SEC: What's Next?

WATERS SOAPBOX

When Donaldson assumed his chairmanship in February 2003, his watchwords were "reform" and "modernization." The past two-and-a-half years have been a period of tough love for the industry with regulations like Sarbanes-Oxley, the Patriot Act and hedge fund registration. All of these measures were necessary to help restore flagging investor confidence.

To me, such a hasty departure smacks of being booted by the White House. Important 3-2 votes alongside the SEC Democratic commissioners on Reg NMS

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