After nearly 3½ years as the watchdog of Wall Street, Securities & Exchange Commission Chairman Edmond M. Hanrahan, 44, decided that it was time to watch his family's financial security and his wife's health. Last week, "with great reluctance," he resigned from the $10,000-a-year job to return to the Manhattan law firm of Sullivan, Donovan & Heenehan as a partner. No politico, Hanrahan considered SEC a regulatory rather than a reform agency, thus got along fine with Wall Streeters. Besides, he understood Wall Street's problems and talked its language. During Hanrahan's reign...

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