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Pitt Seeks Raise and Promotion

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By Selena Maranjian (TMF Selena)
July 26, 2002

Securities and Exchange Commission Chairman Harvey Pitt, who has been facing calls for his resignation due to his close ties to many of the companies he's expected to investigate, has made some bold new requests.

The chief has asked for a 20% raise, from $138,200 to $166,700. More significantly, he's seeking the elevation of his position to a cabinet-level one. As The New York Times notes (free registration required), this would put him on par with the secretary of state and attorney general, and higher in rank than the CIA director and all the civilian heads of the various branches of the armed services.

Pitt is trying to get this promotion added to a reform bill moving through Congress, arguing that the SEC's importance warrants it.

These requests do make a Fool wonder about a few things, though. Pitt is reported to have earned in the neighborhood of several million dollars annually before coming to the SEC Will his requested raise really make a difference to him? More disconcerting is the degree to which this issue might distract from more pressing SEC duties. SEC Director of Communications Brian Gross told The New York Times, "The markets are a little bit flustered."

Gee, you think?

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