Pitt's predecessor, Arthur Levitt Jr., spent a good portion of his tenure trying to educate individual investors about the functioning of the markets. I watched him at a public high school in New York talking to a group of 35 inner-city students about investing, the role of the SEC, and careers in finance. At the end, he spontaneously invited the class to visit to his office.

By contrast, one of Pitt's most recent public appearances was at Duke Law School's Director's Education Institute. Rather than lecture the assembled directors and executives on the widespread failings in corporate governance, he kissed butt. "Your role as corporate directors is extremely important to the prosperity of our market-based economy," he said. "Your very decision to participate in this intensive two-day course demonstrates that you take your responsibilities seriously."