The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

SEC Chairman and former corporate lawyer Harvey Pitt promises to get tough on corporate crime

Jul 22, 2002

Harvey Pitt, the chairman of the Securities and Exchange Commission recently pledged to aggressively enforce the regulations and laws against corruption in corporate financing and accounting. Pitt is a lawyer who previously represented some of the same corrupt corporations, accounting firms, stock brokerages and exchanges.

But don’t worry. Pitt says that after August 3, one year from the date he became SEC chairman, he will no longer have to step aside from investigations involving his former legal clients. He promises to be merciless in his prosecution of wrongdoing.

It’s like the fox promising to guard the chicken coop – at a time when dead chickens are already lying all over the place.