WASHINGTON — Harvey L. Pitt resigned tonight as the chairman of Securities and Exchange Commission because of the political scandal over his selection of William H. Webster, the new accounting board chairman. Mr. Pitt’s latest difficulties began last Thursday with the disclosure that he had failed to notify the White House and other commissioners about ties between Mr. Webster and a company that had been accused of fraud.
“Unfortunately, the turmoil surrounding my chairmanship and the agency makes it very difficult for the commissioners and dedicated S.E.C. staffers to perform their critical assignments,” Mr. Pitt said in a letter to President Bush. “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.
Administration officials said tonight that President Bush had not requested Mr. Pitt’s resignation. Mr. Pitt resigned just before 9 o’clock as polls were closing nationwide.
(via New York Times)
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