NewsAssociation of Securities and Exchange Commission Alumni, Inc. For and About SEC Alumni

July 2011

President’s MessageThank you all for another successful year for ASECA. Our annual dinner on February 4, 2011 was a terrific evening at which we had the opportunity to visit with SEC alumni, staff and friends and to present the 2011 William O. Douglas award to Harvey Pitt. Harvey had two distinguished careers at the SEC--first as a staff member and the agency’s youngest General Counsel and then as Chairman of the agency during 9/11 and following the corporate and accounting crises of the 1990s. A copy of Harvey’s remarks is available on page 5 of this newsletter as well as on the ASECA website. SEC Chairman Mary Schapiro, who was recipient of the 2008 William O. Douglas award, introduced Harvey, and Rick Ketchum, Chairman and CEO of FINRA and recipient of the 2009 William O. Douglas award, gave a toast to the SEC.

Another important aspect of the dinner is the presentation of scholarships and awards to SEC staff and law students. Through your membership and support of the annual dinner, ASECA has been able to fund nearly $500,000 in scholarships and awards to SEC staff and law students since 1995, including $58,000 this year. My congratulations go to this year’s recipients, many of whom attended the dinner.

Let me say a word about the scholarships to SEC support staff. These scholarships are available to secretaries, paralegals, technical support staff, file clerks and other administrative staff and must be used toward an accredited undergraduate degree-granting program. I had the opportunity for the first time this year to read the essays of the applicants. Some are the first in their family to attend college, while others are single mothers who have inspired their children to further their education. Since its inception in 1999, the staff scholarship program has awarded 93 scholarships to SEC staff.

Our law student scholarships and writing competition also have taken on greater significance in today’s difficult environment for law students. I’m pleased to report expansion of the law student scholarship program to Northwestern University School of Law and Stanford Law School. I want to thank David Ruder and John Hartigan for their efforts in this regard. In addition, the Board has established a new Scholarship Committee to explore expansion to additional law schools.

A special thanks goes to our Executive Director, Cecile Srodes, who not only does such a wonderful job in planning our annual dinner, but also manages the scholarship programs, our

This could be your last ASECA newsletter!If there is a large blue X by your address on the back of this newsletter, your ASECA membership is not current, and you will not receive future ASECA communications, or be listed in the ASECA directory, unless you renew by September 15.

Renewal is available online at www.secalumni.org or by using the form on the last page of this newsletter.

Harvey L. Pitt Receives William O. Douglas Award at 2011 Annual Dinner

More than 750 SEC alumni, practitioners, industry officials, and SEC staff attended the Nineteenth Annual ASECA Dinner on February 4, 2011. As in past years, the event was held at the Ronald Reagan Building and International Trade Center in Washington, D.C. in con-junction with the annual PLI program, “SEC Speaks.”

The evening began with opening remarks by ASECA President Amy Goodman, followed by a toast to the SEC given by Richard G. Ketchum, Chairman

and CEO of FINRA, and recipient of the 2009 William O. Douglas Award. A total of $58,000 in scholarships and writing competition prizes was then awarded to law students and members of the SEC staff. (See story on page 4.)

Following dinner, Amy Goodman presented John Hartigan with an award for his service as ASECA President for 2009-2010. His accomplishments as President included expan-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 SEC regional offices co-sponsored with the SEC Historical Society. John remains on the ASECA Board as Immediate Past President.

The highlight of the evening was the presentation of the William O. Douglas Award to Harvey L. Pitt, the twenty-sixth SEC Chairman and its youngest General Counsel. The Douglas Award, instituted by ASECA in 1992, is given each year to an SEC alumnus or alumna who has contributed to the development of the federal securities laws or has served the financial and SEC community with distinction. The recipient’s achievements should be considered extraordinary by his or her peers, and contributions to the protec-tion of the investing public are given significant weight.

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 professional and personal qualities and to his support for the work of the SEC through the years. The full text of her remarks can be found on page 5.

Mr. Pitt is the founder and Chief Executive Officer of the global strategic business con-sulting firm, Kalorama Partners, LLC, and its law firm affiliate, Kalorama Legal Services, PLLC. Prior to their founding, Mr. Pitt served as Chairman of the SEC from 2001 until

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ASECA President Amy Goodman presents the William O. Douglas Award to Harvey Pitt.

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2003. He was responsible, among other things, for overseeing the SEC’s response to the market disruptions resulting from the terrorist attacks of 9/11, for creating the SEC’s “real time enforce-ment” program, and for leading the Commis-sion’s adoption of dozens of rules in response to the corporate and accounting crises of the 1990s.

Former Chairman Pitt joined the SEC immedi-ately after graduating from law school in 1968. Starting as a Staff Attorney in the Commis-sion’s General Counsel’s Office, Mr. Pitt served for over ten years in a variety of increasingly responsible positions, including Legal Assis-tant to former SEC Commissioner Francis M. Wheat; author of the Wheat Report that served 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 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 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 1968-1978, Mr. Pitt served seven SEC Chairmen and was the recipient of the Commission’s Distinguished Service Award.

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 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, 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.

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 (Brooklyn College) (1965). He was awarded an honorary LL.D. by St. John’s University in June 2002, and was given the Brooklyn College President’s Medal of Distinction in 2003.

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 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.

ASECA Officers and Directors

Officers

Amy Goodman, President

Jonathan G. Katz, President-Elect

Ernest Ten Eyck, Treasurer

John F. Hartigan, Immediate Past President

Board of Directors

Brandon Becker

Wayne Carlin

Martha L. Cochran

Linda D. Fienberg

Robert C. Friese

Kathleen G. Gallagher

Douglas W. Hyman

Julie Bell Lindsay

Simon Lorne

Andre Owens

Marvin Pickholz

Frank C. Razzano

Thomas L. Riesenberg

Paul Roye

Honorable Stanley Sporkin

Michael K. Wolensky

Cecile Srodes, Executive Director

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 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. We hope to see you there.

Sincerely yours, Amy Goodman

President’s Message continued from page 1

Rick Ketchum, FINRA Chairman and CEO and 2009 William O. Douglas Award winner, offers a toast to the SEC.

2011 Annual Dinner continued from page 1

SAVE THE DATE!! February 24, 2012TwenTieTh AnnuAl ASeCA Dinner

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.

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

2011 Annual Dinner

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

ASECA Board members at the dinner.

Former ASECA President John Hartigan talks with Ike Sorkin.

SEC Chairman Mary Schapiro introduces award winner Harvey Pitt.

Harvey Pitt’s remarks combined nostalgia, seriousness, and humor (see page 5).

ASECA President-Elect Jack Katz with former SEC Commissioner Irv Pollack.

ASECA Board members Julie Bell Lindsay and Paul Roye share a laugh.

Harvey and Saree Pitt chat with Dick Jacobson and Amy Goodman.

Harvey Pitt with ASECA Board member Kathy Gallagher.

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ASECA Awards $58,000 in Scholarships and Prizes at 2011 Annual DinnerASECA’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 Law was awarded to Jonathan Sabo of Chicago, IL, a former intern in the SEC Chicago Regional Office. Former SEC Chairman and William O. Douglas Award winner David S. Ruder, a professor of law emeritus at Northwestern, was instrumental in establishing this scholarship.

ASECA Board member Frank Razzano presented the awards for the ASECA writing competition for law student articles in the field of securities law, as follows:

• Bryan J. Hall, St. John’s University School of Law, first place for Not My Brother’s Keeper: Accounting Firms Face Increased Securities Claims for Audits Performed by Affiliates in Other Countries (published St. John’s Law Review, late 2010)

• Sean F. Doyle, University of North Carolina School of Law, second place for Simplifying the Analysis: The Second Circuit Lays Out a Straightforward Theory of Fraud in SEC v. Dorozh-ko (published North Carolina Law Review, December 2010)

• Reed T. Schuster, University of Minnesota Law School, third place for Rule 14a-11 and the Administrative Procedure Act: It’s Better to Have Had and Waived, Than Never to Have Had at All (published Minnesota Law Review, January 2011)

ASECA Board member Marti Cochran presented the SEC staff scholarships of $3,000 each to the following individuals:

• Tomeka D. Allen, Office of Compliance Inspections & Examinations;

• Patricia Banson, Office of International Affairs;• Jacqueline Dailey, Office of Compliance Inspections &

Examinations;• Magdi Mekhail, Office of Information Technology;

• Angela Thompson, Office of International Affairs;• Renee Y. White, Office of Administrative Services.

Scholarships to the following SEC staff members also were announced:

• Shara Brooks, Office of the General Counsel;• Jennifer L. Patterson, Fort Worth Regional Office;• Misty Reiter, Salt Lake Regional Office;• Joyce Segura, Division of Corporation Finance;• Dana Tischler, Philadelphia Regional Office.

Since the first scholarship was established in 1995, ASECA has contributed nearly $500,000 to students in scholarship and writing competition awards. These activities are funded by dues, annual dinner ticket purchases, and contributions to the Scholarship Fund.

Detailed information about ASECA’s scholarship and writing com-petition programs is available at www.secalumni.org. Contributions to the Scholarship Fund may be made online at www.secalumni.org, or by sending a check payable to ASECA Scholarship Fund to P. O. Box 5767, Washington, DC 20016. ASECA is a 501(c)(3) non-profit organization; contributions to the ASECA Scholarship Fund are tax deductible to the full extent allowed by law.

SEC Chairman Mary Schapiro poses with ASECA award winners and scholarship recipients.

ASECA Expands Scholarship Program to Stanford Law School

Earlier this year ASECA expanded its law school scholarship program to include Stanford Law School. As with other scholar-ships for students of securities law, the Stanford scholarship is in the amount of $5,000. The recipient of the scholarship in 2011 is Myung “Ken” Shin who received his J.D. in June 2011. This brings ASECA’s law school scholarship program to a total of four law schools: Stanford, Georgetown, Brooklyn, and Northwestern Law Schools. The ASECA Board has established a Scholarship Committee to explore expanding the program further.

ASECA Programs Held in Los Angeles and Chicago

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-sociation and featured a strong line-up of speakers including SEC Commissioner Elisse Walter and other top SEC of-ficials. The cocktail party for SEC alumni was well attended and included many of the program speakers.

In Chicago, a meeting of ASECA members was held on November 9, 2010 hosted by ASECA member Junaid Zubairi at Vedder Price. Dr. Felice Batlan, Associate Professor of Law, Chicago-Kent College of Law, spoke to the group about “The Imperial SEC?: Foreign Policy and the Internationalization of the Securities Markets, 1934-1990.” One hour of CLE credit was arranged for attendees.

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Good evening and thank you. It is such a pleasure to be here among friends and fellow alumni of the U.S. Securities and Exchange Commission.

Let me first add my congratulations to tonight’s scholarship and writing competition winners. Your work is outstanding, your commitment inspiring, and your futures are very, very bright. Congratulations once again.

And thank you to ASECA and to the members whose commitment to education and support of excellence made these awards possible.

My job tonight is a simple one. I have been asked to introduce someone who quite literally – and, especially, before this group – needs no introduction.

• You already know that Harvey joined the SEC straight out of law school in 1968 and flew through the agency ranks until he became the agency’s youngest-ever general counsel.

• You know that he then spent almost a quarter century as a senior partner at Fried Frank, where he established a reputation as the “Zeus” of the securities bar. And you know that he sometimes swooped down from Olympus to teach law and to found the SEC Historical Society.

• You know that, as SEC Chairman, he skillfully guided the financial markets back to full operations after September 11th, using his experience in and out of government to coordinate the effort by the SROs, the exchanges and other federal agencies to resume their roles as rapidly as possible.

• You know that Harvey oversaw the adoption of dozens of rules in the wake of Sarbanes-Oxley, and significantly enhanced the Enforcement Division’s performance with the introduction of “real time enforcement.”

• And you know that he founded and heads his own global strategic business consulting firm, Kalorama Partners, a position that also affords him great visibility as an analyst and commentator on financial subjects for a wide variety of media and outlets.

Harvey’s many achievements make him the perfect recipient of an award named after William O. Douglas, who – as SEC Chairman – was known as “the man who got things done.”

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

spend even a short time with Harvey, you will understand that the SEC is like family 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 grow our economy.

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 task of implementing Dodd-Frank – which he understands from his experience with Sarbanes-Oxley. He wants to see employees and alumni satisfied and rewarded by the path that we have chosen. And he works actively to see that we get the support that we need to succeed.

Harvey is someone with a tremendous number of friends, including scores, or maybe hundreds who are here tonight.

And being family means something special to Harvey. As you might guess, someone as successful as he is a bit driven – and he demands a great deal from the people he works with.

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 phone calls from his children, and he’s been known to tell his colleagues to do the same – even when they were meeting with him.

Harvey does the same thing for his SEC family. He always finds time to take a phone call, offer public support, or to see that organizations like ASECA and the Historical Society flourish and thrive. I know that I am grateful for the support he has given 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 has done.

Thank you, Harvey.

Even in a room full of SEC alumni, I can think of nobody more committed to this family – to the health and success of the agency which we are so proud to have served. And so it is a great pleasure to introduce a friend who richly deserves 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.

For those not present . . . . speeches from the dinner

SEC Chairman Mary Schapiro’s Introduction of Harvey Pitt

Remarks of Harvey PittWilliam O. Douglas Award Presentation at ASECA Annual Dinner, Washington, DC, February 4, 2011

A gracious good evening!

I’m grateful to ASECA and its Board for this recognition, and to all of you for helping me celebrate. I want to thank Chairman Schapiro for her generous introduction which, fortunately for me, wasn’t subject to the same accuracy standards she and her colleagues apply to those they regulate! I’ll have more to say about Mary and the Commission shortly, but her willingness to give the introduction makes this special award even more special.

The worst mistake an award recipient can make is to assume that he or she actually deserves the acclaim that accompanies a particular award. I harbor no such illusions. Indeed, Billie Jean King may well have had me in mind when she coined her “First Rule of Recognition”—namely, that “you never get recognition when you want it, and then when it does come, you get too much.” That makes it daunting to stand before this aggregation of SEC alums and securities law experts to accept an award that easily could have been given to many others. Billie Jean King’s First Rule of 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.

After becoming SEC Chair, I was incredibly eager to get started, and on my first workday, I dutifully went to the bowels of 450 Fifth Street, where my photo was taken and I was given my official SEC ID. It was a proud moment for me, until I looked closely at the card and saw that, over the line “Chairman,” my ID had been signed by . . . Arthur Levitt! When I gently inquired “who’s the SEC’s Chairman?,” the genial staffer ushering me through the process gasped, and immediately issued me a new ID, one that replaced Arthur’s signature as Chairman with my own. Although an effort was made to reclaim the original ID, I declined to part with it. Indeed, I still have it today as a treasured memento of my first day as SEC Chairman.

The second incident occurred near the end of my tenure as Chairman. The White House asked if I would help my old friend and former client, Bill Donaldson, get up

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 drive Bill to the airport, and he graciously accepted. When we got to my car, I slid in to the driver’s seat, while Bill—preoccupied with flight schedules and all he had to do in coming weeks—instinctively eased into the back seat! I turned toward the back seat and, as if on cue, we both paused for a second, and exchanged surprised glances. Although I assured Bill I didn’t mind driving to the airport with him in the back seat, he hastily repaired to the front!

To me, these bookend vignettes are metaphors for an important truth all SEC alums share—during our service at the SEC, we have the chance to add luster to the agency’s storied history. But, we shouldn’t lose sight of the fact that, at the SEC, everyone—except perhaps for William O. Douglas—followed others who made impressive and important contributions before we got there, and we’ve all preceded others who’ve done, or will do, even grander things than those we aspired to do, or actually did, during our tenures.

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 the dedicated service so many have given unstintingly to the agency whose mission is to protect and foster American capitalism. Apart from giving us an excuse to get together, renew our shared heritage, and tell stories about the “good old” days, ASECA provides meaningful scholarship assistance to deserving young people, some of whom will undoubtedly form the pool from which future William O. Douglas Award winners will come. And, as gratifying as this award is in its own right, I’m also pleased that my selection coincides with the beginning of my friend, Amy Goodman’s, tenure as ASECA’s new President.

There are seven former Douglas Award winners here tonight, including the very first honoree, Irv Pollack, and two present or former SEC Chairs, Chairman Schapiro, and former Chairman Ruder. I’m honored to join their ranks. But, I’d be remiss if

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I didn’t say a word at the outset about the 2nd recipient of the William O. Douglas Award—my dear friend, longtime SEC colleague, and now my next-floor business neighbor, the Honorable Stanley Sporkin. Putting to one side Stan’s poor judgment reflected by his single-minded pursuit of my receipt of this award, Stan’s a dear friend, with a marvelously creative mind, and is a pillar of integrity. He sets the bar high for the rest of us to emulate, but we all do well to try and emulate Stan. So, thank you Stanley and, even though I know it’s a few days early, Happy Birthday!

I was asked to try to keep my remarks brief. Those who know me, however, know 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, 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:

• 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 good fortune of working alongside several thousand talented men and women. The SEC has attracted wonderful people throughout its nearly eighty years, and there aren’t any individual achievements; they’re all collective.

• Second, it should trouble us, both as citizens and SEC alums, that, but for Chairman Schapiro’s leadership, and the efforts of the current Commission and 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 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 an enormous debt of gratitude. My concern, however, is that the Commission’s 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 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 Commission has been utilized as an institutional piñata, bashed by politicians, editorial writers and others with their own agendas—agendas that relate to many things, but never to the public interest.

• My third, and last, point is that, unfortunately, the bashing hasn’t ceased, and those with their own agendas continue to criticize the Commission, almost always unfairly. For every problem or crisis the SEC confronts, the world divides 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 the problem for their own advantage. We can’t control the finger-pointers or 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 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 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 its motives or attack individuals. Those who attack the SEC and the dedicated staff it continues to attract, jeopardize our common background. If we don’t stand up for our former agency, who will?

• Our public support for the agency is especially important because the Commission is facing what may be its most serious challenge—implementing Dodd-Frank’s directives. When Sarbanes-Oxley was passed, it seemed the 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 of the Commissioners and the staff worked diligently round the clock, and 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 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 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 continue to see—the Commission criticized either when it acts or if it doesn’t. 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 perfect solution.

* * *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 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 wisely believed that one tour of duty as GC by me was more than enough! A quarter 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.

This award and this evening are thus incredibly meaningful to me, because they reflect the recognition of all of you—my past and current colleagues, as well as my family—and that’s recognition it’s always gratifying to receive. As in every aspect of my life, my lasting gratitude goes to my wonderful wife, Saree, and my fabulous children, now numbering five, three of whom—Emily, Madeleine and Jonathan—are here tonight. Through good times and bad, they support my efforts, don’t harp on 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 receive, and a gift that keeps on giving.

Thank you.

ASECA Financial Summary – 2010InCOME

Dues 25,400.00

Scholarship Funds 10,568.75

2010 Dinner Receipts 325,250.00

2011 Dinner Receipts 117,175.00

Interest Income 515.52

Total Income $ 478,909.27

ExPEnSES

2010 Dinner 122,100.90

2011 Dinner Expense 895.50

2012 Dinner Expense 16,437.50

2013 Dinner Expense 16,612.50

Credit Card/Bank Charges 4,107.53

Directory/Membership Renewal 4,268.92

Donations 10,000.00

Executive Director 59,000.00

Miscellanous 1,889.50

Newsletter 3,051.30

Office Supplies 368.36

Postage 2,740.78

PO Box Expense 510.00

Regional Activities 2,000.00

Scholarship Payments 38,757.04

Telephone Expense 1,154.02

Website 3,145.00

Writing Competition 14,975.03

Total Expenses $ 302,013.88

Net Ordinary Income 176,895.39

OTHER InCOME/ExPEnSE

Other Income

Unrealized Gain/(Loss) 178.65

Total Other Income 178.65

Net Other Income 178.65

net Income $ 177,074.04

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Association of Securities and Exchange Commission Alumni, Inc.

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MeMbership 2011 You may also renew or join online at www.secalumni.org

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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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