POST OF THE DAY
Berkshire Hathaway
Move Over John Biggs...

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By cnaylor
October 24, 2002

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WSJ is reporting that William H. Webster is now the leading candidate to head the new accounting oversight board. Apparently he's seen as an appropriate compromise after the candidacy of John Biggs was scuttled by political concerns that he'd actually <gasp!> enact reforms.

The Consumer Federation of America has issued a statement questioning Webster's financial credentials and his commitment to real reform and asking him to withdraw his candidacy. This seems warranted when you look at his resume. Since 1991 he has been a partner at the Washington office of Milbank, Tweed, Hadley & McCloy where he specialized in international corporate, banking and administrative law practices. Prior to that he was head of both the FBI (1978-87) and CIA (1987-91) Prior to those posts he held various judgeships and practiced law in St. Louis. So let's see - he has no special financial or accounting expertise, strong connections to Washington and now he works on behalf of corporate America. Yup, we should be seeing some real changes any day now. Good thing too - I was starting to think that the concerns of investors weren't being taken seriously.


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