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Non-Tech : The Enron Scandal - Unmoderated
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To: Glenn Petersen who wrote (2540)11/12/2002 2:51:10 PM
From: Glenn Petersen  Read Replies (1) of 3602
 
Accounting Board Chief Webster Steps Down

15 minutes ago

rd.yahoo.com*http://story.news.yahoo.com/news?tmpl=story2&cid=568&ncid=749&e=1&u=/nm/20021112/bs_nm/accounting_board_webster_dc

WASHINGTON (Reuters) - Former FBI (news - web sites) chief William Webster has submitted his resignation as chairman of a new U.S. board set up to police scandal-tarred corporate accountants, amid controversy over his ties to a company accused of fraud, said congressional sources on Tuesday.

Securities and Exchange Commission (news - web sites) spokeswoman Christi Harlan said she could not confirm or deny whether the 78-year-old ex-federal judge had stepped down. Webster could not be reached at his office in Washington.

His departure leaves the Public Company Accounting Oversight Board leaderless, less than three weeks after it was set up by the SEC. Congress ordered the creation of the board to crack down on auditors and bolster investor confidence following a slew of corporate scandals that began last fall with the collapse of Enron Corp. (Other OTC:ENRNQ - news).

SEC Chairman Harvey Pitt and SEC Chief Accountant Robert Herdman resigned last week. They had backed Webster for the accounting board job. But they failed to tell SEC commissioners and the White House of information related to Webster's former role as audit committee chairman at U.S. Technologies Inc. (OTC BB:USXX.OB - news), a small Washington-based company accused of fraud.
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