Comment Letter: The NYSE and the End of the Structural Separation between Regulatory and Commercial Interests of the Exchange

The NYSE transformed into a for profit entity in 2006. As part of the approval process, the NYSE agreed to structurally separate the regulatory function from the business function. In doing so, the NYSE created NYSE Regulation, a non-profit with an independent board, to handle most regulatory matters. During the comment period, a spirited debate arose over the ability of a for profit company to carry out a regulatory mission. Some suggested that the regulatory function was incompatible with a "for profit" motive and that NYSE Regulation should be spun off. Others accepted the proposed structure but called for additional changes designed to reduce the possible influence of the public holding company over the regulatory function. In the end, the SEC approved the structure but with a number of prophylactic safeguards including the requirement that NYSE Regulation have a board consisting of all independent directors (save the CEO) and that directors from the for profit holding company could not make up a majority of the board. More recently, however, the NYSE has proposed to end the structural separation of the two functions and instead put in place a functional separation. The proposal would result in the termination of the delegation agreement between the Exchange and NYSE Regulation and the creation of both a Regulatory Oversight Committee of the Board of Directors of the Exchange and the creation of a Chief Regulatory Officer. This letter examines the history of the separation of the two functions and critiques the NYSE's proposal.

“Fall” and Redemption in the Thought of Martin Heidegger and Jacques Lacan

This dissertation examines and develops Martin Heidegger’s concept of “falling” as a significant historical-philosophical principle. Falling, however, is primarily understood as a concept of the early Heidegger, whereas I argue that Heidegger continues to rely upon it, both explicitly and implicitly, throughout his career. Falling is a description ofphilosophical and Western history, known as metaphysics, and the description of man’s relationship to Being. Thus, falling relates to the most significant streams in Heidegger’s later thought, too, including the truth of Being, the death of God, the gods, the overcoming of metaphysics, and meditative thinking. I then reinterpret the traditional theology of the Fall narrative from Genesis in light of falling as philosophical concept, extending Heidegger’s own “destruction” of Western metaphysics in relation to one of its grounding myths. I move on to demonstrate the significance of a falling understanding in a rereading of the death of God and the end of metaphysics by examining Heidegger’s engagement with Nietzsche. I conclude by incorporating Jacques Lacan’s psychoanalysis as a further extension of Heidegger’s discourse on falling, showing that the subject’s discourse and relationship to the truth of Being is at the core of his constitution and neurosis.