The Transformation of Wall Street, Third Edition

The Transformation of Wall Street is a comprehensive and insightful historical analysis of the Securities & Exchange Commission from the perspective of a leader in securities regulation. The Transformation of Wall Street offers an in-depth look at the history of the SEC's origins.
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Thank you for your inquiry! Your request has been forwarded to a Wolters Kluwer representative who will contact you shortly! Ships in Business Days. This product is available for the standing order program. Overview Table of Contents Experts Volumes. The Transformation of Wall Street offers an in-depth look at the history of the SEC's origins, accomplishments, and failings since its creation in Each chapter in the book takes historical look at the tenure of the various SEC chairmen.


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The first edition, published in , covered the SEC through the Nixon-Ford presidential administration. A revised edition was published in , updating the book through Now, the third edition continues the history until , the end of Arthur Levitt's Chairmanship, with a treatment of auditing issues through the enactment of the Sarbanes-Oxley Act July In this revised edition, author Joel Seligman draws on unpublished SEC files and extensive personal interviews to provide a comprehensive examination of the origins, accomplishments, and failings of the SEC and its leaders, from the creation of the SEC in to the present.

The new material, among other things, addresses: The Private Securities Litigation Reform Act, which has had a significant impact on private securities litigation after its passage in The structure of the securities markets which are in an important transition because of Electronic Communications Networks; decimalization; international competition; and the continuing evolution to greater institutionalization of our markets as well as the growth of several new products, most recently security futures products Municipal securities markets which were largely ignored before the recently resigned Arthur Levitt Several issues with respect to the accounting profession most notably auditor independence and the independence of accounting standard-setting boards.

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In addition, this work focuses on Chairman Levitt, whom the author believes was one of the most accomplished of the post World War II chairs, and had the challenge of being a Chair appointed by a Democratic party president during a period when Republicans controlled both houses of Congress as well as a period of extraordinary ferment in the securities market.

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Transformation of Wall Street, Third Edition | Wolters Kluwer Legal & Regulatory

The Transformation of Wall Street: The Transformation of Wall Street offers an in-depth look at. Hardcover , pages. To see what your friends thought of this book, please sign up. To ask other readers questions about The Transformation of Wall Street , please sign up. Be the first to ask a question about The Transformation of Wall Street. Lists with This Book. This book is not yet featured on Listopia. Dec 18, Frank Stein rated it liked it.

This book is a mess. It's a sprawling, disjointed, often incomprehensible history of the Securities and Exchange Commission. Unfortunately, it remains the only complete history of that regulatory behemoth, so I slogged through it. Luckily there are a few diamonds in the rough. Morgan-backed u This book is a mess. Morgan-backed utilities to break themselves up and which led to extended negotiations for voluntary "divestiture," are intriguing.

The descriptions of Chairman William Douglas's battle with New York Stock Exchange President William McChesney Martin to open up that exchange to commission agents, take away power from "floor traders" on its Governing Committee, and corral "specialist" insider trading, leading to a temporary SEC victory, are well told.

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The later chapters include valuable descriptions of Chairman William Cary's attempt to revitalize the agency with insider trading rulings such as "Cady Roberts" and "Gulf Sulpher" in the s, and the SEC's long and half-hearted attempt to break up fixed commission charges at the stock exchange and create price competition limited by its own, old Rule 22 d for mutual funds. There's also surprises like Chairman William Casey's later head of the CIA push to create an independent Financial Accounting Standards Board in , after the old accounting standards group fell apart over debates on merger accounting and generally nebulous rules.

His biases are almost always for more regulation and almost always for more legal restrictions on stock trading and company governance. The biggest problem with the book, however, is the lack of a strong editorial hand, that would have limited the unnecessary bloviating and organized the stories, laws, and regulations into something more readable.

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It's unlikely though that another author is going to attempt such a monumental and comprehensive study, which will make this, for better or worse, the handiest reference for years to come. Jan 02, Marc rated it it was amazing. Awesome text, awesome scope. Fascinating view into Wall Street politics, embattled reformers, historical corruption in investment banking, accounting, law and fabulous view of the difficulties of admiristrative law.

Transformation of Wall Street, Third Edition

A truly phenomenal book. Jan 31, Karen rated it it was ok. I really don't think anyone needs to know that much about the SEC. Seriously, it went on and on and on. Jordan Lamothe rated it liked it Sep 18, Wallace Wallace DeWitt rated it it was amazing Jul 19, John rated it really liked it Feb 28, Rumtin marked it as to-read May 25, Joseph added it Sep 25, Jon added it Jun 26, Sergio Almeida marked it as to-read Jan 24, Brian Troxler marked it as to-read Feb 19,