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Arthur Levitt: A Report Card

ACHIEVEMENTS

-- Restructured and cleaned up the National Association of Securities Dealers and the NASDAQ over-the-counter market

-- Convinced the municipal bond industry to accept a ban on most campaign contributions, ending odious pay-to-play practices

-- Created a commission that proposed ways to reduce conflicts between Wall Street and investors, such as compensating brokers other than for their trading volume

WHAT THE CRITICS SAY

-- Plays overactive role in corporate governance issues, such as placing former employees and SEC colleagues on exchange boards and other advisory bodies, possibly creating future conflicts

-- May be undermining the independence of self-regulatory organizations by controlling who sits on boards

-- Regulates by stealth, supporting publicly rules issued by such bodies as the Financial Accounting Standards Board but privately pressuring them to issue SEC-favored rules

DATA: BUSINESS WEEK


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Updated Sept. 18, 1997 by bwwebmaster
Copyright 1997, Bloomberg L.P.
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