Looking Back


©Ale Ventura/PhotoAlto/Corbis

"I experienced someone sitting across the table from me, saying that she would need $50,000 from me for a candidate who was running for office. I said I wasn't able to do that, and she said, 'Well, then I have to be very frank with you. You are not going to do any business with this particular client.' That got me going."

- David Clapp, April 28, 2011 Fireside Chat - Pay to Play

Two decades ago, the Municipal Securities Rulemaking Board established MSRB Rule G-37, prohibiting brokers, dealer and municipal securities dealers from engaging in municipal securities business with an issuer within two years after a political contribution was made to an elected official of the municipal issuer.  Rule G-37 was intended to curb the practice of “pay to play:” acquiring municipal securities business by making campaign contributions to state and municipal officials.   The rule was the first to address “pay to play” in the financial industry.

Learn more about “pay to play” in the April 28, 2011 Fireside Chat – Pay to Play, sponsored by MSRB, with David Clapp, retired partner with Goldman Sachs & Company and 1994 MSRB Chairman; and Ronald Stack, Managing Director, Wells Fargo Securities, and 2009 MSRB Chairman.

Oral Histories


June 25, 2009

Hear from some of the women and men who have made and continue to make an impact on the regulation of the capital markets, including recent interviews with:

  • Karl Barnickol
    Former Associate General Counsel and Secretary, Monsanto Corporation
  • Shelly Bohlin
    Vice President, Market Regulation, FINRA
  • Charles Cox
    Executive Vice President, Compass Lexecon and former SEC Commissioner and Chief Economist
  • Joseph Grundfest
    Professor, Stanford University School of Law, and former SEC Commissioner
  • David B.H. Martin
    Partner, Covington & Burling LLP, and former Director, SEC Division of Corporation Finance

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