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William H. Donaldson, chosen by President George Bush to be the new head of the Securities and Exchange Commission (SEC), is the parent of a St. Lawrence alumnus and a former University trustee.

Donaldson was chairman of the New York Stock Exchange from 1990-95 and a co-founder of Donaldson, Lufkin & Jenrette, a well-known investment banking firm. His son, Matthew Donaldson, attended St. Lawrence. While he was a student, William Donaldson was a University trustee; he was elected to a six-year term on the Board of Trustees in 1989. In 1985, William Donaldson was awarded an honorary degree from St. Lawrence, and spoke at the Commencement ceremony.

Donaldson's charge as SEC head, President Bush said, would be "to vigorously enforce our nation's laws against corporate corruption and to uphold the highest standards of integrity in the securities markets." Donaldson, accepting the President's nomination, commented, "It's time for all of us to pull up our socks," referring to recent scandals involving Wall Street firms.

Posted: December 11, 2002