Tough warning from head of US watchdog
William Webster, the newly appointed head of the SEC's accountancy oversight committee, has threatened to step down if controversy makes it impossible for him to do his job properly.
In an interview with the Financial Times, Webster said he could not judge ‘if and when such a decision would be made’.
The appointment of the 78-year-old former head of the FBI and CIA has been dogged by controversy since he was elected by a 3-2 vote in the Securities & Exchange Commission.
Webster was backed by embattled SEC chief Harvey Pitt, despite strong opposition by some Democrats. If he were to step down, it would be as serious blow to Pitt and could jeopardise his position at the SEC.
Since his election to the post, it has been revealed that Webster was on the audit committee of US Technologies, which is now facing allegations of financial fraud.
Webster said he knew of no wrong doing at the company and said he would wait for the dust to settle before making a decision.