsel and as a branch chief be- tended a three-day EEO training confer- ander of Ben Alexander and Associates, fore his appointment as Assistant Direc- ence from May 6 - 9 at the Rosslyn West- Inc., an EEO/personnel management tor. In 1984, he received the Commis- park Hotel in Arlington, Virginia. training firm, who presented various work- sion's Supervisory Excellence Award. Attendees at the conference included shops and led discussions related to the Mr. Goldstein's experience includes members of the EEO Office staff and objectives of the conference. work on a variety of significant Com- EEO collateral duty officials, i.e., EEO During the conference, the attendees mission enforcement actions. Among Counselors, Federal Women Program Co- heard an address from Dr. Arthur Flem- these are: In re Carnation Company, ordinators (FWPC) and Hispanic Employ- ming, who chaired the U.S. Commission which involved a failure to disclose pre- ment Coordinators (HEPC) from the on Civil Rights from 1974 - 1982 and liminary merger negotiations, SEC v. Car- headquarters office and regional offices. served as the Secretary of Health, Educa- ter Hawley Hale, a tender offer cas%and The conference was designed to pro- tion and Welfare from 1958 - 1961. Dr. SECv. Madan,which involved alleged in- vide collateral duty EEO program manag- Flemming spoke on current civil rights/ sider trading by a typist of a prominent ers and EEO Counselors with an overview EEO issues, the role of EEO personnel law firm. In another enforcement action, of the Commission's EEO responsibilities and the future of EEO/civil rights in our he and Denver Regional Office geologist and a framework for implementing those society. David Abbott travelled to French Guiana requirements which fall within each man- Ernie Miller, EEO Manager, stated to investigate an alleged tax shelter ager's or counselor's area of responsibil- that this was the first conference held scheme involving gold mining properties ity. in over five years to bring EEO officials there. The conference workshops covered together to enhance their knowledge and Before joining the Commission, Mr. basic legal and regulatory requirements skills regarding EEO matters. He felt that Goldstein was an associate with the law of Title VII of the Civil Rights Act of the conference was a success because it firm of Morgan, Lewis & Bockius, where 1964, roles of EEO program officials, explored ways in which EEO Counselors he practiced labor law and litigation. A definitions of discrimination, affirmative and EEO program managers can work ef- 1972 cum laude graduate of the Universi- action requirements and relationships fectively with each other and can assist ty of Michigan Law School, he was an as- between EEO requirements and other management in meeting EEO objectives sistant professor of business law at Cen- job-related decisions and requirements. and resolving EEO-related concerns in tral Michigan University. Following gra- The conference began with welcome an economical and expeditious manner. duation in 1964 from Rutgers University, remarks from George Kundahl, Executive He also felt that it was a success because he served in the U.S. Navy as a naval Director, who also serves as the Commis- the attendees rated it overall as "Out- flight officer and as an NROTC instructor sion's EEO Director. standing" and recommended having an- The EEO Office staff was assisted in other conference in 1987. CONTINUED ON NEXT PA GE cross-reference guide. There follows a 2 concise discussion of applicable law with What's loan Collins Real/y Like o box highlights and "advice" notes that emphasize key points and useful practice hints. Each chapter concludes with an appendix containing a checklist of forms and samples of the completed forms (based on those used by the writers and other experienced lawyers), that range from an S-1 registration statement to a consent decree. Semi-annual supplements on new developments or additional subjects are planned to keep the work up to date. The first supplements, which deal with Rule 144 and tender offers, are already in the works. The volumes are bound in post-binders, which allow for insertions and deletions as supplements are added. The work took four years of even- ings, weekends and every "non-working" moment on several European business trips, years during which notebooks and manuscripts were his constant compan- ions, Mr. Sommer said. In the first years, he prepared an outline of topics and sug- gested as contributing authors eminent securities lawyers experienced in specific SEC alumnus Chuck Kirby chats with Joan Collins, celebrity guest of Dallas' DYNASTY ball. topics. The most difficult part was "just finding the people," he said. "Lawyers are so busy, getting them to produce a SEC alumnus LeGrand "Butch" of several intimate chats with the couple. manuscript close to the deadline was a Kirby says she's "absolutely gorgeous up Just for the occasion, he had special problem." The final year he spent meti- close and a very sweet person. It's not all DYNASTY license plates made up. Peter culously reviewing "every single word" make-up and cameras. She is 52 and Holm was so impressed by the DYNAS- of the 5,000-page manuscript (leaving looks 35," he said. "She's not tough or TY plates that Mr. Kirby gave them to the footnotes for the publisher to re- domineering like Alexis Colby Carrington him as a parting gift. view), checking every questionable point Dexter, the rich bitch she portrays, in At the ball and at a noontime recep- and giving the contributing authors a Dynasty. She is very friendly and very tion Mayor Stark Taylor gave in honor of chance for a final review as well. nice." Ms. Collins the following day, her agents Mr. Sommer, a partner of Morgan, Some people will remember Butch and entourage kept a good distance be- Lewis and Bockius, served on the Securi- Kirby as the Deputy Director of the Chief tween the star and the crowd. During her ties and Exchange Commission from Aug- Accountant's Office from June 1980 stay in Dallas, she had up to eight body- ust 1973 to April 1976. He is a former through February 1983. Now he is a guards, even more than Prince Charles Chairman, Section on Corporation, Bank- partner of Arthur Young (a Big Eight ac- had during his recent visit. ing and Business Law and of the Federal counting firm) in Dallas. The 800 who attended the Dynasty Regulation of Securities Committee, He met Ms. Collins when she was in Ball included Mayor Stark Taylor, Dallas American Bar Association, and Vice Dallas as guest celebrity at the "Dynasty Cowboy football players and CEOs from Chairman, Public Oversight Board, Amer- Ball," a black-tie affair named for the some of the largest corporations in Dallas. ican Institute of Certified Public Ac- program in which she stars and held in Events of the evening included an auction ants. Dallas' Registry Hotel March 1. The ball at which a 1968 Rolls Royce (mileage Staff members will recognize the is an annual event to benefit Kirby's fa- 8000 miles) which had been given to names of many SEC alumni among the vorite charity, Northwood Institute, a Barbara Hutton by a Sheik,' $15,000 dia- 60 authors who contributed to this major nonprofit, accredited four-year business mond earrings, several paintings and mink reference work (their former SEC posts school. She needed a ride, and Mr. Kirby coats as well as-more affordable items are indicated in parentheses): Richard had a vehicle, suitable for the TV and were sold. Rowe (Director, CF); George Michaely cinema star in her $10,000 gown and dia- Butch Kirby got a big scoop in his (Chief Counsel, CF); Wallace Timmeny mond jewelry. His elegant black Excaliber conversation with Ms. Collins, asking a (Deputy Director, ENF), John Lifton is one of 200 replicas of a 1935 Mercedes question many Dynasty fans may have (MR); Mark Goldfus (Executive Assistant Benz 540 SSK, hand-made every year. Its wondered about, "Joan, are you ever to the Chairman); Thomas Baker (OCA); sweeping" fenders, decorative chrome ex- going on the Colbys and take on Sable?," Steven Golub (Fellow, OCA); George haust pipes and running boards turn he asked. "Absolutely never," she retort- Harper (DRO) and three former Regional many heads. The Excaliber got him the ed. "When I was about to sign the con- Administrators, Gerald Boltz (LARO), job of chauffeur to Collins and her hus- tract with Dynasty, I said I would never Steve Hammerman (NYRO) and Robert band, Peter..Holm, for their two-day do another show. And I am not going to Watson (FWRO). Dallas visit and a chance few others had help that show make it." If II11 l! "!lllli,,m.J.... SHOP TALK ' 1 1111 ;tlltlEMPLOYEES , " sEC WELt , ,i,~,l, "',,1 , II,"'~'!lll',',I!1111I :,,11illi:,::,l i,,, E i "Iif Security Holdings ....!>lliiiililliI ,III ii .k,i!. :,,L . Name Title Statement Due Div/Ofc Barry, Robert B. Attorney Rappaport, Thomas J. Attorney BRO All employees of the Commission are Reilly, Susann Reising Sec. Camp. Examiner Hood, Patricia A. Pub. Reference Clerk CI~ required under Rule 5(m) of the SEC Coffin, Dale E. Sec. Camp. Examiner Conduct Regulations to submit an An- Mainwaring, Jennifer A. Clerical Assistant DI~ nual Statement of Securities Holdings. ~rd, Juanita O. Sec. Camp. Examiner mo ~,!ii' This report must include a complete list- Arias, Vincent M. Attorney ing of all securities held by employees as Caiafa, David G. Clerk-Typist Jefferson, Delroy C. Sec. Camp. Examiner of May 9, 1986, as verified by an actual Mays, Marian L. Clerk-~ist portfolio review. Negative reports are Medina, Miriam Public Reference Clk required. 'All reports must be returned to Mczena, Stephanie A. Sec. Camp. Examiner the Office of Personnel by June 6, 1986. Haynes, Dennis C. Sec. Camp. Examiner PBO Roethe, Marie B. Attorney PBO Dano, Nellie E. Clerical Assistant SFI~O Miller, David J. Offset Press Operator AS Andrews, Denise Clerk-Typist CF Atchison, Theresa L. Clerk-Typist CF American Ball, Daniel A. At torney CF Gilchrist, Kay F. Clerical Assistant CF Cancer Society Kelley, Annisteen H. Clerical Assistant CF Mull~, Elizabeth M. Attorney CF Offers Free Screening Sano, Joseph J. Attorney Schick, Alan Attorney CF Goldsmith, Barry R. Attorney ENF Free cancer screening examinations Jackson, Ozzie D. Secretary ENF are now being offered to District of Col- Kearse, Patricia R. Clerk-Typist Klein, Nadine Clerk-Typist umbia residents by the American Cancer McGeever, Elizabeth M. Attorney Society, District of Columbia Division. Weiss, David R. Attorney H~F The nation's capital currently has the Barbour, Beryl A. Secretary GC country's highest cancer mortality rate DDrsey, Michael T. Attorney GC per 100,000 population. The Society's Faunteroy, Camelle B. Clerk-Typist GC Taylor, Brent H. Attorney GC goal is to reduce the death rate in Wash- Baker, Martha C. Attorney /M ington through early detection. Cain, Diane M. Secretary ]/'! The screening program is a coopera- Edwards, Muriel L. Secretary I}4 tive effort with the Howard University Hunold, Y%~nne M. Attorney Rosenberg, Michael A. Financial Analyst Cancer Center, Providence Hospital and Grindell, Joan M. Cc2nputer System Prog. the Washington Hospital Center. Each of Mattingly, Garrett G. Computer Clerk ISM the participating hospitals, through a spe- Hebner, David A. Attorney cial grant from the American Cancer So- Huff, Sherline J. Secretary i;I I ciety, will screen District residents for Adkins, Wanda A. Clerk-Typist sites of cancer which are significantly high in the District of Columbia and for which early detection is possible. These sites include: breast, colon and rec- tum, mouth and throat, prostate/testes and cervix. District residents who are without symptoms of the disease are eligible to participate. The site screenings are intended for adults. Minors wishing to be screened must have the written consent of a par- ent or guardian. Since the purpose of the screening examinations is to detect the

See SCREENING, on the following page. Interaction With Disabled Persons

As part of our continuous program to give you hints on interaction with disabled persons, here are some things to remember when you meet a Wheelchair- user:

Don't automatically hold on to the person's wheelchair. It is part of the person's body space. Hang- Title Div/Ofc ing or leaning on a wheelchair is Name similar to hanging or leaning on a Parnell, Grover S. Attorney person sitting inachair. It may be Sufrin, Ronald K. Attorney BRO fine if you are friends, but it is in- Secore, Wayne M. Attorney appropriate if you are strangers. Arteaga, Harold A. Attorney LARO Casterline, David L. Attorney L~J~3 Cummins, EdwardS. Service Clerk 0 Keep your toes out from undev Golden, Jonathan Attorney LARO the wheels of the chair. Usuallyit Arkin, Marc M. Attorney NY~3 will be easier for you to stand back Oannor, William H. Sec. Ccmp. Examiner NYRO than for the person in the chair to Piccione, Bernard Supv. Sec. Camp. Examiner Investigator NYRO dodge you. Wheelchairs cannot step Shamberg, Carol W. Ferrier, Mary Clerk-Typist sideways. Hecht, Stanley M. Attorney WRO Neidlinger, Mary Ann Clerk-Typis t W~3 O Offer assistance if you wish, but Rajchel, John A. Investigator don't insist. If the person needs Tracy, Ralph Hunter Ac%nin. Law Judge Katchmeric, Karen- D. Ccntract Specialist help, he or she will accept your offer Daly, Patricia M. Attorney CF and tell you exactly what will be Gladden, Deborah A. Clerical Assistant CF helpful. Forcing assistance can be Huber, John J. Attorney CF unsafe. For example, if you grab . Jackley, Mary M. Attorney CF the chair, the person in it may fall Lefever, D. Michael Atto#ney Levine, Jay R. Attorney CF out. Sweeney, Thcmas E. Jr. Attorney CF Dorsey, Kathleen L. Secretary Never talk about a person in a Karol, Thcmas J. Attorney wheelchair as though he or she were Kopel, Jared Lee Attorney not there. Talk directly to the per- Miller, Robert L. Attorney ENF ENF son. If you are asking questions or Otto, Richard C. Attorney Dye, Alan L. Attorney making comments, don't use a third Andrews, Debbie A. Secretary GC party as an intermediary or a sound- walton, Debra A. Management Technician GC ing board. Beach, Stephen C. Attorney IM Branch, Veroni~ K. Secretary IM Justice, Teresa D. Legal Technician IM ® If conversation proceeds for more Kennedy, Kathleen A. Secretary IM than a few minutes and it is possible Faith, John C. Supv. Ccr~puter Specialist ISM to do so, consider sitting down in Corcoran, Kevin A. Attorney MR order to share eye level. It is un- Nisonoff, Donald M. Attorney General Documents Clerk OARS comfortable for a seated personto Ca~per, Sherry D. Moore, Charles A. Privacy Act Officer look up for a long time. Tucker, Robin M. Clerk-Typist OARS Lewis, Deavie C. Classification Specialist PD o Don't be surprised if a disabled person transfers from a wheelchair to a car or a piece of furniture. Few are "confined" to their chairs.

Most wheelchair-users do not depend on others for assistance in everY/day acti- vities. Environmental modifications and adaptive equipment make it possible for many who are very severely disabled to help themselves in almost every way. share information they have collected in DeTorre and Barbara Siesto (NYRO), Denver Hosts their experiences with microcomputers. Diane Eckert (ARO), Roz Houtman Peggy Favor, Director of the User Sup- (SRO), Corliss A. Primavera (BRO) and Microcomputer port Information Center (USIC), initia- John Brissman and David Peterson ted topics regarding microcomputers. The (CRO). regional representatives then presented The USIC staff members, Jim Tabel- Conference their work by demonstr'ating a' system lario and Judy Westbrook, introduced that they use in their everyday work The Micro Computer Conference, new software available to all employees. schedule. hosted by Robert Davenport and his Demonstrations by the USlC staff in- The presentations provided an envi- staff, was held at the Denver Regional Of- cluded: Lotus 1-2-g, Version 2, WordPer- ronment of natural information ex- fice, April 7 - 11, 1986. Richard Red- fect 4.1 ; Sideways; Zylndex; Norton Util- change. The combined experiences of fearn, Acting Director of the Office of ities; ThinkTank and Ready. these knowledgeable users provided an- Information Systems Management, pre- The conference ran smoothly due to swers for all. In fact, the exchange stim- sented the topics to be considered reg- the concerted efforts of the Denver staff ulated a brainstorming session with sever- arding all interaction with computers, in- under the direction of the Regional Ad- al alternatives to one problem. The parti- cluding the mainframe and the applica- ministrator, Robert Davenport. A special cipants were: Joe Dion (LARO), Paul tions used by all employees at the Com- thanks should go to Norman Black, Con- Boeggeman and Judy Wiegand (WRO), mission. ference Coordinator, Robert Fusfeld, Co- Weldon Schwartz, Lynne True, Norman ordinator Assistant and Sandy Speicher, Black and Bob Fusfeld (DRO), Norman the Administrative Assistant who coor- The conference considered all J. Korb and Floyd Hastings (SLBO), dinated the reservations for all who at- interaction with computers, includ- James H. Perry (FWRO), Daniel A. Burns, tended. We plan to have similar confer- ing the mainframe and the applica- Kenneth Bradley, Vera B. Gaskin, Paula ences in the future. tions used by all employees at the Commission.

Norm Black (DRO), Conference Co- ordinator, introduced the concept of the conference, that is, to assemble the pri- mary users from each of the regional of- rices at one location and allow them to

able in his position in Fort Worth, when it was necessary to oversee four SEC actions against investment companies alleged to have reported incorrect net asset values. Mr. Secore joined the Commission in 1971 as a staff attorney in the Chicago Regional Office, where he was assigned to the Branch of Investment Company Ex- Richard Redfearn, Acting Director of the Office of Information Systems Management, ad- aminations. In 1975, he transferred to dresses the attendees of the Microcomputer Conference held at the Denver Regional Office. the San Francisco Office as Acting Branch Chief for Regulation and was later named Branch Chief. In 1978, he moved to the Fort Worth Office as Assistant Re- gional Administrator. Prior to joining the Commission, he taught in the Chicago Public Schools. Mr. Secore wasa member of the committee which annually plans the securities conference in Austin, sponsored by the Fort Worth Regional Office, the Texas Securities Board and the University of Texas at Austin. He was also on the Board of Directors of the Federal Execu- tive Board. He is a member of the Illinois Bar Association. He received a B.S. in Business Ad- ministration in 1966 from the University of Indiana and a J.D. degree from DePaul University in 1969. The regional and headquarters staff who attended the Denver Microcomputer Conference are: (seated) Paula De Torre, Peggy Favor, Diane Eckert and Corliss Primavera; and (standing) Jim He and his wife, Leslie, have two Tabellario, Barbara Siesta, Judy Westbrook, Norm Black, Judy Wiegand, ]oe Dion, Paul Boegge- children, Rachel, 11, and Adam, 6. man, lira Perry, Vero Geshirrs, Bob Fusf-eld, Dick Redfearn, Kenneth Bradley and Dan Burns.

11 Charles Moore Retires After 43 Years With SEC

Charles A. Moore George Ku.ndahl, Executlve D/rector, presents a retirement award to Charlie Moore.

Charles A. Moore, after 43 years with Privacy Act and the Dissemination of succeed." the Commission, retired on May 2. He Material Available in the SEC. A federal typing test given in his became the Commission's Records Offi- "I have mixed emotions about leav- home town (San Antonio, Texas) in 1941 cer in 1973 and acquired the additional ing the Commission," Mr. Moore said. launched Mr. Moore's lifetime career. "I duty of the Privacy Act Officer in 1975. "I really don't look forward to leaving, had never heard of the SEC, but when I He was Chief of the Records Branch but I think I might be more emotional was offered a job, I accepted it and from 1966 to 1970 and Deputy Records about this if I were retiring to do nothing. moved to Philadelphia in 1942 where the Officer from 1970 to 1973. Last October I have been fortunate to work with some Commission was located at that time," in anticipation of his retirement, he relin- very wonderful people, some who seem Mr. Moore said. Two years later he was quished the Records Officer responsibili- almost like family. Even though the drafted and served in the Army from ties to train Ann Sykes as his replacement staff has changed tremendously, those 1944 to 1946 in the European and Pacific in that position. He heads the current coming aboard seem to fit the SEC Theaters, behind a typewriter, as the war roster for length of SECservice and holds mold." was winding down. He returned to the the all-time record for length of SEC ser- "Charlie has been an institution here Commission, where early assignment in vice of a Black employee. in the records area," Wilson Butler, the Docket, Mail and Files Section pro- He is continuing to work in the SEC OARS Director and Mr. Moore's super- vided him the knowledge and skills to corporate disclosure area as a Part-time visor, said. "The Commission is losing prepare him to advance in records man- consultant for Bechtel Information Ser- one of its greatest champions in the field agement. vices, the firm which under contract with of records. He can find records and ex- Mr. Moore was a member of the SEC the Commission, provides copies of cor- hibits no one else knows of or remembers Committee on Procedures (Rules) from porate records to the public. and uncover how novel and unique re- 1966 to 1973 and was a charter member Mr. Moore helped create the Com- cords were handled ten years earlier. of the Washington, D.C. Chapter of the mission's policy on handling corporate "He has been a very committed, de- Association of Records Managers and records, organized and named the Docu- dicated employee, and like a father to Administrators (1969). He received a ment Control Section and reorganized me," Mr. Butler (who spent his first 15 Certificate of Accomplishment for com- the Office of Records and Service. He years at the Commission working under pleting the management program of the developed the SEC's first records reten- Mr. Moore), said. "He set very high stan- Department of Agriculture Graduate tion schedule (the agency didn't have dards for himself and the office. He School, which he attended in the even- one for its first 40 years), for which he re- would stand up for what he thought was ings. ceived a Federal Paperwork Management right. And he got me to believe in those His lifetime has been devoted to Award of Special Merit in 1977 from the values. In the early years -- I was around learning about, and honing his talents, Association of Records Managers and Ad- 19 -- I came in late one morning, and in records management. A pad beside ministrators (ARMA). He recommended Charlie told me to go home and not come his bed and a tape recorder in his car and coordinated the study which led to back until I could be on time. I was al- are ready to record random ideas for the use of microfiche for corporate re- ways early after that. Charlie thought improving his work. He has never taken cords and developed one of the first SEC enough of me to send me to business up long-time hobbies, but enjoys photo- courses designed for records personnel in school for typing for six weeks when I graphy and refuses to ride anywhere he automating records. He also developed didn't have money for it. Eventually, I can walk. His 14-year old daughter, manuals for the Records Branch and on paid him back, but that action shows the Renee, and her friends receive much of SEC Administrative Proceedings, the kind of heart he has. He wanted me to his attention when he's not working.

13 It is in the Public Reference Room and brokerage houses as well as to the Congressional requests for material that all the records corporations are -r.e- general public. are also handled by the FOIA Office. . quired by law to file with the Commis-.. The Public Reference Room has a Congressional committees often want ex- sion are made available to the public.i In staff of '17"heade d :Since Janua(y of this tensive information and want it quickly. addition, releases describing Commission year by Deloris Taylor, a former con- And with the FOIA staff's knowledge of enforcement actions, new rules and rule sumer affairs • specialist, who serves as how to get information from SEC files, proposals, exemptions from'rules, special Branch Chief. they are usually able to comply. Last reports written by the SEC staff, official year, for instance, the Joint Tax Commit- SEC letters made public and all current FOIA AND PRIVA fCY ACT OFFICE tee requested the 10K annual reports for SEC publications can be found herei.The The 1974 americlments tothe Free- the Fortune 500. In this case the prob- daily SEC News Digest, which summar- dom of Information Act (1967) gave the lem was solved with the aid of the Con- izes all official Commission actions, is public the opportunity to request "non- gressional Affairs Office, which talked the available as well. Most letters requesting public" records of the Commission , such Committee into buying a microfiche read- such information are referred tO.. the-Pub- as Commission investigations, preliminary er. The FOIA Office was then able to ful- lic Reference Room. proxy material and internal Commission fill the request by sending over the microfiche copies of the records. An FOIA re- Most corporate reports are made memoranda. quest for documents on a single subject available to the public in original paper That year, the newly formed FOIA can involve a great deal of research and copy form immediately after they are re- Branch with a staff of 11 handled about material. ceived. All reports are reproduced on mi- 590 requests for information. By 1985, crofiche, and microfiche copies are main- its staff had diminished tO nine and FOIA The Branch also processes requests tained in open stacks for easy access. The requests had increased to 1,650. Edward under the Privacy Act concerning files microfiche collection is in fact the most A. Wilson is FOIA Officer, and John D. maintained on individuals. The SEC re- extensive set the Commission has, with Heine is FOIA and Privacy Act Branch ceives 30 to 40 requests a year of this some corporate filings dating back .to Chief. nature. Individuals are entitled to check 1967, before the Commission officially the accuracy of any records SEC has on converted to microfiche. Because of the them. "One guy requested our file on heavy public usage, the Reference Room "1 have had attorneys him," John Heine recalled, "and asked is designed to be largely self-serving. Com- say, 'Your material (re- for a cbrrection. He questioned the ac- puter terminals are set up so that the visi- quested under the FOIA) curacy of a document which said he was tors may check for themselves whether a has made my case,' " an intimate friend of the head of the corporate record is on file. Photo- Mr. Heine said. Mafia in New Orleans. '1 obiect to the copying machines maintained by the word, intimate, he wrote." Commission's contractor are available for Private securities lawyers are the reproducing copies. The Commission most frequent requesters of information provides free microfiche readers so the under the FOIA. Often, they seek mater- public may view records without charge. ial that will assist them in making their Bechtel Information Services, the con- cases against people the Commission has Consumer Securities Quiz tractor, reproduces the original records already investiga[ed. "I have had attor- filed by corporations frorfl paper copy neys say, 'Your material has made my The Office of Consumer Affairs and onto microfiche for the Commission, and, case,' " Mr. Heine said. Occasional re- Information Services has developed a for a fee, offers copying services on a sub- quests are also received from the press -- Consumer Securities Quiz as another scription basis. a 60 Minutes program on insider trading tool to assist the investing public. Al- and a recent Philadelphia Inquirer series though the quiz has not yet gone pub- on a case involving alleged securities vio- lic, Employee News has their permis- In 1934, the year the lations were based in part on material the sion to publish one question and an- Public Reference Room FOIA Office supplied. But the FOIA swer in each issue. was established, 2,000 files are useful only to those journalists people visited it. By involved in extensive investigative reports. Q. Registration by a company of 1985, the number had Because of the time required to research its securities with the SEC increased to 18,000. the records, they're not useful for tomor- means that: row's or even next week's articles. The Public Reference Room was es- A. a. The investment is safe and tablished in 1934, the year the SEC was secure. created. The SEC Annual Report noted b. Information concerning the that during that first year 2,000 people In Memoriam company will be sent to in- visited the Public Reference Room. By vestors frequently. fiscal 1985, the number of visitors had c. Information concerning the increased to 18,000. To assist these visi- Emma Washington died on company will be available to tors, the Public Reference staff in 1985 April 29. Mrs. Washington joined the public. prepared a Public Reference Guide ex- the Commission's staff in 1973. d. The investment is backed by plaining its operation and identifying the She was secretary to the Director the federal government. types of materials available for public of Consumer Affairs and Informa- e. All of the above. view. The Guide has become so popular tion Services. f. None of the above. that two printings have been made and over 5,000 copies distributed to law firms Answer is on page 2.