Is Pitt's SEC a Toothless Watchdog?

If you were to ask the most partisan Democrat for a caricature of a Bush Administration regulator, it would go like this: someone who got rich defending the industry that he now oversees, someone who came into the job promising a "kinder, gentler" agency that offers "respect and cooperation" to those it regulates, someone who has met privately with his old clients while his agency was investigating them, and someone who, just to complete the picture, favors retro three-piece suits.

This someone looks a lot like Securities and Exchange Commission chairman Harvey Pitt, which is why he makes such an irresistible...

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