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Reply #67: Donaldson faced political pressure [View All]

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-01-05 01:18 PM
Response to Reply #55
67. Donaldson faced political pressure

SAN FRANCISCO (MarketWatch) -- William Donaldson's resignation as chairman of the Securities and Exchange Commission Wednesday came amid political pressure on the agency that's increased in recent years, according to the man who held the job before Donaldson.

Starting with the collapse of Enron in 2001, "a number of politicos thought they could make the SEC a political issue," said Harvey Pitt, who resigned as chairman of the SEC in November 2002 after 15 tumultuous months. "That's where a lot of the pressure has come."

Donaldson, a friend of President George W. Bush's family, was hired in the wake of corporate scandals and given the task of restoring confidence in U.S. business. But the Republican chairman, who once headed the New York Stock Exchange, has drawn fire from business interests and fellow Republicans on the commission for voting for some controversial regulations.

Donaldson managed to avoid getting involved in much of the politics and did a "remarkable" job responding to crises that unfolded during his tenure, such as the mutual-fund timing scandal, said Pitt, who now runs Washington D.C. consulting firm Kalorama Partners.


Yeppers - he didn't kowtow to the *Co mantra :eyes:
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