When President George W. Bush nominated veteran Wall Street financier William Donaldson to succeed Harvey Pitt as chairman of the Securities and Exchange Commission, I counted myself among the skeptics who toil in the Fourth Estate.

More than a few columnists, this one included, surmised that if approved, Donaldson would be Harvey II, a well-connected and accomplished professional with a resume the length of a register tape at Costco but sans the agenda of a true reformer.

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