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 leader in finance. He was the chairman of the United States Securities and Exchange Commission (SEC) for a long time. The SEC is a government agency that protects investors and makes sure financial markets are fair.
Levitt served as the 25th chairman of the SEC from 1993 to 2001. He was the longest-serving chairman in the SEC's history. Many people saw him as a champion for everyday investors. After leaving the SEC, he became a senior advisor at the Carlyle Group, a large investment company. He also advised Goldman Sachs and is a director at Bloomberg LP.
Contents
Early Life and Career
Arthur Levitt Jr. grew up in Brooklyn, New York. His father, Arthur Levitt Sr., was also a well-known public servant. He worked as the New York State Comptroller for 24 years. This job meant he managed the state's money and a very large pension fund.
Arthur Levitt Jr. went to Poly Prep Country Day School in Brooklyn. He then studied at Williams College, graduating in 1952. After college, he spent two years serving in the United States Air Force.
- He first worked as a drama critic for a newspaper.
- Then, he spent five years at Time-Life, a media company.
- Later, he worked in the business of selling cattle and ranches.
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, which became Cogan, Berlind, Weill & Levitt. This company grew through many mergers and eventually became Shearson Loeb Rhoades.
Working with many everyday customers at this firm made Levitt interested in protecting small investors. After 16 years working on Wall Street, he became the chairman of the American Stock Exchange (AMEX) in 1978. The AMEX was another important stock exchange.
In 1989, he left the AMEX. He then worked as the chairman of the New York City Economic Development Corporation until 1993. This group helps New York City's economy grow.
Before joining the SEC, Levitt also owned Roll Call. This newspaper covers news from Capitol Hill in Washington D.C. He bought the paper in 1986 and later sold it in 1993.
Leading the SEC
President Clinton chose Arthur Levitt to be the chairman of the SEC in July 1993. He was chosen again in May 1998. He left the SEC on February 9, 2001. Harvey Pitt took over as chairman after him.
Making Financial Reports Clearer
Levitt believed that companies should be very clear about their financial information. In 1998, he gave a famous speech called "The Numbers Game." In this speech, he talked about ways some companies might make their earnings look better than they really were.
He wanted to make sure that financial reports were easy to understand and compare. This was important so that investors could make smart decisions.
Protecting Investors
During his time at the SEC, Arthur Levitt was known for being a strong supporter of investors. He worked to make sure that financial markets were fair and honest for everyone.
After His Time at the SEC
After leaving the SEC, Arthur Levitt continued to be involved in the financial world.
- He joined the Board of Directors for RiskMetrics Group. This company provides tools to help manage financial risks.
- In 2005, he became a special advisor to the board of directors for American International Group (AIG). This was a big insurance company.
Awards and Honors
Arthur Levitt has received several awards for his work.
- In January 2001, he received an award from the Yale School of Management. This award recognized his leadership in global financial markets.
- A state office building in downtown Manhattan was named the Arthur Levitt State Office Building in his honor. It was named for him until it was sold in 2000.
See Also
- Securities and Exchange Commission appointees
