Critics have longed for a meaningful overhaul of the SEC ever since New York prosecutor Eliot Spitzer pantsed the agency by bringing a string of blockbuster cases against Wall Street more than a decade ago.

WSJ: Writing on the Wall: What Can Help Restore Investor Trust? Maybe the SEC

But with a long string of crises and scandals on Wall Street over the past year, the president-elect said he wanted to waste no time filling the job.

NPR: Obama Names SEC Pick

The company posted a long string of disappointing quarters, coming in well below Wall Street expectations.

FORBES: Wrinkle cream

But 1974 was a tough year on Wall Street as retail investors bailed out of the market, producing a string of mergers and bankruptcies.

WSJ: Street Veteran Who Sold Shearson, Hammill

Since setting a record close of 14, 000.41 just a month ago, the Dow Jones industrial average has shed 1, 154.63 points in a string of triple-digit losing days that have raised anxiety levels not just on Wall Street but on Main Street as well.

NPR: Fed Lowers Discount Rate to Calm Markets