Even before his past had been disclosed, two of the SEC's five commissioners had opposed his appointment on the grounds that the 78-year-old, a former director of both the Central Intelligence Agency and the Federal Bureau of Investigation, was not qualified for the job of regulating the securities industry.

ECONOMIST: The boss bows out | The

The U.S. Securities and Exchange Commission is charged with regulating the markets and protecting investors by upholding federal securities laws.

FORBES: New Agressive SEC Boss, Same Old Inept SEC

This idea has already been adopted by the National Association of Securities Dealers and other self-regulating bodies that govern Wall Street.

FORBES: Settlement Leaves Merrill In Shade

Today we have a Chairman of the Securities and Exchange Commission who formerly represented the auditors he is charged with regulating.

FORBES: An End to 401(k)s (February 1, 2002)

The MSRB is a self-regulating organization (yes, a bureaucracy) in charge of municipal securities.

FORBES: Finally, An Easy Way To Get Timely Municipal Bond Data

Corporate plans: The Department of Labor, the agency charged with regulating corporate pensions, generally lacks knowledge of the money management and securities industries, has offered little meaningful guidance to corporate sponsors on these issues and has been even less effective in investigating wrongdoing and enforcing the laws.

FORBES: The Growing Scrutiny of Pensions ( August 22, 2005)