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THE
AMERICAN VOICE INSTITUTE QUOTING THE NEW YORK TIMES ARTICLE BY FLOYD
NORRIS, THURSDAY, NOVEMBER 7, 2002
[www.americanvoiceinstitute.org/DailyNewsBriefing11-07-02.htm]
THIS IS A MEMORIAL WEBSITE. THE MATERIAL
ON THIS PAGE IS QUOTED VERBATIM FROM THE WEBSITE OF THE AMERICAN
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"Bush Challenges: S.E.C. Choice and Economy"
by Floyd Norris
"
Names
of potential S.E.C. chairmen circulated widely yesterday, but there
was no indication that any of them met with the approval of Mr.
Bush, who must decide which constituency to appease in making an
appointment that will be scrutinized.
...
In
choosing a new chairman, Mr. Bush may have wider latitude because
the confirmation will be up to a Senate controlled by his party.
But any choice comes with risks. Choosing a tough prosecutor would
no doubt win public acclaim, but if that person knows little about
securities laws it could be a major handicap.
'You
want someone who is technically proficient,' said Joel Seligman,
the dean of the Washington University law school in St. Louis and
a historian of the S.E.C. 'This is a very hard job to learn.'
Indeed,
the S.E.C. faces major issues in many areas, ranging from the structure
of securities markets to reforming the way research is done.
Mr.
Seligman pointed to the 1973 appointment of Ray Garrett Jr., a highly
respected securities lawyer, after his predecessor, G. Bradford
Cook, was forced out as a result of a scandal that made his honesty
suspect. 'That is the kind of person you want, probably someone
with an accomplished career in securities law, someone who will
be a healer and a consensus builder,' Mr. Seligman said. (Mr. Garrett's
executive assistant when he was chairman was a young lawyer named
Pitt.)"
*
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