Bush to pick William Donaldson to replace Pitt at SEC. Donaldson was one of the founding partners of Donaldson, Lufkin & Jenrette, a New York investment banking firm. The Times article doesn't give much background, except for this interesting tidbit: He served during 1975 as counsel to U.S. Vice President Nelson Rockefeller. Before that, he was U.S. undersecretary of state under Secretary Henry Kissinger from 1973 until 1975.

So I did a quick google search and came up with the following:

Donaldson Lufkin & Jenrette, now a part of Credit Suisse First Boston, handled
at least one Enron partnership, Whitewing Management LLP. Jeanmarie
McFadden, a spokeswoman for Credit Suisse, declined to comment. Officials at
Lehman Brothers, J.P. Morgan Chase and Salomon Smith Barney, Citigroup's
securities unit, Deutsche Bank and CIBC also declined to comment. -- from siliconinvestor.com.

High-flying risk takers

DLJ probably won't be offended if you call it junky - the firm has profited enormously from underwriting junk bonds (high-yield debt) at a time when other banks thought the category was dead for good. In fact, when the fiefdom of junk bond czar Michael Milken and Drexel Burnham Lambert imploded in 1991, DLJ zoomed in and scooped up Drexel's best and brightest, unlike other firms, who shied away from scandal. Today, DLJ is the perennial leader in junk bond underwriting. In 1999, the firm was No. 1 among all underwriters of high-yield debt, lead-underwriting $17.5 billion in junk bonds. -- from excite.

Donaldson Lufkin & Jenrette is one company that turns the phrase “big business” into a totally inadequate understatement: they boast total capital of over $3.46 billion and total assets of over $55.56 billion. DLJ is involved in every facet of commercial finance endeavor ranging from investment banking to stock brokering to asset management to institutional equities to emerging markets to any other imaginable aspect of commercial financial operation. The many separate businesses that comprise DLJ fall into three groups: Financial Services, Capital Markets and Banking. -- from researchpapers.net.

Good pick, George. You're sure to restore confidence in the market by hiring Mr. Junk Bond (shaken and stirred).