Pitt: All eyes turn on Webster
Following the resignation of SEC chairman Harvey Pitt, attention will now focus on the new chairman of the US accounting oversight board William Webster.
Pitt resigned following intense pressure over the way in which Webster was appointed, amid allegations that crucial information was withheld over Webster’s background.
Webster himself was reported to have said at the weekend that he would be prepared to stand down following the US mid-term elections, which took place yesterday.
Controversy surrounded his appointment after it emerged Pitt had failed to mention that Webster recently served as a director and head of the audit committee of US Technologies, a failing company being sued by shareholders who say they were defrauded out of millions of dollars.