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LACKRITZ URGES FUTURE SECURITIES INDUSTRY LEADERS TO MAKE 'INTEGRITY' AND 'TRUST' SYNONYMOUS WITH SECURITIES BUSINESS

 PHILADELPHIA, March 9 /PRNewswire/ -- The Securities Industry's goal must be "to make integrity and trust the words most commonly associated with the capital markets and the securities industry," Marc E. Lackritz, president, Securities Industry Association, said in remarks prepared for delivery at the Securities Industry Institute, at the Wharton School of the University of Pennsylvania, here, Tuesday night.
 "Not only do we have to do a good job of promoting trust through high ethical standards and behavior, we must also educate the media and the public about our business and our ethics -- who we are, what we do, and how we do it, and most importantly, why the securities industry is so vital to the United States economy," he said.
 "The most important product we sell is trust," Mr. Lackritz emphasized to the 500 registrants at the Institute, a week-long program for future industry leaders.
 Trust is hard-earned and easily lost, especially in the financial services business where it takes only a few well-publicized examples of illegal or unethical behavior to tarnish the reputation of an industry, he told the dinner meeting.
 Mr. Lackritz said the industry may still be suffering the effects of a series of illegal trading cases in the mid-1980s, which, combined with the 1987 market crash and its after effects, kept many investors out of the market.
 But, economic conditions have given the industry "a shot at redemption. We must work to earn, inspire, and maintain trust in our business and in the capital markets," he said.
 "That is what I perceive to be one of the biggest challenges facing our industry and SIA."
 "I believe SIA must take the lead in setting the standards for inspiring trust, and your firms and all its personnel," from senior management to receptionists, "have an obligation to behave consistently" in an ethical manner, he emphasized.
 The Securities Industry Institute, produced by SIA in cooperation with the Wharton School of the University of Pennsylvania, is the securities industry's leading professional development program.
 -0- 3/09/93
 /CONTACT: Art Samansky or Karen San Antonio of Securities Industry Association, 212-608-1500/


CO: Securities Industry Association ST: New York, Pennsylvania IN: FIN SU: ECO

AH-OS -- NY067 -- 4739 03/09/93 20:43 EST
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Date:Mar 9, 1993
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