The SEC Chief Resigns

"I have repeatedly said I serve at the pleasure of the president and at my own pleasure"

Thus spoke, William Donaldson, the former chairman of the United States Securities Exchange Commision on the day he handed over his resignation. Apparently Donaldson's reign was a stormy one, he resigned after strong criticism from business groups and others that policy decisions had been too agressive and inflexible (New York Times June 1, 2005)