A Legacy That May Not Last

With corporate anger about reforms rising, some of departing SEC Chairman William Donaldson's work could be derailed by a new chief

William H. Donaldson stunned just about everyone on June 1 with the news that he was stepping down as chairman of the Securities & Exchange Commission. But the courtly Wall Street veteran has been a surprise act ever since he took the helm at the nation's securities regulator in February, 2003.

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