Bush SEC appointees face continuing criticism
The forthrightness of Bush appointees continues to be questioned even as Harvey Pitt (finally) leaves according to this New York Times story (registration required):
A large accounting firm released documents today that it said showed that William H. Webster had fired it as the auditor of U.S. Technologies after the firm warned him about financial problems at the company. The accounting firm said the documents challenged Mr. Webster's description of his role at the company.
Mr. Webster, who has been named by the Securities and Exchange Commission to head a new board overseeing the accounting industry, has said he has no recollection of being told of any significant accounting problems before U.S. Technologies dismissed the accounting firm, BDO Seidman, in August 2001.
U.S. Technologies continued to spiral downward before Mr. Webster left his post as a director in July 2002, nearly a year after Seidman was dismissed. The company is now virtually insolvent. Investors have sued it and its chief executive for fraud, and prosecutors are conducting a criminal investigation.
But George W. continues to remain in his own world and suggested at a press conference that all was fine for now until the investigation into Webster came to a conclusion...since Webster is a wonderful admirable public servant:
"First, let's find out what the facts are, so that everybody knows," Mr. Bush said. "That's why they're doing this investigation."