Last August was hardly an ideal time for Ray Garrett Jr., 53, to become chairman of the Securities and Exchange Commission. The watchdog agency's staff was demoralized by the departure under fire three months earlier of G. Bradford Cook, Garrett's predecessor, who got himself entangled in the Robert Vesco scandal. And the securities industry was then, as it still is, in severe economic trouble.
Garrett, a Chicago securities lawyer who served on the SEC staff in the 1950s, quickly supported the elevation of Veteran Staffer Irving M. Pollack to a seat on the five-member commission (TIME, Feb. 11), a...
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