WASHINGTON — The future of Harvey L. Pitt as chairman of the Securities and Exchange Commission is unclear because of his failure to notify other commissioners or the White House about ties between William H. Webster, the new head of an accounting oversight board, and a company that has been accused of fraud. Administration officials scramble to defuse an awkward political problem two days before Congressional elections.
Mr. Pitt will be dismissed if investigations into his selection of a new accounting oversight board show he failed to act properly, advisers to President Bush said. Mr. Webster has said he told Mr. Pitt of the accusations against the company, before he was selected to be the chairman of the new accounting oversight board.
(via CNN)
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