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Harvey L. Pitt


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Third-Party Descriptions

June 2009: 'Some observers remain keenly skeptical of the administration's efforts. Influential bank analyst Richard Bove of Rochedale Securities believes the Obama rules will only add costs to the system and will not lead to more effective oversight. After all, a regulatory framework is already in place, Bove says, but the political will to enforce it has been absent -- and that's just the way Washington wants it. Indeed, the only truly aggressive SEC director since the Kennedy administration was Harvey Pitt, Bove says. "[And] when he got religion about regulation, he got removed."'

http://www.smartmoney.com/investing/economy/new-rules-of-regulation-what-it-means-for-you/

January 2002: 'We simply cannot afford a system like the present one that facilitates failure rather than success,' SEC Chairman Harvey L. Pitt said, noting a pattern of increasingly frequent corrections to corporate earnings reports and massive investor losses, punctuated most recently by the bankruptcy of Enron Corp.

http://www.washingtonpost.com/wp-dyn/articles/A64561-2002Jan17.html

January 2002: Harvey Pitt, the new chairman of the Securities and Exchange Commission, made his reputation as a lawyer who represented accounting firms — including Andersen — in struggles to maintain auditor independence. Now we've seen what Andersen did with that independence.

http://www.nytimes.com/2002/01/18/opinion/18KRUG.html

January 2002: In outlining his proposal today, Harvey L. Pitt, the S.E.C. chairman, said that antiquated rules on corporate disclosure and accounting ethics had allowed investors to suffer from a number of auditing lapses over the last decade. These rules, he said, must be revised.

http://www.nytimes.com/2002/01/18/business/18ENRO.html

Relationships

RoleNameTypeLast Updated
Organization Head/Leader (past or present) Securities and Exchange Commission (SEC) Organization

Articles and Resources

Date Fairness.com Resource Read it at:
Jun 17, 2009 New Regulation Rules: Their Impact on You

QUOTE: More Capital Reserves…but Less Stability....Hedging in the Hedge Funds....Mortgage Makeover … or Just More Risk....

 Smart Money
Aug 09, 2002 Old Investments Pose Ethics Issue At SEC

QUOTE: ...some observers have called on commissioners to go further to avoid the appearance of conflicts. SEC members should recuse themselves from cases involving companies in which they once invested...

 Washington Post
Aug 01, 2002 U.S. Opens Criminal AOL Probe:justice Dept. to Focus On Unusual Accounting

QUOTE: The U.S. Justice Department has opened a criminal investigation into the accounting practices of AOL Time Warner Inc...

 Washington Post
Jul 15, 2002 S.E.C. Chief Rejects Calls for His Resignation

QUOTE: Harvey L. Pitt...said today that he would not resign despite calls for him to do so by lawmakers who say he has been lax in enforcing commission rules and shares responsibility for the nation's corporate accounting scandals.

 New York Times
Jul 13, 2002 Just a Few Rotten Apples? Better Audit Those Books

QUOTE: In 2001, 270 public companies restated the numbers in their financial statements...Those numbers prove that there are more than the "few bad apples" in the orchard that President Bush would have us believe...

 Washington Post
Jul 11, 2002 Taking Aim At Harvey Pitt

QUOTE: Pitt has become a Beltway target because he's now a symbol for the administration's coziness with big business...

 Washington Post
Jul 02, 2002 Everyone is Outraged

QUOTE: But Mr. Bush and Mr. Pitt say they are outraged about WorldCom....As the Web site dailyenron.com put it, last week "the foxes assured Americans that they are hot on the trail of those missing chickens."

 New York Times
Jun 12, 2002 SEC Tightens CEO Accountability

QUOTE: ...require chief executives and chief financial officers of public companies to verify that they have read their company's quarterly and annual reports and that the reports give a complete and accurate account...

 Washington Post
May 01, 2002 States Pressing Analyst Probe: Securities Firms Fear Patchwork of Rules, Back SEC Investigation

QUOTE: State regulators are moving ahead with a coordinated investigation of conflicts of interest among stock analysts on Wall Street, sources said yesterday, to the dismay of the securities industry, which is backing a Securities and Exchange Commission-led probe of the issue.

 Washington Post
Jan 23, 2002 Doing a Number On Reforms: Accountants Thwarted Change With Lobbying, Stall-and-Study Tactics

QUOTE: For decades, as one financial calamity after another focused anger and blame on the auditors, the nation's big accounting firms effectively resisted efforts to impose stricter federal oversight.

 Washington Post
Jan 18, 2002 SEC Seeks Reform of Auditor Controls: Battered Enron Fires Accounting Firm

QUOTE: [Harvey L.] Pitt said the heart of his plan is "a tough, no-nonsense" disciplinary body. The new oversight board would be funded by the private sector but kept separate from the American Institute of Certified Public Accountants (AICPA), a lobbying and trade group that has long been responsible for professional discipline.

 Washington Post
Jan 18, 2002 A System Corrupted

QUOTE: Enron's byzantine network of 3,000 subsidiaries and partnerships — one for every seven employees — made a mockery both of accounting rules and of rules against insider trading.

 New York Times
Jan 18, 2002 S.E.C. Leader Sees Outside Monitors for Auditing Firms

QUOTE: ...the head of the Securities and Exchange Commission proposed today that the accounting industry should be policed by a group dominated by outside experts instead of policing itself.

 New York Times