Harvey, it's not good to appoint cronies
Want to restore investor confidence? Don't appoint cronies of the SEC chairman to oversee the corporate oversight board. The BBC's article is far more frank than the cuddly U.S. coverage. Basically, it points to the continuing insider trend on Wall Street, where Chairman Harvey Pitt, a former lobbyist for investment banks, continues to surround himself with friends and supporters. The markets, as dynamic environments, need a leader comfortable with differences of opinion, not Pitt.
William Webster, the former director of the Central Intelligence Agency, has a pretty good rep for reforming fouled institutions. The Washington Post wrote: "over a troubled institution, brought in a full measure of probity and steadiness and largely restored public and congressional confidence in a sensitive agency where the demands of government and individual liberty easily collide."Posted by Mitch Ratcliffe at October 28, 2002 10:23 PM | TrackBack