Dear Harvey Pitt,
I’m a conservative. I’m a Bush backer. I also think your predecessor, Arthur Leavitt, was far and away the best appointment of the Clinton Administration.
When all the kneejerk liberals were saying that you were just a lacky to to the accounting industry lobby, I was willing to give you the benefit of the doubt. After all, EVERYONE qualified for the position has a background doing something or other.
When your critics were slamming you for being soft on anti-fraud enforcement, I was out there publicly pointing out that your department had brought more disciplinary actions since your appointment than chairman Leavitt’s had brought in a comparable period the year before.
When your critics, including my editor, were deriding you as a buffoon, I was defending you as “professionally cagey.”
But now, you’ve gone and done this:
http://www.nytimes.com/2002/10/26/business/26ACCO.html
Now, let me give you a little background here:
Barton Biggs is the chairman of TIAA-CREF, one of the largest (if not THE largest) pension fund companies in the country. He is one of the leading exerts in the nation on accounting issues, and has been called to testify before congress on that very topic.
He has been a tireless shareholder advocate for years, and a vocal proponent of truth and simplicity in annual reports.
He is respected by professionals throughout the investment industry, respected by investors, and respected by journalists.
In short, you couldn’t ASK for a more ideal candidate for the chairmanship of the accounting oversight board.
Biggs is available.
Biggs wants the job.
And although your press office denied it to me last month when I called to confirm the New York Times report that you had offered him the job,you’ve got two witnesses, Biggs and another member of your commission, who are on the record saying you unambiguously promised him your support.
So, apparently, you reneged on your promise to Biggs, and instead selected WILLIAM FUCKING WEBSTER???
(note: Webster’s the former head of the FBI and the CIA. By his own admission, he has no recent experience with issues in the accounting industry.)
No disrespect to Webster–he’s a fine public servant. But he’s also one who admits that he doesn’t have a background in accounting, and this is a highly technical subject matter.
Well, Mr. Pitt, here’s a formal invitation from a Bush backer to step down for the good of the country.
I no longer have confidence in your independence or your competence as a public administrator. If you don’t step down, I hope President Bush can eat a little crow and remove you, so you can go back to being an accounting industry lobby hatchet man and go back to making the big bucks. You aren’t cut out for this job.
And as for the press office guy whom you apparently used to lie to me, I hope he has the balls to resign in protest, as well. Because when he comes back to work on monday, he’s going to get an earful from me.
As for the two sitting Democrats on the SEC, I would also understand if they resigned in protest, as well. But I don’t want them to, for the simple reason that I, a guy who is personally rooting for a Republican takeover of the senate, simply do not trust Republicans with the SEC anymore. Especially with you at the helm.
I yield back the balance of my conniption fit.