Congratulations, Mr. Donaldson, on your appointment this week as the new Securities and Exchange Commission Chairman.

As your predecessor Harvey Pitt’s brief, yet headline-grabbing tenure showed, the task you have before you is fraught with peril – and cannot be accomplished by someone who has neither the stomach, nor the will to stand up for investors above all else, but who also understands and can navigate the political Beltway tides.

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