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October 04, 2002

Corporate Crooks Still Running Show

From today's NY Times:

Harvey L. Pitt, under pressure from Republicans and former clients in the accounting profession, is backing away from the choice he and other members of the Securities and Exchange Commission favored to lead the new federal agency that will oversee the industry. Industry executives and at least one prominent Republican lawmaker complained that the top choice, John H. Biggs, was too tough on the industry. After those complaints, Mr. Pitt, the chairman of the commission, informed Mr. Biggs this week in a telephone conversation that he was no longer certain he could support his candidacy to head the new accounting oversight board, according to several people who were briefed about the discussion.

Posted by Nathan at October 4, 2002 07:27 AM

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