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The SEC's New Pit Bull: But Religious Right' Want Another Chairman

Traders Magazine, July 2001

Sanford Wexler

Harvey L. Pitt, the Bush administration's designated chairman of the Securities and Exchange Commission, once represented one of Wall Street's most notorious insider-trading violators, Ivan F. Boesky. Known as a shrewd negotiator, he managed to win a reduced sentence for Boesky in exchange for his testimony against co-conspirator Michael Milken. Pitt, 56, the Washington-based managing partner at the blue-chip, law firm of Fried, Frank, Harris, Shriver & Jacobson, has a distinguished record in representing many of the entities that he will regulate. He successfully defended the New York Stock Exchange in the SEC's investigation of personal trading practices by the exchange's floor brokers. The SEC ordered no sanctions against the Big Board even though the agency had punished other self-regulatory organizations for similar improprieties.

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