Arthur Levitt facts for kids
Quick facts for kids
Arthur Levitt
|
|
|---|---|
.jpg)
Arthur Levitt at Financial Times and Goldman Sachs Business Book of the Year Award 2012
|
|
| 25th Chairman of the Securities and Exchange Commission | |
| In office July 27, 1993 – February 9, 2001 |
|
| President | Bill Clinton George W. Bush |
| Preceded by | Richard C. Breeden |
| Succeeded by | Harvey Pitt |
| Personal details | |
| Born |
Arthur Levitt Jr.
February 3, 1931 Brooklyn, New York |
| Political party | Democratic |
| Spouse | Marylin Blauner |
| Relations | Arthur Levitt Sr. (father) |
| Alma mater | Williams College (B.A.) |
Arthur Levitt Jr. (born February 3, 1931) is an important American figure. He used to be the chairman of the United States Securities and Exchange Commission (SEC). The SEC is a government agency that helps protect investors. It makes sure that financial markets are fair and honest.
Levitt was the 25th chairman of the SEC. He served from 1993 to 2001, making him the longest-serving chairman. Many people saw him as a champion for everyday investors. He worked to make sure that regular people had a fair chance in the stock market.
Contents
Early Life and Career
Arthur Levitt grew up in Brooklyn, New York. His father, Arthur Levitt Sr., was also a well-known public servant. He was the New York State Comptroller for 24 years.
Arthur Levitt Jr. went to Williams College and graduated in 1952. After college, he spent two years serving in the United States Air Force. He then worked in different jobs, including as a drama critic.
Working on Wall Street
In 1963, Levitt joined a company called Carter, Berlind & Weill. This company helped people buy and sell stocks. His name was later added to the company's name. This experience helped him understand the needs of small investors.
After working on Wall Street for 16 years, Levitt became the chairman of the American Stock Exchange (AMEX) in 1978. The AMEX was another important stock market. In 1989, he became the chairman of the New York City Economic Development Corporation. This group worked to help New York City's economy grow.
Before joining the SEC, Levitt owned a newspaper called Roll Call. This newspaper covered news from Capitol Hill in Washington, D.C.
Leading the SEC
President Clinton chose Arthur Levitt to lead the SEC in July 1993. He was chosen again in 1998. He left the SEC on February 9, 2001. Harvey Pitt took over as chairman after him.
Protecting Investors
As chairman, Levitt focused on making financial markets more open and honest. He gave a famous speech in 1998 called "The Numbers Game." In this speech, he talked about ways companies sometimes made their financial reports look better than they were. He wanted companies to be more clear about their money.
Levitt was known for being a strong supporter of individual investors. He wanted to make sure that regular people had good information. This way, they could make smart choices about their investments.
After His Time at the SEC
After leaving the SEC, Arthur Levitt continued to be involved in the financial world. He became a senior adviser at the Carlyle Group in 2001. He also joined the board of directors for RiskMetrics Group.
In 2005, he became a special advisor to the board of American International Group (AIG). This was after some issues with the company's accounting practices. Levitt also helped with an audit for the City of San Diego in 2006. This audit looked into the city's pension fund problems.
Awards and Honors
In January 2001, Levitt received an award from the Yale School of Management. It was for his great leadership in global financial markets.
A building in downtown Manhattan was named after him for a time. It was called the Arthur Levitt State Office Building.
See also
- Securities and Exchange Commission appointees
