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Arthur Levitt: A Report CardACHIEVEMENTS -- 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, by The McGraw-Hill Companies Inc. All rights reserved.
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