The new head of the accounting oversight board, William Webster, was on the board and was head of the audit committee for a company which defrauded its investors of millions of dollars. He fired the outside auditors who discovered the problem. He quit after he lost his liability insurance against investor lawsuits. [
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The chairman of the SEC, Harvey Pitt, knew of this but did not tell the other commissioners who appointed Webster last week.
People excuse Bush for the bad economy by asking, what can he do about it? Well, here's your answer.
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