Harvey Pitt:

You've no doubt read the stories about Pitt's failure to notify the SEC commissioners about William Webster's involvement with U.S. Technologies (Rittenhouse, Krugman). But here's an interesting angle found in the Financial Times story:

Mr Bush has stood by the SEC chairman. One former official who advises the White House and US Treasury, said on Thursday: "The Bush people do not want to replace him but they worry they will have no choice. There are some heavy contributors who are really angry and some people who support Harvey . . . on a technical basis now worry about him stylistically."
[emphasis added]

Who are these "heavy contributors"?

UPDATE:

From the Wall Street Journal:

As Pitt launches SEC probe of himself, criticism mounts

Nov 1, 2002, (Wall Street Journal /FT Information via COMTEX) --Securities and Exchange Commission chairman Harvey Pitt has sought an internal investigation by the agency's inspector general into the appointment of ex-Federal Bureau of Investigation Director William Webster as chairman of the new accounting oversight panel. The request for a probe comes after a report from The New York Times revealed that Mr. Pitt knew about Mr. Webster's audit committee work for U.S. Technologies, an investment company facing lawsuits for alleged fraud and improper accounting, but did not inform the Bush administration and other SEC members. Mr. Pitt said that his critics were only trying to gain political mileage prior to next week's elections.

[emphasis added]

posted by Quiddity at 11/01/2002 01:14:00 AM