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Restoring Order
Last December, calling him one of the most respected business leaders in our nation, President George W. Bush (MBA 1975) nominated Wall Street veteran William Donaldson (MBA 1958) to be Securities and Exchange Commission chairman. Charging Donaldson with enforcing recent legislation that Bush called the most far-reaching reforms of American business since Franklin Roosevelt was president (Associated Press, December 10, 2002), Bush also announced that he favored nearly doubling the SECs budget for 2004.
Donaldson, who along with Dan Lufkin (MBA 1957) and Richard Jenrette (MBA 1957) founded the investment firm that bears their names, has chaired the New York Stock Exchange; served as chairman and CEO of Aetna; and was the founding dean of the Yale School of Management. While noting the fundamental soundness and integrity of American industry, Donaldson added, There have clearly been numerous instances of serious malfeasance, which, if proven, we must continue to deal with swiftly.
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