Endnotes

1. Joel Seligman, The Transformation of Wall Street (Boston: Northeastern University Press, 1995), ch. 1.

2. Most of our factual information on the SEC comes from its website, www.sec.gov.

3. Eugene F. Brigham and Michael C. Ehrhardt, Financial Management , 10th ed. (Cincinnati: South-Western Publishers, 2002), p. 759.

4. George J. Stigler, "Public Regulation of the Securities Markets," Journal of Business 37 (1964): 117 “142.

5. Irwin Friend and Edward S. Herman, "The SEC Through a Glass Darkly," Journal of Business 37 (1964): 382 “405.

6. Hyun-Han Shin, "The SEC's Review of the Registration Statement and Stock Price Movements During the Seasoned Equity Issuance Process," an unpublished dissertation paper, Ohio State University.

7. Judy Mathewson, James L. Tyson, and David Evans, "Harvey Pitt: Odd Man Out on Enron," Bloomberg Markets , March 2002, pp. 51 “56.

8. Mike McNamee, "The SEC's Accounting Reforms Won't Answer Investor's Prayers," BusinessWeek , June 17, 2002, p. 28.

9. Judy Mathewson, James L. Tyson, and David Evans, "Harvey Pitt: Odd Man Out on Enron," Bloomberg Markets , March 2002, pp. 51 “56.

10. Mike France and Dan Carney, "Why Corporate Crooks Are Tough to Nail," BusinessWeek , July 1, 2002, pp. 35 “38.

11. Joseph Nocera, "System Failure," Fortune , June 24, 2002, pp. 62 “74.

12. Mike France and Dan Carney, "Why Corporate Crooks Are Tough to Nail," BusinessWeek , July 1, 2002, pp. 35 “38.

13. Joseph Nocera, "System Failure," Fortune , June 24, 2002, pp. 62 “74.

14. Mike McNamee and Amy Borrus, "The Reluctant Reformer," BusinessWeek , March 25, 2002, pp. 72 “81.

15. Joseph Nocera, "System Failure," Fortune , June 24, 2002, pp. 62 “74.

16. Ibid.

17. Mike McNamee and Amy Borrus, "The Reluctant Reformer," BusinessWeek , March 25, 2002, pp. 72 “81.

18. Michael Schroeder, "SEC Gets a Raise, but Will It Be Enough?" Wall Street Journal , August 12, 2002, p. C1.

19. Wen Stephenson, "A Tale of Two Chairmen," Frontline , June 20, 2002, http://www.pbs.org/wgbh/pages/frontline/shows/regulation/lessons/two.html.

20. Mike McNamee, Paula Dwyer, and Christopher H. Schmitt, "Accounting Wars," BusinessWeek , September 25, 2000, pp. 156 “166.

21. The full text of Arthur Levitt's speech, titled "The Numbers Game," is available at http://accounting.rutgers.edu/raw/aaa/newsarc/pr101898.htm (September 28, 1998).

22. Judy Mathewson, James L. Tyson, and David Evans "Harvey Pitt: Odd Man Out on Enron," Bloomberg Markets , March 2002, pp. 51 “56.

23. Ibid.

24. Mike McNamee and Amy Borrus, "The Reluctant Reformer," BusinessWeek , March 25, 2002, pp. 72 “81.

25. Judy Mathewson, James L. Tyson, and David Evans, "Harvey Pitt: Odd Man Out on Enron," Bloomberg Markets , March 2002, pp. 51 “56.

26. Mike McNamee, Paula Dwyer, and Christopher H. Schmitt, "Accounting Wars," BusinessWeek , September 25, 2000, pp. 156 “166.

27. Ibid.

28. Mike McNamee and Amy Borrus, "The Reluctant Reformer," BusinessWeek , March 25, 2002, pp. 72 “81.

29. Ibid.

30. Ibid.

31. Michael Schroeder, "As Pitt Launches SEC Probe of Himself, Criticism Mounts," Wall Street Journal , November 1, 2002, pp. A1, A7.