This SEC Cop Means Business

New chief Bill Donaldson has an ambitious agenda to restore public faith in Big Business. And he's wasting no time in getting started

Securities & Exchange Commission Chairman William H. Donaldson rose at 4:30 a.m. on a recent Saturday to fly from New York to San Francisco. By lunchtime, he was discussing economics with Nobel laureate Milton Friedman at former Secretary of State George P. Shultz's home in Palo Alto. Then it was on to a two-hour meeting to debate a dozen high-tech executives over Donaldson's insistence that their companies should deduct the cost of employee stock options from earnings. The next day, he spoke at Stanford Law School about restoring business integrity. After taking the red-eye flight back to New York, Donaldson spent Monday, June 2, plowing through paperwork before his wife, Jane, surprised him with a party for his 72nd birthday at Manhattan's River Club.

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