The SEC's new start

ARTICLE - To paraphrase Winston Churchill, Harvey Pitt did the honourable thing this week. But only after he had exhausted every possible alternative.

First published in the Financial Times, UK edition, 8 November

The resignation of the chairman of the US Securities and Exchange Commission, tendered in the dead of election night on Tuesday, is a welcome end to one of the more remarkable episodes in the dismal history of regulatory mismanagement.

But it also presents an opportunity, at the very

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