(The news
featured below is a selection from the news covered in the Federal Securities
Report Letter, which is distributed to subscribers of the Federal
Securities Law Reports.)
William Donaldson Appointed to
Head SEC
The White House announced the
nomination of longtime Wall Street executive William Donaldson to serve as the
new chairman of the SEC. Mr. Donaldson co-founded the investment banking firm
Donaldson Lufkin & Jenrette in 1959 and was the firm's chairman and chief
executive. He was chairman and CEO of the New York Stock Exchange from 1990 to
1995 and was chairman of Aetna Inc. from 2000 to 2001.
If confirmed by the Senate, Mr.
Donaldson will succeed Harvey L. Pitt as chairman. Mr. Pitt announced his intent
to resign from the agency on November 5, 2002. Mr. Pitt had been criticized over
the selection process of the chairman and members of the new public accounting
oversight body created under the Sarbanes-Oxley Act.
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