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Non-Tech : The ENRON Scandal
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To: Ron who wrote (727)1/17/2002 11:14:43 AM
From: Mephisto   of 5185
 
"As Enron Corp. was imploding in December, Harvey Pitt, the new head of the
Securities and Exchange Commission, called a private meeting of the
accounting industry's top officials. The industry, already under pressure, was
facing questions about why Arthur Andersen LLP failed to detect financial
woes at the energy trader."

" But Mr. Pitt didn't call for sweeping changes. Rather, people briefed on the
meeting say that the SEC chief -- after years as a private attorney representing
securities and accounting firms -- offered the accounting officials some advice:
Come up with a statement addressing growing concerns about the industry's
ability to audit large corporate clients."
.........................................................................................................................

I've seen numerous editorials that are critical of his actions. The columnists believe
that he has a conflict of interest. As the article notes:

"Some investors' lawyers are critical. "As a private attorney, Mr. Pitt earned
millions of dollars representing big Wall Street and accounting firms, including
Arthur Andersen," says Jacob Zamansky, a New York-based lawyer
representing investors. "As SEC chairman he appears to be siding with the
industry rather than the public investors whom he is charged to protect."
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