Business Notes REGULATION

Many received calls, but only one answered. U.S. Attorney Rudolph Giuliani turned down the job. So did Nicholas Brady, chief executive of the Dillon, Read brokerage house. It began to seem as if the chairmanship of the Securities and Exchange Commission would go begging until David Sturtevant Ruder, 58, a Northwestern University law professor, ended a six-month White House search by accepting the $82,500-a-year position last week. Ruder has taught courses in SEC law and written extensively on securities, but some skeptics in Congress wonder if he is the "tough cop" needed to continue the crackdown on Wall Street's insider-trading scandal.