It’s out of the frying pan, into the Fire, Pitt. Securities and Exchange Commission Chairman Harvey Pitt’s tenure has been fraught with drama and denunciation. From Enron to Andersen to CEOs in handcuffs, the business world is bruised and expectations for government regulators are high.
The SEC was charged with creating a new oversight board but Pitt withheld information about the man chosen to head that board. Turns out that a company where this man chaired the audit committee is under investigation for, you got it, fraud. Democrats have long been calling for Pitt’s resignation, but now some GOP voices are joining the chorus, and reports say the White House may soon show him the door.
Guests:
Lynn Turner, former Chief Accountant for the US Securities and Exchange Commission, currently Director of the Center for Quality Financial Reporting at Colorado State Univesity
Senator Paul Sarbanes, Democrat of Maryland, Chairman for the Senate Banking Committee
Bruce Freed, Business and Politics Columnist for The Hill magazine in Washington, formerly Chief Investigator for the Senate Banking Committee.