And, according to president Bush, new Securities and Exchange Commission chairman William Donaldson is just the man for the job.
Bush said: ‘Donaldson will be a strong leader with a clear mission, to vigorously enforce our nation’s laws against corporate corruption and to uphold the highest standards of integrity in the securities markets.’
The respected banker, who has headed the New York Stock Exchange and worked in the White House during the Ford and Nixon administrations, has a reputation of a person who wants to do the right thing, according to analysts, and is known for his integrity.
Donaldson is best know for being one of the founding members of Donaldson, Lufkin & Jenrette, a reputed investment bank which recently merged with Credit Suisse First Boston. And during a scandal-free five-year term as president of the NYSE, he was known for his obsession with maintaining high standards.
When accepting his nomination yesterday, Donaldson said: ‘It’s time for all of us to pull up our socks. I very much appreciate this opportunity to serve our country at this most important and challenging time.’
Although he refused to reveal his plan for the future of the SEC until his position was confirmed by the Senate, he vowed: ‘I am firmly committed to doing everything I can to raise the confidence of investors.’
He also promised to continue dealing with the cases of misconduct currently rocking corporate America and to pursue the 600 investigation the SEC is currently dealing with.
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