Word: levitts
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...probe anyway. Bush last month named two other accounting executives to empty seats on the sec: Paul Atkins, a partner with Pricewaterhouse Coopers, and Cynthia Glassman of Ernst & Young. These rookies, like Pitt, face a rough season. "There could be other Enron-like situations out there," says Arthur Levitt, the activist former sec chairman. "Financial legerdemain from seduced audit committees, compromised accountants and inadequate standards could certainly crop up again at other U.S. companies." At the moment, the public's best protection against that sort of surprise is other brave whistle-blowers like Sherron Watkins...
...years ago, Andersen CEO Joseph Berardino, arguing that the Big Five could police themselves, led the squawking that ultimately got former SEC chairman Arthur Levitt to back down from proposals to forbid accounting forms from doing consulting work. When the current scandal first started to bloom, Berardino insisted to Congress that 70-year-old accounting rules don't give auditors the tools to flag the kind of risky behaviors that got Enron in trouble - and that it's the laws governing client disclosure that are toothless, allowing an Enron to hide its shadiest deals from the poor auditors trying...
...going to do the economy? So herewith, 10 resolutions for the new economic year - made on behalf of the people who can actually carry them out. 1. SEC Chairman Harvey Pitt resolves to take the proper lesson from the Enron mess and commission his predecessor, the eternally vigilant Arthur Levitt, to go to work on the rules and strictures of corporate accounting until someone besides corporate accountants can understand them. Don't stop until the field is no longer the wool over investors' (and analysts') eyes that it is today...
...fast enough from his interim job as chief of Salomon Brothers in 1992. So you can see why stumbling CSFB grabbed Mack, whose own record for running a clean ship is pretty much unblemished. Mack was even rumored to be on the short list to succeed Arthur Levitt as head of the Securities and Exchange Commission. He's known for giving egocentric bankers--Quattrone while at Morgan Stanley, for one--the boot rather than caving to princely demands...
Watchdogs barked instantly. "There are so many ways of indirectly compensating analysts for bringing in deals that this is a toothless gesture," says Arthur Levitt, former chairman of the Securities and Exchange Commission. Indeed, the guidelines won't change much--and thus threaten to dupe the next generation of investors, led to believe that analysts will look out for them...