Effort to Dilute New S.E.C. Rules

"This is very disappointing," said Lynn Turner, a former chief accountant at the commission during the Clinton administration who is now a professor of accounting at Colorado State University. "We've had Enron, Tyco, WorldCom. We've had the most tumultuous year ever in corporate America. And despite all of that, the commission is softening, rather than toughening, the rules in favor of the attorneys and auditors to the great detriment of investors. To me, it's just amazing."

Officials said the provisions had been changed from earlier drafts after meetings with the commissioners, including Harvey L. Pitt, who has remained as chairman of the agency more than two months after announcing his resignation. Last month, President Bush announced his selection of William H. Donaldson to succeed Mr. Pitt, but Mr. Donaldson has yet to be nominated formally for the post.
[more]

  thanks to Argonist

What a joke. Bush gets all the good press about doing something for the economy by getting rid of Pitt without actually getting rid of him. A con game, pure and simple.