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Politics : PRESIDENT GEORGE W. BUSH
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To: DavesM who wrote (271315)7/8/2002 12:12:42 PM
From: Karen Lawrence   of 769670
 
Levitt made enemies in his efforts to clean up Wall Street. He was blocked by a backlash of self-serving bankers, brokers and politicians. From an article re his efforts:

These days, though, he's getting a lot of grief in the process. By pushing aggressively on many fronts, he has inevitably made enemies among the bankers, brokers, accountants, and stock- exchange officials the SEC regulates or oversees. A backlash is building not only on Wall Street but also on Capital Hill and among some academicians, who complain about what they view as Levitt's heavy-handed regulatory style. ''His methods are much too crude,'' says a former SEC commissioner who declined to be quoted by name. ''He goes in with a bludgeon when the situation calls for a scalpel.''"
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