harvey pitt, securities and exchange commission chairman, nominated william webster to head a commission looking into corporate accounting wrongdoing and charged with the role of ongoing watchdog. he nominated webster over the objections of many who believed he wasn't independent enough and that there were much better candidates.
pitt stood by his man! even though he (pitt) knew webster had headed the audit committee at u.s. technologies, a now defunct company being sued by shareholders for the accounting irregularities which led to its demise. pitt concealed this information from the sec commissioners who would vote on his nomination. the commissioners approved webster 3-2.
and today, the news breaks that pitt knew of webster's accounting oversite of the defunct company, and what does pitt do? he calls for an independent investigation of the selection process to see what went wrong!!!
this one just takes my breath away! i wish i had his cajones.
the fault lies not in our stars...but in ourselves, that we are underlings.
[ October 31, 2002: Message edited by: thersis ]
[ October 31, 2002: Message edited by: thersis ]