SEC chairman HARVEY PITT DELIVERS REMARKS AT THE NATIONAL PRESS CLUB JULY 29, 2002
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SPEAKER: HARVEY PITT chairman SECURITIES AND EXCHANGE COMMISSION

"... [*] PITT: Thank you, John (ph), and good afternoon. It's somewhat daunting for a public official to speak at the National Press Club. Immediately images come to mind of the enormous responsibilities as well as the immense power that the press has in a free society. In fact, during my first tour of duty at the SEC, I learned firsthand just how important and powerful the press is. Almost 30 years ago, I was privileged to serve as chief of staff to then SEC chairman Ray Garrett, Jr., a position then known less loftily than Mark's (ph) as the chairman's executive assistant. Ray was a wonderful man, a great lawyer, and much, much more than a mentor to me. At the time of his confirmation, a well-read newspaper that I won't mention because I promised Steve Laviton (ph) I wouldn't ... (LAUGHTER) ... did a profile of him, but incorrectly identified him as Raymond D. Garrett, Jr. Now I'm sure Ray felt inadequate when he read the profile, because his first name was Ray, not the longer and more formal Raymond. And he came into this world and left it without a middle name.

"This error took on a life of its own. From then on, Ray's name often appeared in news stories as Raymond D. Garrett, Jr. And try as we would, we couldn't correct this mischaracterization. Dale Carnegie once observed that nothing is so important to any man or woman as his or her own name. And how right he was. Ray, a sweetly disposed man otherwise, fumed every time he saw his new name in the press.

"Being a smart alecky sort, I loved to torture Ray with fresh instances of this misguided nomenclature. Once after we received yet another speaking invitation addressed to chairman Raymond D. Garrett, Jr., I send it in to Ray with a cheeky note that read, "R.G., Jr., if there were a Raymond D. Garrett, Jr. here, I'd recommend that he turn this speech down." The letter and note came back in Ray's distinctive scrawl and said, "HLP, I can't. It's from my brother-in-law." (LAUGHTER) I knew then that the press was to be both respected and feared. (LAUGHTER).

"... There have been many swift actions to find and punish malefactors in the wake of the last three crises by the commission, and by criminal authorities. And much more will be done. And there have been many thoughtful proposals to reform our capital markets and the rules under which they operate. But the public is not yet reassured. There's no doubt that investors have been given good reason to be wary. But it's important, and indeed, it is the commission's primary mission to protect and reassure investors and our markets by ensuring that a strong regulatory system is in place, and then punishing those who violate the requirements of that system, or who abuse the public's trust. Investors won't, or can't, be reassured, however, if they don't or can't hear about the positive things that are being done to solve these crises. Just as chairman Garrett's own brother-in-law became convinced that Ray's real name was Raymond D., if the public is told over and over and over again that no one is acting in its interest, some might, erroneously and very unfortunately, begin to believe it ....".

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