For the past two years, the phrases "investor outrage" and "corporate scandal" have appeared nearly daily in the papers and have been sprinkled liberally throughout the speeches of the leaders of regulatory agencies -- rivaled in their frequent use only by the words "Sarbanes-Oxley" and "corporate reform."

And let's not forget, former New York Stock Exchange chairman Richard A. Grasso, who was forced to resign last September after he infuriated investors by accepting a $188 million compensation package. The incident led to the splitting of the exchange's chairman and CEO posts and to the overhauling of its board. And the Securities and Exchange Commission is looking into how the exchange's directors approved a pay package considered by some to be obscene in scale.

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