Commentary

Robert Schuessler
Traders Magazine Online News

A Smarter Monkey

In this contributed piece, TIM noted that some traders do better than others when using data that has been run through certain analysis - that is, have used some form of machine learning to assist them.

Traders Poll

In his first public speech, SEC Chair Jay Clayton deviated from his prepared remarks and offered his own "off the cuff" comments on market issues. Do you like this change of pace?




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December 1, 2002

Who Said He's Gone?

By Gregory Bresiger

Harvey Pitt resigned last month but, media reports aside, he was continuing to preside as chairman of the SEC. In fact, he could continue in that position for many months.

In a letter to President Bush, he wrote that his resignation is "effective as soon as I can help you ensure a smooth transfer of leadership."

An SEC spokesman said that Pitt continues to "preside and vote at meetings." And how long will that be? A White House spokesman said no timetable has been set for naming Pitt's replacement. How quickly it could take place depends on many factors.

If President Bush names one of the SEC commissioners as Pitt's successor that person could immediately become acting chairman. However, if the president goes outside the commission for a replacement, as is commonly speculated, then it could be many months of difficult and possibly controversial confirmation hearings. "Six months is what I would expect," said one industry lobbyist.