A POWERHOUSE BANKER
A 50th floor office in the Burlington Building
in New York reveals two things about its occupant. The view of
the Hudson River and Central Park in its lush entirety indicates
a person of influence. Ivory lace lampshades and floral tapestry
throw pillows are a woman's personal touches.
Marianne Spraggins is both. She is a managing
director in Smith Barney, Harris Upham & Co.'s Public Finance
Group--the first and only AfricanAmerican woman managing director
on Wall Street. She is also a third-generation lawyer, a born
community activist and a passionate political player.
Last July's Democratic convention tested her stamina
as she worked around the clock to rally support. The day Gov.
Bill Clinton was named the Democratic Party's presidential nominee
held nonstop activity. First, she hosted a reception for Illinois
senatorial candidate Carol Mosely Braun. Then, after the convention
adjourned she co-hosted a party for Democratic Party chairman
Ron Brown and his wife, Alma, that lasted until dawn.
This hectic schedule did not bother Spraggins.
The Boston University graduate, who also holds a J.D. from New
York Law School and a master's in law from Harvard Law School,
has always been busy. Prior to joining Salomon Brothers' mortgage
department in 1979, she taught core legal courses at New York
Law School for two years.
Spraggins says she specifically chose mortgages
because it was an evolving market and there were no African-American
executives. "When I started in the business, blacks were
in two areas, money markets and municipals. I didn't want to be
pigeonholed. I wanted to establish that I could do mainstream
business," she says.
Within four years she was leading mortgage-backed
security transactions for major states. In 1984, these included
four Connecticut transactions totaling more than $500 million.
"At the time, I had no idea what-was big or small. I just
put one foot in front of the other and kept on moving," she
says.
Onward and upward. By 1986, Spraggins says having
proved herself in the mortgage securities area, she transferred
into public finance. In 1988, Spraggins went to Prudential Bache
Securities as a first vice president. Within two years, she was
promoted to managing director. Shortly after, she moved to Smith
Barney.
Spraggins has gotten ahead with few role models
or mentors. The one person she credits is her father, Roy Travers
Spraggins, who was a behind-thescenes lawyer active in Harlem
politics in the 1950s. He gave her his love of law, politics and
a good fight.
She holds no punches discussing what she faced.
"Wall Street is still a very macho environment. In the work
environment being black was usually an issue. But on Wall Street
being a woman became a critical concern. Once I understood the
system, I knew how to operate. As a woman, there are certain doors
you're never going to go through. You're never going to be in
the locker room where whatever little magic between men happens.
I just tried to make sure that one of the men who was in
that room was looking out for my interests."
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