Harvey Pitt
Harvey L. Pitt | |
---|---|
26th Chairman of the Securities and Exchange Commission | |
In office August 3, 2001 – February 18, 2003 | |
President | George W. Bush |
Preceded by | Arthur Levitt |
Succeeded by | William H. Donaldson |
Personal details | |
Born | New York City, New York, U.S. | February 28, 1945
Died | May 30, 2023 St. John's University (JD ) | (aged 78)
Harvey L. Pitt (February 28, 1945 – May 30, 2023) was an American lawyer. He served as the 26th chairman of the U.S. Securities and Exchange Commission (SEC) for 18 months from August 2001 to February 2003, a period that encompassed the September 11 attacks and the Enron scandal.
Born in Brooklyn, New York, Pitt graduated from
During his tenure at the SEC, he was lauded by some for his response to the 9/11 attacks, and for crafting a new rule requiring large company executives to personally certify their company's financial results. However, he was criticized for requesting that his pay be increased and his job as SEC chairman be elevated to
Early life and education
Pitt was born in
Career at SEC
From 1968 to 1978, Pitt served on the staff of the
Accomplishments
As the 26th Chairman of the SEC, succeeding
Criticism
This article's "criticism" or "controversy" section may compromise the article's neutrality. (June 2023) |
In July 2002,
Pitt became the target of criticism when, following his vow to the accounting industry in his first speech as SEC chairman to make the SEC a "kinder and gentler place for accountants," the Enron scandal broke out on his watch, and was accused of being too slow to react to corporate scandals and market turmoil.[33][34][25] Democrats alleged that he was too close to the accounting industry, and that he subverted efforts to tighten regulation in the wake of the Enron scandal and other cases of corporate malfeasance.[35][36][37][38][39] He also raised concerns when he met privately with former clients of his while they were subjects of SEC investigations, and regularly remained in the room for SEC discussions of matters involving his former clients.”[40][41]
In October 2002 Senate majority leader Daschle and
Later in October 2002, Pitt attempted to appoint as head of the new accounting oversight board 78-year-old
When Pitt reacted by saying his own agency would investigate his appointment of Webster, economist
Resignation
Pitt abruptly resigned from the SEC under pressure after the polls closed on election night, on November 5, 2002, after what The New York Times called "a political firestorm over his selection of the head of a new board overseeing the accounting profession", which led to four investigations of his actions. Harvey Pitt may be gone, but what he left undone can’t be forgotten. The perpetually embattled chairman of the Securities and Exchange Commission resigned on Election Night after 15 tumultuous months in office. Criticized for being too close to his former Wall Street clients, unable to build consensus, and arrogant to boot, he finally succumbed to criticism over his selection of William Webster to head the Public Company Accounting Oversight Board.[26][16]
Pitt was just the second SEC Chairman to resign abruptly as a result of political turmoil.
When Pitt was asked in 2005 if he believed he could have left the SEC on a better note if he had stayed longer, he replied: "I feel I left on a very high note."[57]
Later life
Pitt was a columnist with Compliance Week.[58]
Pitt also served later in his career as an
Pitt died on May 30, 2023, at the age of 78.[4][65][66]
References
- ^ http://www.sechistorical.org.
{{cite web}}
: Missing or empty|title=
(help) - ^ Copeland, Rob (June 2, 2023). "Harvey Pitt, S.E.C. Chair Who Resigned Amid Scandals, Dies at 78 - The New York Times". The New York Times. Retrieved June 4, 2023.
- ^ a b "The scapegoating of Harvey Pitt". Institutional Investor. July 31, 2002. Retrieved June 2, 2023.
- ^ a b Maurer, Mark; Vanderford, Richard (May 31, 2023). "Harvey Pitt, SEC Chairman During 9/11 and Enron Meltdown, Dies at 78". The Wall Street Journal.
- ^ a b Editorial Staff (July 31, 2001). "The SEC's New Pit Bull: But Religious Right' Want Another Chairman". Traders Magazine. Retrieved April 22, 2020.
- ^ "Harvey Pitt '65". Brooklyn College Foundation. Retrieved April 22, 2020.
- ^ "Harvey Pitt". Brooklyn College. Retrieved April 22, 2020.
- ^ "Harvey L. Pitt". ASECA. Retrieved April 22, 2020.
- ^ "Former SEC chair says recession has begun".
- ^ ISSN 0362-4331. Retrieved April 22, 2020.
- ^ a b Labaton, Stephen (November 10, 2002). "Praise to Scorn: Mercurial Ride Of S.E.C. Chief". The New York Times.
- ^ a b c d Henriques, Diana B. (November 3, 2002). "Tests Await Blunt Chairman of S.E.C." The New York Times.
- ^ Labaton, Stephen (May 3, 2002). "S.E.C.'s Leader Evolves Slowly In a Climate Enron Altered". The New York Times.
- ISSN 0099-9660. Retrieved April 22, 2020.
- ISBN 978-1-78714-701-0.
- ^ a b Alix Stuart (December 2002). "Hello, I Must Be Going," CFO.
- ^ a b Jeanne Cummings, Yochi Dreazen, and Michael Schroeder (November 6, 2002). "SEC Chairman Pitt Resigns Amid Webster Controversy; The Embattled Chief's Missteps Left Him With Few Allies; Fury Inside White House," The Wall Street Journal.
- ^ a b Dan Ackman (November 6, 2002). "Pitt Goes Quietly In A Loud Night," Forbes.
- ^ Vise, David A. (November 9, 2002). "Resentful Pitt Can't See What Went Wrong". The Washington Post. Retrieved June 2, 2023.
- ^ Labaton, Stephen (September 14, 2001). "After the Attacks: The Regulator; In Eye of Storm, A Voice of Calm from Washington". The New York Times.
- ^ Labaton, Stephen (August 18, 2002). "Private Sector; Pitt's Rules: Lawyers Out, Bartenders In". The New York Times.
- ^ For a description of the SEC’s "real time" enforcement policy, see S. Cutler, "Remarks at the Glasser LegalWorks 20th Annual Federal Securities Institute" (February 15, 2002), available at Speech by SEC Staff.
- ^ Pub. L. 107-204, 116 Stat. 745 (July 30, 2002).
- ^ a b Stephen Labaton (July 25, 2002). "S.E.C. Chief Draws Ridicule In Quest for Higher Status," The New York Times.
- ^ a b c d Labaton, Stephen (October 9, 2002). "Top Democrats and White House Battle Over S.E.C. Chairman". The New York Times.
- ^ a b c Stephen Labaton (November 6, 2002). "S.E.C.'s Embattled Chief Resigns In Wake of Latest Political Storm," The New York Times.
- ^ "SEC Chairman Harvey Pitt shows a tin ear," Houston Chronicle, July 25, 2002.
- ^ "Lawmakers blast Pitt's pay request". Chron. July 25, 2002.
- ^ York, New (May 9, 2002). "Sec Strengthens Stock-Analyst Rules – Orlando Sentinel". Orlandosentinel.com. Retrieved June 4, 2023.
- ^ "Harvey Pitt's Credibility". Wall Street Journal. May 8, 2002.
- ^ Karen Tumulty With reporting by Michael Duffy/Washington. "Is Pitt's SEC a toothless watchdog? - July 1, 2002". CNN.com. Retrieved June 4, 2023.
- ^ Keller, Bill (July 27, 2002). "Opinion | The Sunny Side of the Street". The New York Times.
- ^ Day, Kathleen (July 25, 2002). "Harvey Pitt Raises A Promotion Commotion". The Washington Post. Retrieved June 4, 2023.
- ^ a b Chicago Tribune•Nov 02, 2002 at 12:00 am (November 2, 2002). "Pitt's radioactive touch". Chicagotribune.com. Retrieved June 4, 2023.
{{cite web}}
: CS1 maint: numeric names: authors list (link) - ^ Milbank, Dana (July 11, 2002). "SEC Chairman Pitt A Potential Liability To Administration; Bush Defends Regulator From Critics". The Washington Post. p. A6.
- ^ a b Jerry W Markham (2005). A Financial History of Modern U.S. Corporate Scandals: From Enron to Reform., Taylor & Francis.
- ^ Curtis J. Milhaupt, Katharina Pistor (2008). Law & Capitalism: What Corporate Crises Reveal about Legal Systems and Economic Development around the World
- ^ Charles Gasparino, Susan Pulliam, and Michael Schroeder (January 17, 2002). "Critics Want SEC Chairman Pitt To Step Away From Enron Probe," The Wall Street Journal.
- ^ "Firing offense", Center for Security Policy, November 4, 2002.
- ^ "Harvey Pitt Glance". Midland Daily News. Associated Press. November 6, 2002.
- ^ Chris Suellentrop (July 5, 2002). "SEC chairman Harvey Pitt: Why the accounting scandals aren't his fault". Slate. Slate.com. Retrieved June 4, 2023.
- ^ Berenson, Alex (November 10, 2002). "The Nation; Policing the Unpoliceable". The New York Times.
- ^ Labaton, Stephen (November 2, 2002). "SENIOR REPUBLICAN JOINS IN CRITICISM OF S.E.C. CHAIRMAN". The New York Times.
- ^ a b Bill Saporito (November 5, 2002). "Harvey's Pittfalls," TIME.
- ^ a b Krugman, Paul (November 1, 2002). "Opinion | The Pitt Principle". The New York Times.
- ^ a b Knowlton, Brian; Tribune, International Herald (November 13, 2002). "Accounting watchdog departs under a cloud: Webster ends a rocky term". The New York Times.
- ISBN 9781594200038.
- ^ a b Andrejczak, Rex Nutting, Matt (November 6, 2002). "SEC chief Pitt resigns under fire". MarketWatch.
{{cite web}}
: CS1 maint: multiple names: authors list (link) - ^ Thomas S. Mulligan (December 20, 2002). "GAO Report Finds SEC Failures," Los Angeles Times.
- ^ Cosgrove, Bootie (November 6, 2002). "Harvey Pitt Hangs It Up At The SEC". CBS News. Retrieved June 4, 2023.
- ^ a b "Opinion | Mr. Pitt's Belated Departure". The New York Times. November 7, 2002.
- ^ Labaton, Stephen (November 7, 2002). "Pitt's Timing Throws S.E.C. Into Reverse". The New York Times.
- ^ Safire, William (December 23, 2002). "Opinion | Resigned To Quit". The New York Times.
- ^ "Harvey Pitt Flees S.E.C." Observer. November 11, 2002. Retrieved June 4, 2023.
- ^ Daniel Gross (November 1, 2002). "The Pitt; Why SEC Chairman Harvey Pitt has failed," Slate.
- ISBN 9780307431547.
- ^ Pender, Kathleen (June 7, 2005). "Ex-SEC chief tells it his way". SFGATE.
- ^ "Former SEC Chair Harvey Pitt dead at 78". Compliance Week.
- ^ "Harvey Pitt - Chief Executive Officer". Kalorama Partners, LLP. Archived from the original on January 20, 2012. Retrieved January 27, 2012.
- ^ "Former SEC chief Harvey Pitt dies at 78". Reuters. May 31, 2023.
- ^ Debra Cassens Weiss (March 2, 2011). "Ex-SEC Leader Walks Out on Deposition; Judge Will Consider Requiring Him to Testify". ABA Journal.
- ^ Zoe Tillman (March 4, 2011). "Judge strikes former SEC head as expert witness in Fannie Mae securities fraud case". The BLT: The Blog of Legal Times.
- ^ Zoe Tillman (March 2, 2011). "Former SEC Head Walked Out on Fannie Mae Deposition". The Blog of Legal Times.
- ^ "Meorandum and Order". In Re FANNIE MAE SECURITIES LITIGATION. United States District Court, District of Columbia. March 7, 2011.
- ^ "Former SEC chief Harvey Pitt dies at 78". Reuters. May 31, 2023. Retrieved May 31, 2023.
- ^ Oster, Patrick (May 31, 2023). "Harvey Pitt, SEC Chairman for Intense 18 Months, Dies at 78". Bloomberg News. Retrieved June 2, 2023.