Vol.21 No.12

Monday 26 January 2004    

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Business Week
Harold Doley - A Man Of Many Firsts


1/25/2004 8:07:32 PM (GMT +2)

Harold E. Doley, Jr., who is due to vist Botswana this week is the founder of Doley Securities Inc., the oldest African American owned investment banking firm in the United States. Mr. Doley founded Doley Securities Inc. in 1975 in New Orleans, Louisiana.


In 1973, Mr. Doley bought a seat on the New York Stock Exchange, becoming the first African American individual owner-member of the exchange and thirty years later, Mr. Doley remains the only African-American owner-member of the NYSE.

His focus on the growth and development of Doley Securities Inc. has been continuous since its founding, with the exception of a three year leave of absence to serve his nation as a presidential appointee to two significant federal governmental posts.

In 1982 Mr. Doley was appointed the first Director of the Minerals Management Service (MMS) at the U.S. Department of Interior. Mr. Doley managed MMS, an organization of more than 5,000 employees and a budget of $1.2 billion, and its collection of $12 billion in income due the United States Treasury. This represented the second largest income source to the U.S. Government.

Mr. Doley was accorded ambassadorial rank while serving as United States Representative to the African Development Bank (AfDB) from 1983 to 1985. The AfDB, headquartered in Abidjan, Ivory Coast, is a development finance institution owned by the governments of 50 African and 25 non-African countries, with 800 employees, and assets of $50 billion.

Ambassador Doley crafted and conveyed U.S. Government positions regarding AfDB financial proposals and policies. Ambassador Doley worked with African Heads of State and Ministers involved with commerce and international trade and development.

His innovative and cutting edge proposals for increasing the capital base of the fund led to more than tripling its authorized capital. Ambassador Doley worked with AfDB staff and with the rating agencies to achieve the Bank's entry into the Yankee Bond Market.

As evidence of his continued commitment to sustainable development on the African continent, Ambassador Doley has guided Doley Securities, Inc. to take the lead role as manager of over $3 billion in financings on behalf of Africa based institutions.

Doley Securities Inc. has served as the sole placement agent for over one hundred million of dollars in negotiated transactions with African institutions.

Ambassador Doley has an extensive track record of community and public service, primarily focusing on education. He established the $5 million Doley Foundation which supports the Clark Atlanta Graduate School of Business.

He has been an appointee in five Republican Administrations, most recently appointed by President George W. Bush to the President's Board of Advisors Commission on Historically Black Colleges and Universities.

Ambassador Doley is a member of the Council on Foreign Relations. His board-of-directors affiliations reflect a commitment to sustainable development in Africa and to education and include:

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