Business Services Industry
U.S. Accounting Reform Effort Thrown into Turmoil with Departure of SEC Head.
Knight Ridder/Tribune Business News, November, 2002
By Stephanie Bentley, Daily Mail, London Knight Ridder/Tribune Business News
Nov. 7--The campaign for US accounting reforms has been thrown into turmoil by the resignation of America's top financial regulator.
Harvey Pitt, chairman of the Securities and Exchange Commission, quit after just a year "rather than be a burden."
Sir Howard Davies, the head of the UK's Financial Services Authority, said restoring investor confidence "is not going to be made any easier now."
The SEC has won a reputation for tough action. But critics said Pitt, a former lawyer for accountancy firms, was not tough enough to police a corporate America rocked by massive scandals at Enron and WorldCom. The US public has grown increasingly critical of the...
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