Monday, October 28, 2002

Pitt must go. Never mind that he should have never been appointed in the first place. But now there is no doubt that he must go. The sooner, the better.

So it's not a small matter that Sarbanes has now gone personal and public, demanding the resignation of Harvey Pitt, the chairman of the Securities and Exchange Commission. Other senators, who weigh their words less cautiously, called for Pitt's resignation long ago. But Sarbanes only says such things when the case becomes overwhelming.

This, unfortunately, is a fair way to describe the case against Pitt after last week's astonishing performance. In his bungled effort to implement the post-Enron accounting reform, Pitt has not merely been incompetent. He has not merely bowed to the accounting lobbyists whom he is meant to regulate. He has been very nearly dishonest.

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