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Pitt: The resignation letter

Harvey Pitt, the controversial head of US financial watchdog the Securities and Exchange Commission has resigned from his post. This is his letter to president George Bush.

Link: SEC chief Harvey Pitt resigns

and SEC in crisis

My dear Mr President,

It is with deep regret that I have decided to tender my resignation to you as chairman, and a member, of the Securities and Exchange Commission, effective as soon as I can help your staff ensure a smooth transition of leadership.

Unfortunately, the turmoil surrounding my chairmanship and the agency makes it very difficult for the Commissioners and dedicated SEC staffers to perform their critical assignments. Rather than be a burden to you or the agency, I feel it is in everyone’s best interest if I step aside now, to allow the agency to continue the important efforts we have started.

It has been a sincere pleasure to serve under you. I know the country is in excellent hands, and you have my continuing admiration, respect, affection and support.Sincerely,Harvey L Pitt

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