Former Wall Street executive William Donaldson was sworn in this week as chairman of the Securities and Exchange Commission.

The 72-year-old founder of investment bank Donaldson, Lufkin & Jenrette, said he wants to set a new tone for the watchdog agency, while working to make "honesty, integrity and regard for shareholders the motivation for all business decisions."

Donaldson steps into the shoes of Harvey Pitt, who resigned on Election Night following a series of missteps and political blunders. He will serve out the remainder of Pitt’s term, which runs until June 2007.

Top on his to-do list is finding a new leader for the Public Company Accounting Oversight board, and making sure the industry watchdog gets its job done.

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