Speculation is, of course, the norm in securities markets. The latest hubbub in America's financial industry, though, has less to do with whether markets soar or swoon than with how they will be regulated. Less vigorously, hope many, with the imminent departure of two top watchdogs—William Donaldson, chairman of the Securities and Exchange Commission (SEC), and Harvey Goldschmid, another member-and maybe that of a third-Eliot Spitzer, attorney-general of New York.
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