November 21, 2002

During my lifetime, the small investor has never had a better friend than the former SEC Harriman Arthur Levitt. His goal was unwavering: to have markets that served the interests of investors, both large and small.
Warren Buffet

Arthur Levitt, retired as the longest serving head of the U.S. Securities and Exchange Commission (SEC), will discuss his new book “Take on the Street” (Pantheon) as guest of the Kentucky Author Forum Nov. 21, 2002, in Louisville.

When Levitt retired in 2001 after eight years as SEC chair, Business Week asserted that Levitt successfully battled “Wall Street, Corporate America, and Congress in his quest to become the investor’s champion. As the 90s bull market drew in millions of newbie investors, Levitt’s SEC championed lower fees, fuller disclosure, and crackdowns on insider games and Internet fraud.”

“What Wall Street and Corporate America Don’t Want You Know – What You Can Do to Fight Back,” the subtitle to Levitt’s book, describes his efforts to provide answers and advice on how to take matters into one’s own hands and, ultimately, how to fight back in safeguarding one’s financial future.

Levitt’s many years on Wall Street, first as a trader and partner in a brokerage firm and then as chair and CEO of the American Stock Exchange (AMEX), made him a consummate insider. However, his background included politically-active parents who depended on public pensions for their retirement -- his mother a public-school teacher and father the state controller for New York for 24 years. With these influences Levitt wore the mantle of the populist tradition of the Roosevelt administration, which created the SEC in 1934 to ensure the integrity of American financial markets, when he was appointed by President Clinton to head the agency in 1993.

Almost from the start, Levitt faced the 90s’ bull market and a new economy spawning accounting schemes that raised concerns. During his tenure, he was best known for his aggressive campaigns to protect investors. He had many successes in serving investors but found the accounting profession a tough foe when proposing significant reforms. “They waged a war against us, a total war,” Levitt said. Major accounting firms used campaign contributions to forge congressional support opposing changes in regulations, even pushing for cuts in the SEC budget.

New Mexico Rep. Tom Udall supported Levitt against “the herd mentality” in Congress. “Levitt was out to solve these things before people realized there was a problem. That’s the sign of a leader. But the special interests have such a hold on members of Congress that they were able to stop a lot of things,” Udall said. Ironically, accounting industry lobbyist Harvey Pitt succeeded Levitt as the new SEC chair under President Bush.

Levitt’s interviewer at the evening forum will be Jane Bryant Quinn, an award-winning Newsweek columnist who is one of the nation’s leading commentators on personal finance. Named by the World Almanac as one of the 25 most influential women in the U.S., Quinn’s many awards include an Emmy for outstanding coverage of news on television and the Gerald Loeb Award for lifetime achievement in business and financial journalism. Thursday,

November 21, 2002

10 a.m. Discussion with Arthur Levitt, moderated by Lyle Sussman, professor of management, at Bigelow Hall in the Miller Information Technology Center, open to U of L students, faculty and staff. Seats are available on a first-come, first-serve basis. The event is free.

Kentucky Center for the Arts
5 Riverfront Plaza, Downtown Louisville

The evening's activities are as follows:

5 p.m. Hawley-Cooke Booksellers book sale and wine and cheese reception provided by Brown-Forman, Lobby

6 p.m. Interview in the Bomhard Theatre with Arthur Levitt and Jane Bryant Quinn

Master of Ceremonies is Forum Editor/Book Editor Keith Runyon of The Courier-Journal

7 p.m. Q & A followed by book signing on Bittners' stage setA $16 ticket includes the above three events. A limited number of discounted tickets of $5 each is available for U of L students, faculty and staff at the KCA box office --U of L photo ID is required.

8:15 p.m. Dinner with the author, hosted by the University of Louisville, at 626 West Main, Brown-Forman Corporation's newly refurbished urban redevelopment project.

A $100 package ticket includes the above events plus dinner with Arthur Levitt, catered by 211 Clover Lane Restaurant. (Proceeds go to the nonprofit Kentucky Author Forum; $35 is tax-deductible.)

Tickets are available at the Kentucky Center for the Arts, 502-584-7777(1-800-775-7777). In addition calls may be placed through TicketMaster at 502-361-3100.

A taped version of the event will be made available at The Louisville Free Public Library, St. Matthews/Eline Branch, 3940 Grandview Ave., at 11 a.m., Nov. 26. There is no fee involved, but those interested must sign up in advance due to limited seating. Call the library directly at 574-1771 for further information.

WFPL 89.3 FM and the Kentucky Education Network (KET) will record the event for future broadcast, which will be distributed nationally to PBS affiliates.

The Kentucky Author Forum series is produced by Mary Moss Greenebaum and sponsored by the University of Louisville and Brown-Forman in cooperation with Hawley-Cooke Booksellers; Bittners of Louisville; WFPL, Louisville's NPR Station for News; The Courier-Journal; KET, the Kentucky Network; and the Kentucky Center for the Arts.

624 West Main, Second Floor
Louisville, Kentucky 40202
Phone 502.589.2884
Fax 502.589.4334
email KYFORUM@aol.com