The Enron Scandal - Unmoderated Message Board

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Non-Tech : The Enron Scandal - Unmoderated

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To: Glenn Petersen who wrote (2541)	11/8/2002 8:06:42 PM
From: Glenn Petersen	Read Replies (1) of 3602

SEC chief accountant resigns Robert Herdman worked on establishing the agency’s accounting oversight board msnbc.com WASHINGTON, Nov. 8 — The U.S. Securities and Exchange Commission said Friday that its Chief Accountant Robert Herdman resigned, following his boss SEC Chairman Harvey Pitt out the door of the market-regulating agency. “IT IS WITH profound regret that I accepted Robert Herdman’s resignation this afternoon,” said Pitt in a statement. Pitt resigned Tuesday. Pitt’s last day at the agency has not been determined. Herdman and Pitt worked closely together on the establishment of a new U.S. accounting oversight board. It was set up under orders from Congress as part of reform legislation responding to a rash of corporate and accounting scandals. Outgoing SEC chief defends tenure Former FBI chief William Webster was named board chairman after a 3-2 party-line SEC vote on Oct. 25. After the vote, it emerged that Pitt had failed beforehand to tell other SEC commissioners and the White House about information related to Webster’s former work for a company accused of fraud. Herdman was present in a meeting with Pitt and Webster where the former intelligence services chief brought up U.S. Technologies Inc., a small, Washington-based investment company where he was audit committee chairman. Neither Pitt nor Herdman relayed certain issues that Webster said he had described as a “possible problem” to other SEC commissioners or the White House before the crucial vote. SEC and Capitol Hill sources had expected Herdman to quit after Pitt stepped down amid a chorus of calls for his ouster among Democrats in Congress and turmoil within the SEC. In a letter tendering his resignation to Pitt, Herdman wrote, “The commission must make ... important decisions about the implementation of several accounting-related provisions of the Sarbanes-Oxley Act. The objectivity of those decisions will be enhanced if someone other than I functions as the commission’s principal advisor on accounting matters.” © 2002 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters.

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