Ten Years Ago, I Attended an SEC "Public Outreach" Event on MLK's Assassination Anniversary...

[CorpGovActivist]

It was April 4, 1998, a Saturday. The event was held at Babson College, near Boston.

SEC Chair http://en.wikipedia.org/wiki/Arthur_Levitt">Arthur Levitt joined by satellite, and SEC Commissioner http://www.google.com/search?hl=en&q=laura+unger+sec">Laura Unger was present in person. Boston's SEC field office chief, http://www.google.com/search?hl=en&q=juan+marcelino+resigns+boston">Juan Marcelino, moderated.

Unsure of how to dress for the function, I remembered my grandfather's advice: when in doubt, overdress. You can always remove the tie, take off the jacket, and unbutton your collar. So, I suited up and shaved on a Saturday. Blech.

I knew what I wanted to ask. I had become involved in court cases involving the treatment of women, ethnic minorities, and LGBT workers in the financial services industry. It seemed fitting, given the date (the 30th anniversary of the assassination), to ask the SEC grand poohbahs whether they felt enough progress had been made on diversity in the sector they regulate, and what they were doing to make more headway.

When the prepared remarks were winding down, and it was looking like things were moving toward Q&A, I quietly stood up and headed to the back wall, near the microphone. Several others - SEC staffers, mostly - were leaning against the wall too.

Out of the corner of my eye, I saw a woman get out of her seat on the right side of the room and come toward the microphone with a determined walk and a sheaf of papers. Suddenly, I had a voice in my left ear: "Don't let her get to the microphone! She's going to ask about the <redacted> matter."

Stunned, I turned to the middle-aged woman who said this: "I'm sorry, ma'am. I'm not with the SEC. I'm just a member of the public."

She flushed visibly, and stammered an apology, while moving past me to intercept the would-be questioner herself.

I guess it never occurred to her that I had an inconvenient question of my own.

When I noted the significance of the date at the beginning of my question, the room got silent, and both Mrs. Unger and Mr. Marcelino leaned forward attentively.

Mr. Marcelino made a beeline for me after the Q&A, and we exchanged information. He became one of my principal contacts for corporate governance investigations, but wasn't a very strong enforcer.

Years later, I was hardly surprised to hear that http://www.google.com/search?hl=en&q=juan+marcelino+resigns+boston">he fumbled the ball when the Putnam whistleblower helped bring to light some of the gross pension fund abuses, or that Marcelino was forced to resign.

The observance of MLK Day always falls on or near my birthday, and I became very interested in his life as a kid. I always think of the "other" day in January and in April, though.

Forty years after that awful day in April, the Dream is a little bit closer.

- Dave