Vise, David A. and Coll, Steve. Eagle on the Street. New York: Charles Scribner's Sons, 1991. 395 pages.

The phrase "eagle on the street" is a euphemism for the Securities and Exchange Commission, the federal agency that keeps an eye on Wall Street. SEC's role is similar to the role of a cop or regulator posted at a casino, who is there to make sure the dealers aren't stacking the decks. It was created in the wake of the excesses of the 1920s, the crash of 1929, and the depression of the 1930s. With its policy and enforcement decisions, the SEC is constantly asking and answering this question: "How much greed is too much, and at what point does it threaten the system?"

Reagan appointee John Shad replaced Stanley Sporkin as SEC chairman in 1981. Shad believed that a healthy economy required deregulation. By the time he left in 1987, the junk bond raiders and inside traders had created numerous scandals, and the crash of 1987 was just around the corner. "My only regret," Shad said at his farewell party, "is that I will be a distant observer of the exciting events that are unfolding before this great institution." Shad went on to become the chairman of Drexel 1989, but the job lasted only ten months (which meant that he earned a mere $3.175 million). He lost this job because this was the firm where Michael Milken had done so much damage. By 1990 Drexel had used up all of its privileged treatment and special favors, and declared bankruptcy.
ISBN 0-684-19314-0

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