left arrow road sign Bear Left!

Fact of the Week

Fact of the Week

When Harvey Pitt nominated William Webster to be the new head of the Public Companies Accounting Oversight Board, he neglected to tell one thing to his four fellow members of the Securities and Exchange Commission. Judge Webster, contrary to popular belief, was not without experience in overseeing accounting. Rather, he had headed the audit committee of a public company, US Technologies. His oversight, however, in this case seems to have been poor. During his tenure, the audit committee fired the company's auditor, BDO Seidman, which had criticized the company's internal controls. Subsequently, according to suits filed by shareholders, the company's chief executive defrauded the company of millions of dollars.

Sources: New York Times, 31 October 2002.

This week's columns

Pitt Falls and Cowboy Regulation
Paul Corrigan

Harvey Pitt and William Webster personify the disdain of the Bush administration for regulating business.

Honoring Paul Wellstone
Tim Francis-Wright

To truly honor Paul Wellstone, his Democratic colleagues need to let their principles, not political calculation, guide their actions. John Kerry, take note.

Links to the best of the Left on the web

Our favorite resources on the 11 September attacks and their aftermath

Our favorite resources on the potential invasion of Iraq

This Week's Links:

We have lots of information about Enron here! (last updated 20 October 2002)

Check out our Link Library for news, opinion, and just plain interesting stuff!

Bear Left!: link library | archives | privacy statement | about us

"Bear left!"/"Right, Frog!" (Kermit and Fozzie, The Muppet Movie)

Want to reprint a Bear Left! original work? Write us and ask (we don't bite)!

Bear Left! Is © 2002 by Paul Corrigan and Tim Francis-Wright, who produce this as a public service.