SEC EMPLOYEE NEWSU. S. SECURITIES AND EXCHANGE COMMISSION

Vol. 8, No. 2 Washington, D. C. May 1984

Woodside Dies, 35th CommissionerByron D. Woodside, 75, former SEC

Commissioner, died February 13 atPrince William Hospital in Manasses, Vir-ginia, following a heart attack. Mr. Wood-side was a resident of Haymarket, Vir-ginia.

Mr. Woodside was on the Commis-sion staff since its creation in 1934. Hetransferred from the Federal Trade Com-mission to continue working as AccountsExaminer in the area on securities registra-tion when that function was transferredto the new agency. He was a graduate ofthe Wharton School of Finance (1929)and Oeorge Washington University (A.M.degree, 1933). In 1940 he was namedAssistant Director of the Division of Cor-poration Finance.

In 1942 he moved with the Commis-sion to Philadelphia, a city that in Mr.Woodside’s view, did not welcome theSEC. "The dayl arrived, a fire alarm wentoff and they evacuated the building," herecalled in an interview for an upcominghistory of the SEC. "1 heard a Pfliladel-phia policeman say, ’They lust moved in;now they want to burn the place down.’ "He found the press no more cordial."The newspapers referred to the SEC inthe lower case," he noted. But Mr.Woodside took advantage of years in

Philade~lphia to attend Temple University;he earned an LL.B. degree in 1946.

Only during the late 40s and early50s was his SEC career interrupted. In1948, he served for 14 months as a mem-ber of a commission working with theArmy on the decartelization of Japaneseindustry. Beginning in December 1950,he worked for 17 months with theNational Securities Resources Board andlater with the Defense Production Admin-istration as Assistant Deputy Administra-tor for resource expansion.

Mr. Woodside had been Director ofCorporation Finance for eight years when

See I¥OODSIDE, p. 11

Byron Woodside,7/! 5/60- 4/30/67.

SEC Commissioner from

IN THIS ISSUETed Levine Resigns 2

Irving Einhorn Named LAROAdministrator 3

SEC Celebrates Black HistoryMonth 4

Andy Rothman Resigns 5

Mary McCue is NewOPA Director 5

Three OARS Employees Retire;Total 101 Years Service 10

CommissionerLongstreth ResignsTo Return To His Family in New Yorkby Mary Tee/, Office of Pub/it A flairs

Bevis Longstreth, 60th SEC Commis-sioner, resigned January 13 after 30months in office to be with his family inNew York City. On February 1, Mr.Longstreth announced he would return tohis old law firm, Debevoise & Plimpton,in New York.

On his appointment, Mr. Longstrethcommitted himself to a maximum ofthree years at theSEC. He cut that shortto be at home for the last six months be-fore his oldest child leaves for college inthe fall.

His departure leaves two vacancies onthe Commission, the first created whenBarbara Thomas resigned in November.President Reagan has indicated his inten-tion to nominate Aulana Peters andCharles Marinaccio to fill the vacancies(See article in this issue).

"Bevis is an extraordinary attorneywith an abiding interest in others," Chair-man John Shad said. "He has had a pro-found effect on each of us. It would bedifficult to cite a significant case, rule orregulatory initiative that does not bear hisindelible imprint."

Many significant decisions were made

during Mr. Longstreth’s brief years on theCommission. Those years saw the passageof Rule 415, the "shelf registration" rule,which allows one-time registration of newsecurities by public corporations, and theapproval of new option products in amanner that encourages competitionamong securities firms.

But perhaps Mr. Longstreth’s greatestaccomplishment is being the driving forcebehind the Insider Trading Sanctions Actcurrently before Congress. That legisla-tion, if enacted, will make anyone whouses inside information liable for trebledamages. Mr. Longstreth was also a pri-mary force in setting up the Tender OfferAdvisory Committee.

Evidence of the depth of his commit-ment to and fascination with the SEC andits issues can be found in the 20 substan-tive speeches, the several New YorkTimes and other newspaper commentariesand the lengthy review of Joel Seligman’shistory of the SEC (October 1983 Colum-bia Law Review), written by him while amember of the Commission.

Thoughtful, lucid and cogent, Mr.kongstreth’s speeches analyze matters theCommission is concerned with. Typically

See LONGSTRETH, p. 9

TedLevine ResignsTo Join D.C. Firm

Theodore A. Levine, 39, resigned onFebruary 17 as Associate Director of theDivision of Enforcement to ’become apartner of Wilmer, Cutler & Pickering, aWashington law firm.

"Ted is the finest securities lawyer inthe country," Enforcement Director JohnFedders said, "and a better person thanhe is a securities lawyer."

"Lawyers regarded Levine’s move asa significant coup for Wilmer, Cutler,"noted a January 23, 1984 Legal Timesarticle.

Mr. Levine played a key role in thedevelopment of the Commission’s nation-wide enforcement program and a numberof significant regulatory initiatives such asthe corporate governance and tenderoffer proposals. He also contributed toreports to Congress developed by thestaff on matters such as transactions insecurities of the City of New York andthe Silver Crisis of 1980. Among thehundreds of enforcement cases he partici-pated in, were many landmark cases in-volving matters such as accounting fraud,questionable foreign payments, insidertrading and the defining of a tender offer.

In 1976, with Stanley Sporkin andRalph Ferrara, he helped prepare a 1000-page report evaluating the Federal EnergyAdministration’s (now the Department ofEnergy) compliance and enforcementprogram, and recommending detailedchanges to improve its effectiveness andefficiency.

Ted Levine (pictured) "is the i’inest securi-ties lawyer in the country...." in /ohn Fed-der~opinion.

He contributed to the success of thecontinuing legal education programs andseminars of the Division of Enforcementas well as to securities lectures, seminarsand other programs sponsored by outsidesecurities law associations. With RalphFerrara, he created and developed theStudent Observer Program in 1970 withone local law school student. By 1983, itbenefited 60 law students from as faraway as California who received credit fora semester’s work at the SEC.

In 15 years at the Commission hereceived almost every award available toCommission staff members including the$I0,000 Presidential Rank Award in1983.

In an interview since his departure,Mr. Levine said, "I miss the Commission.It is the finest agency in the government.

Its staff has been extremely talented--superb lawyers and even more important-ly, persons who shared a common missionand purpose for the agency. The 1970sand early 1980s one may regard as itsgolden era, and I was pleased to be asso-ciated with the Commission at that time."

Over the years Mr. Levine taught lawat two local law schools--Antioch LawSchool and Howard University of Law--and contributed many articles on securi-ties law to various university law reviewsand The Legal Times.

Mr. Levine joined the Commission int969 as a Trial Attorney in the Divisionof Trading and Markets, which becamethe Division of Enforcement in a 1971 re-organization. He rose through BranchChief (1971), Assistant Director (1974)to Associate Director in 1978.

Albarado Gets $2,650 for SuggestionGene A. Albarado, Staff Accountant

with the Washington Regional Office,received $2,650 for his suggestion thatthe Commission use preprinted Post-ItNote Pads. The award, presented Febru-ary 7, is the largest the SEC has ever givenfor an employee suggestion. It is esti-mated that the first year’s use of thePost-It Note Pads in the Regions alonecould save the Commission approxi-mately $65,000 a year.

The sheets from the Post-It NotePads have adhesive backs and will adhereto paper but can easily be peeled offwithout damage to the document. ThePost-It pads are already widely used inthe private sector.

Specifically, Mr. Albarado suggestedthat POST-IT NOTE PADS be pre-printed"PLEASE COPY FOR THE U.S. SECUR-ITIES AND EXCHANGECOMMISSION"and supplied to the Enforcement staff inthe headquarters and regional offices fortheir use in place of paper clips in mark-ing documents to be copied. He said thepads are particularly useful when, in con-nection with an SEC investigation, anSEC staff member is required to reviewand mark for copying large volumes ofdocuments of accountants, brokeragefirms, corporations or others at non-SECoffices.

Mr. Albarado’s duties as a staffaccountant frequently req~lire him toexam ine and mark for copying the officialpapers of persons or firms involved in anSEC investigation. Many SEC staff attor-neys and other staff members are facedwith the same task.

Mr. Albarado developed the sugges-

tion after several experiences where paperclips used to mark documents for copyingon non-SEC premises felt offer were con-fused with paper clip markings of others.On one occasion re-marking 35 boxes ofdocuments at a large accounting firmtook an additional six hours. The firmhad moved, disrupting the markings be-fore copies could be made and sent to Mr.Albarado. Similarly, many paper clipsmarking a huge volume of documents of aPhiladelphia city bank were lost beforeMr. Albarado received his copies. In addi-tion, some paper clips were added byothers using the documents--and Mr.Albarado received 2000 documents hehad not marked. This time he had to re-peat the review of six file cabinets ofdocuments. A similar incident occurredin the case of a Norfolk accounting firm.Mr. Albarado did not receive copies ofdocuments he had requested and receivedat least 500 he had not requested. Otheremployees have undoubtedly experiencedsimilar problems in copying documents inconnection with SEC investigations.

The problem of lost or confusedmarkings costs the SEC a considerablenumber of manhours each year for re-reviewing files, and travel expenses foremployees to return to review sites.

In addition to the use ofpreprintedPost-lt pads available from the Publica-tions Office, the Commission’s supplyoffice now stocks unprinted Post-lt Notepads. Their use is becoming widespreadin Commission offices, where many em-ployees have found them handy forjotting short notes about material beingsent to another staff member.

Irving Einhorn, new LA RO Administrator.

Einhorn Named LARO AdministratorIrving M. Einhorn, 42, was named

Regional Administrator for the Commis-sion’s Los Angeles Office, on February 14.Mr. Einhorn, who was Assistant ChiefTrial Attorney with the Division of En-forcement’s Trial Unit, commenced hisduties in Los Angeles on March 19. Hesucceeds Michael Stewart, who resignedto enter private practice.

Mr. Einhorn is very familiar with thework and responsibilities of regionaloffices. His career as a securities lawyerbegan in 1972 in the Chicago RegionalOffice, where he worked eight years.But, he acknowledges, "every regionaloffice has its own types of enforcementand regulatory problems. There will be atransitional period, and it will take me alittle while to get a foundation out there."

The Los Angeles Regional Officecarries out the Commission’s enforcementactions for the states of California, Ari-zona, Nevada, Hawaii and for Guam. Mr.Einhorn intends to be "very selective" inwhich enforcement cases the LARO pur-sues. "There has to be sufficient publicinterest at stake to justify the substantialtime and effort that goes into bringing acase to trial," he said. "You must trycases selectively, looking for those thatwill have an impact and that will discour-age further abuses. It is important tobring cases in which there is sufficient evi-dence to win."

As an Assistant Chief Trial Attorneyin Enforcement, Mr. Einhorn acted as the

Division’s counsel in administrative pro-ceedings and represented the Commissionin actions filed in the Federal Districtcourts. As Los Angeles Regional Admin-istrator, Mr. Einhorn said he will putaside his ’~first-love’-tria1 work- to over-see the conduct of litigation and proceed-ings. And he takes the job as top L.A.supervisor seriously. "When the staffworks hard to turn out memorandum orother written work product, they deserveto have their efforts receive promptreview, and when they do a good job,they’re going to hear about it from me,"he declared. "I’m a strong believer intraining and in teaching good work habits.I hope that, after I’m there for a periodof time, the staff will find they’re moreprofessionally competent than when theycame--and that will be because I made it agood place to work by providing themwith opportunities to enhance theirskills."

Mr. Einhorn ioined the Commissionin 1972 as a staff attorney in the ChicagoRegional Office. He became a BranchChief (Enforcement) in 1975 and SeniorTrial Counsel in 1977. In 1980, he trans-ferred to SEC’s Division of Enforcementas Assistant Chief Trial Attorney.

Mr. Einhorn is a native of Philadel-phia, Pennsylvania. He received a B.S.from Temple University in Philadelphiaand a J.D. from Valaparaiso UniversitySchool of Law.

Ira Lee Sorkin Will BeNew NY Administrator

Ira Lee Sorkin, a New York securitieslawyer, has been named Administrator ofthe New York Regional Office, effectiveMay 1. He succeeds Donald Malawsky,who resigned to become Senior Vice Pres-ident of the New York Stock Exchange(See article in this issue).

Mr. Sorkin, who is returning to theoffice where he began his legal career as atrial attorney 16 years ago, is a litigationpartner with a New York law firm. Hislaw practice has included securities, SECenforcement, criminal defense and generalcommercia! litigation. Prior to the pri-vate practice of law, Mr. Sorkin was theDeputy Chief of the Criminal Division ofthe U.S. Attorney’s Office for theSouthern District of New York. He spentover three years prosecuting securitiesfraud cases.

Mr. Sorkin earned his B.A. fromTulane University and completed his J.D.degree at George Washington UniversityLaw School.

An interview with Mr. Sorkin will befeatured in the next issue of EMPLOYEENEWS.

Llewellyn Young Dies,Former NYAdministrator

Llewellyn P. Young, Administratorof the New York Regional Office from1961 through 1966, died January 23,~984, at his home in Dobbs Ferry, NewYork, of cancer. He was 60 years old.

Mr. Young was appointed as Admin-istrator of the SEC’s New York Office aspart of the team of Chairman, William L.Cary. Chairman Cary relied upon him tocarry out the strong enforcement pro-gram that Cary subscribed to.

Before his appointment as RegionalAdministrator, Mr. Young was associatedwith Carter, Ledyard & Milburn, a NewYork law firm. Following the appoint-ment, he became a partner in Francis I.Dupont & Co., a Wall Street brokeragefirm, and later a vice president, secretaryand counsel of the Bradford NationalCorporation, a computer and data pro-cessing concern.

He was a native of Newton, Massa-chusetts. Mr. Young graduated fromAlbany Academy, Haverford College andYale Law School. During World War II,he served as a naval officer in the Pacific.

He is survived by his wife, the formerJean Johnson, and three daughters.

SEC Headquarters Holds Black Histow Month Celebrationby Ernie Miller

Office of Equal Employment Opporzunity

"Black Americans and the Strugglefor Excellence in Education" was thetheme of the 58th Annual Black HistoryMonth, a national celebration of the roleof Black Americans in all segments of lifein this nation and in Black culture aroundthe globe. Launched in 1926 by Dr.Carter (3. Woodson, founder of the Asso-ciation for the Study of Afro-AmericanLife and History, Inc., Black HistoryMonth provides opportunities for every-one to gain a deeper understanding andknowledge of the diverse contributionsof Black Americans to our country andthe world.

On Friday, February 24th, the SECEqual Employment Opportunity (EEO)Office sponsored the Commission’sFourth Annual Black History MonthHeritage program in the CommissionMeeting Room. The room was decoratedwith original batiks from Uganda¯ Thisdisplay was prepared by Dick McOarr ofArt Africa, a local business sponsoring thesale of African artifacts for the benefitsof the citizens of Uganda¯ The EEOOffice also prepared a display of famousBlack Americans who contributed to thestruggle for excellence in education forBlack Americans.

The program opened with greetingsfrom Ernie Miller of the EEO Officefollowed by selections from the SECChoir, directed by Charles Thompson(GAS).

Next, Phil Savage presented a plaqueto Mrs. Emma Isler, Teacher of the Yearfor the District of Columbia for her con-tributions towards excellence in educa-tion at Banneker High School.

Recognition was also given to Rod-ney Moore, the 1984 winner of theVelma B. Johnson Oratorical Essay Con-test. Rodney, a student at Kelly MillerJr. High School, presented his prizewinning speech and received a standingovation for his efforts.

African music and dances were pre-sented by Djimo Kouyate, "Griot" andthe memory of African culture. An ex-planation of the music and dances wasgiven to enhance everyone’s understand-ing. Additional entertainment was pro-vided by the Bill Harris Ensemble, a Balti-more group featuring pop, soul, jazz, andgospel music and songs by Bill Harris,Jenelle Fisher and Charles Arnett(pianist).

Terri Spann (ISM), presented an in-vigorating speech on the struggle for ex-cellence in education.

Closing remarks for the programwere made by (3eorge Kundahl, ExecutiveDirector.

Emma Islet, Banneker High School teacher, receives "’Teacher of the Year" award from EEO Dir-ector Phthp Savage.

The M.C. for the program was VinaBlanks (ES).

In addition to this observance, a filmentitled "The Life of Benjamin Banneker"was presented on February 17th. Banne-ker, a Black mathematician, redrew andput into operation the plans for the cityof Washington, D.C. originally designedby the French architect, L’Enfant.

Activities for this year’s programwere planned by Tony Walker (ISM),Michelle Walker (CF), lackieWalker (CF),Terri Spann (ISM), James Davis (AS),Vina Blanks (ES), and Ernie Miller(EEO0).

Executive Director George Kundahl speaksat Black History Celebration.

4

Rodney Moore, Kelly Miller Jr. High student,reads his prize winning essay.

Andy Rothman, OPA Director, ResignsFor Corp. Communications PositionAndrew Rothman, Director of the

Office of Public Affairs, resigned in Marchto accept the position of Director of Cor-porate Communications at AdvancedMicro Devices, a Sunnyvale, Californiamanufacturer of semiconductors. Mr.Rothman was the third and longest-termdirector of the Public Affairs Office.Mary M. McCue succeeds him as head ofPublic Affairs (See story in this issue).

Mr. Rothman was the Commission’schief spokesman to the news media andwas responsible for designing and manag-ing the Commission’s press and publicrelations program. To that end, he great-ly expanded the scope of the Commis-sion’s contacts with the financial andgeneral press, and redesigned the Commis-sion’s press relations policies and proce-dures guidelines. From July 1976 untilMarch 1979 he held the additionalresponsibility of directing the Commis-sion’s congressional relations program andserved as its principal legislative spokes-man. He was one of the staff membersprincipally responsible for staging theMajor Issues Conferences in 1977 and1982.

During a farewell reception in theMike Mansfield Room of the U.S. Capitol,Chairman Shad praised Mr. Rothman for"an outstanding job developing communi-cations with the media."

"In the almost eight years I’ve beenhere, every day has been a new challenge,"Mr. Rothman noted in a parting interview."It has been both demanding and reward-ing to have had the opportunity to workfor three different chairmen and nine dif-ferent Commissioners, all outstanding intheir own way. I feel fortunate to havebeen involved with important issues suchas the national market system, the inte-grating and updating of the disclosure sys-tem, the enforcement program and themajor issues conferences.

"1’11 miss the intellectual environ-ment of the Commission, the feeling ofbeing part of an organization doing a veryworthwhile job in the public interest, anddoing it well. Also, I must echo whatalmost everybody says when they leavethe Commission. What really makes itsuch a great place to work is outstandingquality of the people. But I look forwardto the different kind of challenge I’ll havein the private sector. It’s a great oppor-tunity."

Prior to ioining the Commission,

from March 1970 through June 1976,Mr. Rothman served as a senior staffaide to U.S. Senator Harrison A. Williams,Jr., concentrating on press relations,speechwriting and special projects. Hewas a journalist for five years before thatworking for United Press International,the Dayton (Ohio) Journal-Herald, andthe Akron (Ohio) Beacon-J ournal.

Mr. Rothman holds a Master of Busi-ness Administration degree from LoyolaCollege (Baltimore) and studied Commu-nications as an undergraduate atThe American University. He is a veteranof the U.S. Navy and has lectured andwritten on SEC-related matters. Andrew Rothmar~ outgoing OPA Director.

Mary McCue Is New OPA DirectorMary M. McCue was appointed

Director of the Office of Public Affairson February 22 and assumed her dutiesMarch 1. She succeeds Andrew L. Roth-man, who resigned to accept a position inthe private sector (See story in this issue).

Ms. McCue, 36, was a Vice Presi~lentof the First Boston Corporation, whereshe initiated and ran a press communica-tions program that was considered thebest in its field.

"l’m very pleased that Ms. McCue iswilling to leave an excellent private-sectorposition to come to the Commission,"

Chairman Shad said. "Her knowledge ofthe securities industry and financial presswill be particularly helpful in maintainingthe effectiveness of the Commission’spublic affairs program."

Ms. McCue has 15 years’ public rela-tions experience that runs the gamutfrom copywriter for a charitable organiza-tion, Foster Parents Plan, to being a vicepresident of a multimillion dollar invest-ment banker, First Boston Corporation.Between the two, she wrote speeches,articles and programs for a wide variety

See McCUE, p. 12

Mary M. McCue, SEC’s new Public Affairs Director.

B

PERSONNELSHOP TALK

New Health BenefitsRegistration O ppo rtunity

Effective February 8, 1984, theOffice of Personnel Management added anew provision to the Health Benefit Reg-ulations. If a federal employee loses non-federal health benefit coverage due totheir spouse’s involuntary layoff, that em-ployee may enroll for health benefits.Also, if the employee currently has self-only enrollment with the government,he/she can change to a family enrollmentunder these conditions.

Eligible employees must submit aregistration form (SF-2809) and a state-ment from the spouse’s employer within31 days before or after the date of thespouse’s layoff.

For further information, please con-tact your Personnel Staffing Assistant.

Optional Retirement

The following requirements must bemet to be eligible for optional (voluntary)retirement: (1) You must have at leastfive years of creditable civilian service;(2) have been subject to the retirementlaw for at least one out of the last twoyears before separation; and (3) meet oneof the following combinations of mini-mum age and service criteria:

(a) have five years of civilian serviceand have roached age 62, or

(b) have 20 years of service and havereached age 60, or

(c) have 30 years of service and havereached age 55.

The amount of annuity payable toyou depends upon your highest three con-secutive years of average salary and totallength of creditable se.rvice, includingunused sick leave.

Here is an easy formula to estimateyour basic annuity:

(I) Take your total length of credit-able service. Use only full yearsand full months; drop days.

(2) Subtract two years.’(3) Multiply answer by two. Answer

equals percentage.

(4) Multiply percentage by ’high 3’coverage salary.

(5) Answer is your estimated basicannuity.

EXAMPLE: (30 years service and ’high 3’average salary of $30,000)

30 - 2 = 28 x 2 = 56%, $30,000 x 56% =$16,800 (basic annuity).

A quick way to estimate the impactof an unpaid post-1956 military depositupon your annuity is to reduce your’high 3’ average salary by 2% for eachyear of military service. Use .17 (I/6 orI%) for any additional month.

EXAMPLE: (20 years civilian service, twoyears military service and ’high 3’ averagesalary of $30,000)

$30,000 x .04- $1,200 (annuity reduc-tion).

NOTE: The interest-free period on post-1956 military service credit deposits hasbeen extended to September 30, 1985.

Regulation Governing FEGLIThe Office of Personnel Management

has issued regulations on the Federal Em-ployees Group Life Insurance (FEGLI)Program.

These regulations state that if a for-mer federal employee has been separatedfrom federal employment at least l g0days, and previously filed a waiver of lifeinsurance coverage, then upon returningto Federal employment this waiver isautomatically cancelled. This means thatthe returning employee who does notwish to receive life insurance must fileanother SF-2817 (Life Insurance Election)declining such coverage.

For further information, contact thePersonnel Specialist/Assistant who ser-vices your organization.

Notice -- Help Wanted

Information Systems Management isseeking experienced Computer Specialistsknowledgeable in COBOL, large data basemanagement systems, time sharing, on-line teleprocessing systems, large scalemainframe experience, preferably IBM,and job control language. If you know ofpersons who are interested in working inthis exciting profession in Washington,please have them contact or send an appli-cation form 171 to Edith Hocutt, SECOffice of Personnel, telephone no. (202)272-7068. Positions are available at GS-9

$20,965; GS-11 $25,366; and GS-12$30,402.

The SEC also needs accountants towork in Washington and in some RegionalOffices. These professionals should haveCPA’s and a minimum of three years pub-lic accounting experience. If you ,knowof an interested candidate, please havethem submit a resume to Jeanne MariePatterson, SEC Office of Personnel,Securities and Exchange Commission,450 5th Street, N.W., Washington, DC20549; telephone no. (202) 272-7064.

APPOINTMENTS

Mark Fitterman Is NamedMarket Reg. Asso. Director

Mark Fitterman has been namedAssociate Director of the Office of Inspec-tions and Financial Responsibility, Divi-sion of Market Regulation.

Mr. Fitterman received an A.B.degree, cum laude (1964) from OberlinCollege and an M.B.A. (1971) fromWright State University.

Mr. Fitterman joined the Commis-sion in 1972 as a student assistant andbecame a staff attorney in the Divisionin 1974 in the former office of MarketStructure and Trading Practices. He be-came Branch Chief, Market Structure,for that office in 1976 and was appointedSpecial Counsel to the Director in 1977.He became Deputy Associate Director ofOSRO in 1982. As Associate Director,Mr. Fitterman will be responsible forSRO surveillance and financial responsi-bility areas.

Kirby, Sirignano Are NamedAsst. General Counsels

Richard A. Kirby has been namedAssistant General Counsel (Bankruptcyand Appellate Litigation) and David A.Sirignano has been named AssistantGeneral Counsel (Appellate Litigation) inthe Office of the General Counsel.

Mr. Kirby will be responsible for thesupervision of the Commission’s bank-ruptcy program, recently transferred tothe Office of the General Counsel. Mr.Kirby has been in the Office sinceNovember 1978, serving as a Staff Attor-

See APPOINTMENTS, p. 7

APPOINTMENTS rom .o.ney, Special Counsel, and Senior SpecialCounsel. Prior to that time, Mr. Kirbyserved in the Judge Advocate General’sCorps of the United States Army. Mr.Kirby is a 1974 graduate of The CatholicUniversity of America Law School.

Mr. Sirignano will be responsible forthe supervision of one of the appellatelitigation branches. Mr. Sirignano joinedthe Commission’s staff in September1978, also serving as a Staff Attorney,Special Counsel, and Senior Special Coun-sel in the Office of the General Counsel.Mr. Sirignano is a 1974 graduate ofAlbany Law School.

Sturc and Goldstein NamedAssociate and Asst. D irectorsIn Enforcement Division

John H. Sturc and Joseph I. Gold-stein have been named Associate Directorand Assistant Director, respectively, ofthe Division of Enforcement. Mr. Sturcsucceeds Theodore A. Levine and Mr.Goldstein succeeds John F. Hartigan,both of whom resigned recently to enterprivate law practice.

Mr. Sturc, who was Enforcement’sDeputy Chief Litigation Counsel, joinedthe Commission staff in 1982 as AssistantChief Trial Attorney. Prior to that, heserved as Assistant U.S. Attorney for theDistrict of Columbia from 1976 to 1981.During that period he received a SpecialAchievement Award from the Depart-ment of Justice.

Mr. Sturc, 33, a native of Washington,D.C., received a B.A. degree, summa cumlaude (1972) from Cornell University anda J.D. degree, cum laude (1975) fromHarvard University.

Mr. Goldstein, who was an Enforce-ment Branch Chief, joined the Commis-sion staff in 1980 as a staff attorney.Before coming to the Commission, Mr.Goldstein was a law firm Associate. Mr.Goldstein graduated, cum laude (1972)from the University of Michigan LawSchool.

In MemoriamPETER C. CALHOUN, JR., a mail

clerk, died on February 24. He had 26years of Federal Service, including 10years of loyal service with the SEC.

ARTHUR F. CARR, Chief Enforce-ment Attorney in the Boston RegionalOffice, died on January 8. He had beenwith the Boston Office since January1960.

Corp. Finance Reorganized To Prepare For EDGAR

The Division of Corporation Financehas reorganized to enhance its ability toreview filings by corporate issuers on atimely basis, and to accommodate theCommission’s planned new electronicfiling system, Director John Huberannounced March 5.

The Division has added an AssistantDirector, and two additional operatingbranches, bringing the total number ofbranches to 12. To implement the ex-panding operating structure, an additionalAssociate Director (Operations) positionhas been established and filled byErnestine Zipoy. She supervises three ofthe six Assistant Director units. Theother three Assistant Director unitsreport to William C. Wood, who has beennamed Senior Associate Director for

Operations. His responsibilities also in-clude the Office of Chief Financial Ana-lyst, Division hiring, budget submissionand press liaison for Disclosure Opera-tions. The Office of Operating Procedureand Review has been discontinued, andits resources real[ocated. Mr. Wood hasalso assumed additional managementresponsibilities, including the co-ordina-tion of all branch enforcement referrals.

In addition, in the near future, theCommission intends to establish a PilotBranch to prepare for and then conductthe new experimental electronic filingsystem, known as EDGAR (ElectronicData Gathering and Retrieval). The Divi-sion has already requested volunteer com-panies to participate in the developmentof EDGAR.

SEC Computer Center Demonstrates Use of Microsby Peggy Favor, USIC Staff

The User Support Information Cen-ter staff and members of several otheroffices showed how the SEC uses microcomputers at the March 20th FederalOffice Systems Expo (FOSE) held at theWashington Convention Center. TheSEC’s USIC, one of the first in govern-ment, has been operational since March1983.

FOSE invited the Commission, alongwith 14 other government agencies, in-cluding NASA, Department of Labor,IRS, GSA and HUD, to demonstrate theiruse of micro computers in daily opera-tions to senior executive staff and othergovernment employees.

Thomas Hamill, Enforcement SeniorCounsel, showed how micros are used ininsider trading cases, and John Mooney,

Carp Fin Chief Financial Analyst, showedthe use of Lotus 1-2-3 spreadsheet pack-age and Standard and Poor’s Computstatto analyze financial information.

Members of the USIC staff alsodemonstrated the use of micro compu-ters. John Boucher discussed the use ofdBase II, a database management package.James Tabellario showed FOSE partici-pants the Lotus 1-2-3 spreadsheet pack-age uses including graphs. Regina Peter-son demonstrated a dBase II systemwhich tracks FOIA requests. John Faith,Chuck Kirby, Duane Leutkenhaus, andPeggy Favor discussed the Commission’sUser Support Information Center withmembers of other agencies who are in theprocess of creating such a center in theirown agencies.

Regina Peterson (ISM) demonstrates FOIA micro system to a FOSE participant whi/e(ISM) looks on.

’ohn Boucher

REGIONS

Davenport ReceivesPresidential Award

Robert H. Davenport, DenverRegional Administrator, has been desig-nated a Meritorious Executive for 1983.This Presidential Rank Award was givento only 145 members of the Senior Exec-utive Service from throughout the FederalGovernment and carries with it a $10,000cash bonus. The award was presented toMr. Davenport on February 13, 1984.

Mr. Davenport was selected for theaward for his outstanding governmentservice over 25 years, the last ten asDirector of the Denver Regional Office,which is geographically the Commission’slargest region. His selection was a resultof a recommendation by Chairman Shadto the President.

Under Mr. Davenport, the DenverRegion’s enforcement program has beenoutstanding, alert and responsive toproblems in the area. Through his quickresponse to problems in the 1981 and1982 "Denver Hot Issues" market, num-erous serious cases of securities violationswere uncovered, halted and prosecuted.

Mr. Davenport has exhibited a deepconcern for facilitating the ability ofsmall businesses to raise capital, andserved as a Hearing Officer during theCommission’s small business hearings inDenver in 1978.

In the Denver Office, Mr. Davenportis a keen supporter of the Commission’sAffirmative Action program and has con-sistently designated both professional andparaprofessional positions to be filledthrough the Upward Mobility Programand with minorities.

The effectiveness of securities regula-tion in the Region has been increased byMr. Davenport’s encouragement of thepooling of resources of securities regula-tors on the state, local and Federal levels,as well as in the neighboring Canadianprovinces. Seventeen year.s ago, hefounded the Rocky Mountain StateFederal Provincial Cooperative SecuritiesConference, now one of the largest andmost productive securities conferences inthe nation.

He received the Commission’s SpecialAct Award in 1975, a Disting~Jished Ser-vice Award, the Commission’s highestaward, in 1978, and was awarded a SeniorExecutive bonus in 1981.

Mike Stewart Resigns;Enters Private Practice

Michael Stewart, 48, Administratorof the Commission’s Los Angeles RegionalOffice, resigned December 31, 1983 toenter private practice. Irving Einhorn hasbeen named to succeed him (See story inthis issue).

During the 20 years from the time hejoined the Commission as a staff attorneyin 1963 in the Washington RegionalOffice, Mr. Stewart served as Administra-tor for three Regional Offices--California,Fort Worth and Boston, as head of theMiami Branch Office and temporary headof the San Francisco Office and as Assis-tant General Counsel. In December 1976he left the Commission for six months toserve as Deputy Director of Enforce-ment for the Commodity Futures Tradingand again for six months in September1980 to become an Associate Director atthe Department of Labor.

Don Malawsky LeavesTo Be NYSE Senior VP

Donald Malawsky, 47, New YorkRegional Administrator for the past threeyears, resigned on February I to becomeSenior Vice President of the New YorkStock Exchange, where he now heads theMember Firm Regulatory Service Divi-sion.

Mr. Malawsky served the New YorkOffice for 16 years, where he rose fromBranch Chief (Enforcement), to AssistantRegional Administrator (Enforcement)in1969 to Deputy Regional Administratorin 1979 and Regional Administrator in1981. He joined the Commission in 1962as a staff attorney in the Denver RegionalOffice, where he served for six years.

As Administrator of the New YorkOffice, Mr. Malawsky oversaw some ofthe Commission’s most important enforce-ment actions, including SEC vs. BancaDella Svizzera Italiana, informally referredto as the St. Joe Minerals case. Still inthe courts, St. Joe is the insider tradingcase, which was one of the factors thatled to the U.S. - Swiss consultations thatbrought about the U.S.-Swiss Memoran-dum of Understanding. The Memoran-dum of Understanding and a related con-vention among members of the SwissBanking Association permits the Commis-sion to obtain information from Swissbanks in insider trading cases, if certainconditions are met, despite the existenceof the Swiss Bank Secrecy Law.

Joe Coogan at DRO’s Farewell Party for him.

A Gaelic Blessing ToRetiring Joe CooganA Courageous Friend

Joe Coogan, a securities complianceexaminer in the Denver Regional Office,was honored March 2, t984 by the staffof the DRO and SLBO offices, and hisfamily and friends. Nearly 80 people inall turned out for the plentiful Irishluncheon held in the conference room ofthe DRO, which was decorated in a St.Patrick’s Day motif. The feast includednine different stews, fruit bowls, loaves ofbread, and a shamrock-decorated cake.Joe retired after 20 years with the federalgovernment. Fifteen of those years werespent inspecting broker-dealers -- years ofexperience which Bob Davenport, Re-gional Administrator, said contributed toCoogan’s exceptional skill and outstand-ing grasp of the business.

The last eight of those 20 years haveproven Joe to be a brave and determinedman. In 1976 he initially learned that hehad multiple sclerosis, a disease thatattacks the nerve coverings. But in spiteof his progressively crippling disease, Joe,the father of seven children, has foughtthe difficult disease during his ~tays in theDenver office. Joe’s motorized wheel-chair was a familiar sight in the DRO ashe sped down halls and whipped aroundcorners. Staff members learned to be-come light-of-foot when he backed up hisscooter-like vehicle in high gear. Joe typi-fies the slogan of Cork County, Ireland,"We’re down, but not out."

The festive retirement potluck wasmarked by the jovial spirits of Joe and hisdedicated well-wishers who crowded

See REGIONS, p. 9

REGIONS, , rom S

around him. Several gifts were presentedincluding a hand-made Irish fisherman’sknit sweater, a New York Yankee’s base-ball cap (for a man who is an ardent LosAngeles Dodgers fan), and a bottle ofIrish whiskey. Green was the color of theday. Guests included Joe’s wife, Barbara,his brother, Thomas Coogan who is Den-ver’s Police Chief, six children, and manyformer DRO staffers. A Rocky MountainNews staff writer at the party acknowl-edged Joe with an article and picture thefollowing day.

Joe is to enter the hospital for threeweeks of treatments with a new drug. Heis hopeful his condition will improve andthat recovery will be in sight. "Even if itdoesn’t work, at least I’II be helping thedoctors out," he said.

Davenport, in his tribute, said of Joe,"He has shown a tremendous amount ofcourage to face the problem he has. Hehas kept his Irish wit and outlook, andthat will live in the memory of every staffmember he has touched."

Jack Kelly, M.C. of the luncheon,closed with the following toast to Joe,"May the roads rise with you, and thewind be always at your, back, and maythe Lord hold you in the hollow of Hishand."

"WE SALUTE YOU!"

LONGSTRETH , rom I

they outline issues, suggest possible reso-lutions, and, generally, give his views onthe best course of action and why. Themerit of his writings may best be judgedby the fact that two months after his de-parture staff attorneys can still be hearddiscussing points made in Longstrethspeeches over coffee in the SandwichChef.

At least two of Mr. Longstreth’s crea-tive efforts chronicle the history of theSEC under Chairman Shad, one in allseriousness and the other for the fun ofit. In "Reflections of a Departing Com-missioner," a February 3 New YorkTimes article, Mr. Longstreth reviews histwo and one-half years with specialinsight into the Commission as headed byChairman Shad. And, on the occasion ofhis farewell party, Mr. Longstreth turnedGilbert & Sullivan’s "When I Was a Lad"(from H.M.S. Pinafore) to "When ShadWas a Lad." With his wife Clara accom-panying him on the piano, Mr. Long-streth sang his version of the popularsong:

Ruler of the SEC

IWhen Shad was a lad he served a termAs office boy to the Hutton firm.He crunched the numbers and made deals

galoreAnd fed himself abundantly on free mar-

ket lore.He praised free markets so zealouslyThat Reagan made him ruler of the SEC.

H

He signed on Fedders as enforcement mateAnd pledged him sternly to deregulate.Greene was next and then Dan Goelzer,Followed by Goldberg, Daniels and Lee

Spencer.A mighty fine crew Shad cried with gleeAnd each of them is bound to function

just for met.

1~I

Commissioners come and Commissionersgo,

Hemming in their Chairman, be he Johnor Joe.

And Congressman, feigning oversight,Holler to the press and pretend to fight.Yet to each comes this discovery:It’s the staff who rule the roost at the

SECt.

"Serving on the Commission hasbeen exciting and challenging, and aheavy responsibility," CommissionerLongstreth said in a parting interview. "Ibecame a captive of the SEC in terms ofloyalty and a defender of its existenceand purpose almost overnight. I havebeen very much impressed with the clual-

ity of work here--which means with thequality of the staff. You might expectthat the high-paying private sector wouldpick off the most talented people. And Iam sure they sometimes do, but there arenone more talented than the staff thatworks here. If you measure the qualityof the memoranda of law and the thoughtprocesses one sees in those memos againstwhat one sees in the private sector, youwill find what goes on here is every bit asgood, and in some cases, better than inthe best of private sector."

Before being appointed to the Com-mission, Mr. Longstreth had practicedlaw, beginning in 1962, with the NewYork firm of Debevoise & Plimpton. In1970 he was admitted to partnership inthat firm. He specialized in corporatesecurities and real estate finance law,bankruptcy and business work-outs andnot-for-profit law.

Mr. Longstreth was a Lecturer atColumbia Law School from 1975 untilhis appointment to the Commission,teaching a seminar on the corporation inmodern society. He has lectured onvarious securities and corporate law topicsat the Practising Law Institute and otherseminars and has written numerous arti-cles on business-related subjects. Mr.Longstreth has served on the boards of a

.nu.mber of charitable and educational or-ganizations active in the New York area.

Mr. Longstreth was born in NewYork City in 1934 and grew up in Prince-ton, New Jersey. He graduated fromPrinceton University in 1956 (B.S.E.) andfrom Harvard Law School in 1961 (LL.B).From 1956 to 195g he served in the U.S.Marine Corps.

(/ to r) John Fedders, John Shad, Bevis Longstreth and Federal Reserve Board Chairman Paul Volcherat the SEC’s farewell party for Commissioner Lonqstreth.

Three OARS Eml lovees Retire - Total 101 Years Of ServiceThree employees who have served

the Commission for a total of 101 yearsand provided for the Commission staffand the public many important recordsand information services, retired Decem-ber 31 from the Office of Applicationsand Reports Services.

FRANK STULTZ, Executive Assis-tant to the Director of OARS, retiredafter 37 years with the Commission.Among his responsibilities was the nego-tiation of SEC contracts with Disclosure,Inc. and others.

Mr. Stultz ioined the SEC, thenlocated in Philadelphia, in 1974 as a GS-1messenger in the Mail Room. He soonwas promoted to a clerk in CorporationFinance.

Ambitious and hard-working, Frankapplied for every opening he was eligiblefor. Beginning in the earlyS0s, heattend-ed American University at night to earn aB.S. in Accounting, and passed the CPAexamination, to qualify for the FinancialAnalyst position. There followed a seriesof promotions, to Legal Examiner andthen to Financial Analyst, first in Cor-poration Finance and then in CorporateRegulation. In 1972 when the Office ofRegistration and Reports (ORR) wascreated, Frank was appointed an Asso-ciate Director and later became ExecutiveAssistant to the Director of the Office ofApplications and Reports Services, succes-sor to ORR.

His wife, Diane, whom he met at theSEC, continues to work as an Administra-tive Assistant for the Office of Adminis-trative Services. Since his retirement,Frank admits to becoming something of ahouse husband but still finds time towork with the Special Olympics and toassist Senior Citizens with their taxreturns.

MARGAREt CONDON, ReportsSpecialist, retired after serving the Com-mission for 29 years.

Ms. Condon is the person manymembers of the staff and public turned tofor answers to questions on statisticsabout registered companies. She was in-volved in putting together the Corpora-tion Index, the Investment CompanyIndex and other similar compilations.

Ms. Condon joined the SEC in 1955as a GS-3 clerk in Corporation Finance,rose to a section chief in 1968, and be-came a Registrations and Reports Special-ist in 1974. To enhance her understand-ing of her work, Ms. Condon took

accounting and economics courses atAmerican University.

Prior to working for the SEC, sheworked for three years as a secretary onCapitol Hilt and two years for the Mari-time Commission.

Over the years, Ms. Condon has beenactive in church work. Since retiring, shehas worked two days a week with seniorcitizens, transporting them to a biweeklychurch luncheon, helping with the lunch-eon, and helping the seniors out with

other transportation needs.JOHN MEDLOCK retired as a Super-

visory Documents Control Specialist after35 years at the SEC. Mr. Medlock beganhis SEC career in 1948 as a messenger andshortly thereafter became a file clerk. In1967 he was the Hearing Room Clerk inwhat was then the Certification and Ser-vice Section. In 1973 he became Chief ofthe Branch of Administrative Proceedingsand he ended his federal career as Chiefof the Document Control Branch.

Margaret Condon accepts Retirement Certificate from Personnel Director ]ira Foster.

Frank Stultz and wife, Diane, at Margaret Conclon "s Farewell Party.

10

/ohn Smith and Andrea Bader of OCA display awards presented by Personnel Director/im FosterEd Cou/son, Deputy Chief Accountant, is on far rLqht.

Andrea Bader and John Smith (CA)Introduce Staff to Financial Statements

In a course so popular that employeeshad to be turned away, Andrea Bader andJohn Smith of the Chief Accountant’sOffice introduced non-accountant staffmembers to the intricacies of financialstatements in a program titled "Introduc-tion to Financial Statements," but bestdescribed as "SEC Accounting for Non-Accountants." The course combined liveinstruction with video tapes purchasedfrom the Practising Law Institute. Addi-tional sessions of the program had to bescheduled to accommodate all of the em-ployees interested in the subject.

Two programs have been held, inDecember and February, and another isbeing scheduled.

On March 8, Personnel Director JimFoster presented Ms. Baderand Mr. Smithwith certificates of appreciation for their

Exercise ClassesA new exercise class will mee~

on Mondays and Wednesdays from5:45 - 6:30 p.m. at 450 Fifth St., N.W.There will be a maximum of 15 personsper class. For further information,call Anthony Walker, 272-71 51 orMyrna Siegel, 272-2430.

efforts in putting together the program.Credit for the success of the course is

shared by the Office of Personnel and theChief Accountant’s Office, SEC TrainingOfficer Jim Gorman said. "The Personneland Chief Accountant’s Offices investedsignificant staff time in the research,design and delivery of the course. We aredelighted by the successful results and areexploring ways to share this approachwith the Regional Offices."

The Office of Personnel urges quali-fied staff members to consider conduct-ing similar training programs on othersubjects. At this time, programs in thebroker-dealer and securities law areas areof particular interest to the staff, a Per-sonnel spokesman said. Training in in-struction skills, if necessary, and clericaland administrative support, can be pro-vided. By putting to use the expertise ofstaff trainers, the Commission can savethousands of dollars in vendor fees ortuition assistance funds, the PersonnelOffice points out. For the trainer, teach-ing can be a rewarding experience and ameans to further development, and itneed not require an extended commit-ment of time.

Staff members interested in conduct-ing such programs should contact JimOorman or Irene Hendrick on 272-2512.

WOODSIDE tromp. IPresident Dwight Eisenhower on July 15,1960 appointed him to the SEC to fill theunexpired term of Andrew DowneyOrrick. In 1962, he was named to a fullfive-year term by President Kennedy.

A memorandum dated September 4,1956 to the Supervisory Personnel of theDivision of Corporation Finar~ce from Mr.Woodside, then Director of that Division,is an example of the care he took in di-recting his staff. Much like Polonius’ ad-vice to Laertes, Mr. Woodside’s advice onhow his Supervisors should conduct them-selves before the Commission has stoodthe test of time. In abbreviated form, itis:

(a) Know the facts.

(b) Don’t be afraid to say you don’tknow the fact, law or policy, butthen go get the answer.

(c) Don’t become impatient whenCommissioners are curious aboutsome Commission practice orpolicy.

(d) Present a case or problem in anorderly manner.

(e) If you don’t understand whatthe Commission has decided,don’t hesitate to ask for an ex-planation before leaving themeeting.

(f) Don’t forget that this is a busi-ness office and your day-to-dayappearance will affect the im-pression the Commission has ofyou, the Division and how we doour job.

(g) Present your questions or casessmartly, alertly and in a business-like manner. Don’t waste theCommission’s time.

(h) When you have been given a deci-sion or ruling, pick up yourpapers and depart.

In 1971, Mr. Woodside was appointedthe first Chairman of the Securities Inves-tor Protection Corporation, the agencycreated to provide protection for thesecurities accounts of customers of SIPCmembers.

Mr. Woodside was born in Oxford,Pennsylvania. His wife, the formerGeorgette P. Ingram, died in 1974. Threechildren, Dr. Byron C. Woodside andMarilyn W. Piper, both of Haymarket,and Billie F. Patterson of Pensacola,Florida, survive.

11

McCUEof industrial and financial clients for Hilland KnowIton (19-16-78), served asaccount executive with primary responsi-bihty for communications programs ofclients of Burson-Marstellar (1974-76)and served as the Public Inform£tion’Offi-cer and produced and hosted a weeklyhalf-hour radio show on neighborhoodgovernment for the Office of the Mayorof New York City (1973-74).

Ms. McCue, who grew up in Rumson,New Jersey, earned a B.S. in Public Rela-tions from Boston University in May1969. She isamember of the Board ofD~rectors of Foster Parents Plan, an inter-national organization that assists poorchildren. She also belongs to the Finan-cial Communications Society and WomenExecutives in Public Relations and islisted in Who’s Who in the East andWorld’s Who’s Who of Women.

Ms. McCue’s answers to some ques-tions asked two weeks after she reportedto the SEC give an insight about her andhow she looks at the SEC’s public affairsfunction.Q. Why did you accept the job at SEC?A. It’s an excellent opportunity. I think

the securities business will undergostructural change in the next ’fewyears, and the SEC will be at the ful-crum of that change.

How do you like the job so far?I love it. It’s interesting. The peopleare terrific, very open and very help-ful. One of the great things aboutthis iob is that it gives you the abilityto learn about all the different aspectsof the SEC, and you should if you’redoing your job right.

What do you perceive to be the big-gest problems you will face?So far, the biggest problem is adjust-ing to the bureaucratic system. Ifyou want to do a one-page survey, ithas to go through OMB because ofthe requirements to reduce paper-work. That’s not true in the privatesector~ it would just go to the print-ing press.

The other is that the nature ofthe constituencies we are accountableto at the SEC are different and learn-ing about those constituencies takessome time and a bit of adiustment.

Q. Are there any changes you intend tomake in the way public affairs arehandled at the SEC?

A. I think there is a gap between theperception of the SEC, and the reality

of how good it is. And we’re goingto work to close the gap. I’m notsure of the techniques we’ll use. Thefirst thing you have to do in com-munications is to learn the product,and I’m still learning what the SEC isall about. If you don’t learn the pro-duct, you can make some disastrousmistakes.

Will you use the same techniques inthe SEC public affairs program thatyou used in handling First Boston’spublic relations program?

A. The essentials of any successful pro-gram are exactly the same. The SECis a top notch agency, and that is thebasic principle.

What do you consider your greatestachievement?Helping Foster Parents Plan grow. Ithas grown from an agency assisting20,000 children a year to one that isaiming to have 50,000 on its rolls byyear-end ’85. It is growing by 30% ayear. And when it grows 30% a year,it is helping a lot of kids.

Q. Do you have any hobbies?A. I read a lot-anything--Shakespeare,

mysteries, histories, fiction, and Iplay squash and ski.

OARS Processes Over5000 Filings In Two Days

On Friday, March 30, more than5,000 ] 0Ks were filed, in addition to theusual registration statements, broker-dealer reports and other filings received inthe average SEC day--the busiest filingday of the year.

Federal Express, the largest of theovernight services, delivered 1001 IOKreports on March 30. Network Corpora-tion, one of the smaller services, deliveredaround 300.

At 8:00 a.m. messengers were linedup in the Main Lobby outside the filingoffice. Express company couriers withtheir boxes of filings were directed to theLower Lobby, where employees werestationed at temporary tables to processtheir filings. By 4:30 p.m. the line ofmessengers in the Main Lobby had all butdisappeared and by 5:00 p.m., only oneNetwork representative, Mike Rynd,remained finishing up downstairs. Therethe tables were almost clear and the lastflatbed truck of annual reports was beingwheeled to a nearby room so processingcould continue. Mr. Rvnd praised the

Commission’s handling of the unusualworkload: "By 5:00 p.m., most of thestatements were cleaned out of the lobby.Last year at this time there were quite afew still around. The positive attitude ofthe employees sets this agency apart fromothers. The people at this agency have amore professional and a friendlier atti-tude."

Despite the increase in filings thisyear, the lines were shorter, an~ the workprocessed faster than ever before. That’sbecause OARS management and staffplanned their strategy sevo.’ral weeksahead. Several volunteers from fiveOARS’ branches were traine~d to helpreceive the filings and to help enter infor-mation from them into the computer sys-tem. Together, the regular~DocumentControl staff and the volunteers begantwo weeks early to clear up all the out-standing work, so that on MonBay, March16, all past filings had been pr6cessed andentered, into the computers. The deckswere clear for the big week. For greaterefficiency, on Monday, a temporary flexschedule was begun, so that, in additionto daytime use of the computer, someemployees worked from 3:30 to 12 amentering filings into the computer atnight.

By Tuesday, April 3, less than a weeklater, all of the 10Ks had been processed,entered into the computer, distributed tothe Public Reference, the filming contrac-tor, the Press Room, Corporation Financeand other offices.

50th Anniversary OutingFor sports enthusiasts and others

who enjoy the outdoors, the SEC Recrea-tion and Welfare Association has planneda special 50th Anniversary Outing on Fri-day, June 8, at the Indian Spring CountryClub in Silver Spring, Maryland. Employ-ees, their families and friends are invitedto participate.

Events are divided into golf, tennisand luncheon packages and the fun beginsat 8:00 a.m. Participating in the golfmatch costs $35, in tennis $25, and in theluncheon $15. The cost of golf and tennisincludes lunch. Swimming and volleyballare included in all three packages.

Announcements of the Outing havebeen sent to all employees. If you areconsidering participating, please let KarenMickelson (272-7059), SEC Headquarters,Room C001, know. The RecreationAssociation needs this information tocomplete plans for the ever~t. Checksmay be submitted to Karen and should bemade payable to the SEC RECREATIONAND WEL FA RE A SSOCIA TION.

12