SEC Chairman Harvey Pitt is once again under fire. This time, he neglected to tell his fellow commissioners that William Webster headed the audit committee of U.S. Technologies when it "voted to dismiss the outside auditors... after those auditors raised concerns about internal financial controls."
U.S. Technologies, now a penny stock, is facing a rash of lawsuits over accounting issues. Webster, meanwhile, was subsequently approved to head up the SEC's newly created oversight board.
Could there be any possible reason Pitt kept quiet about Webster's past?
Top 10 Harvey Pitt Excuses
10. His mouth was full.
9. His pay is tied to the number of negative news stories he generates.
8. Mistook William Webster for former NBA star Marvin "The Human Eraser" Webster.
7. He recused himself from using common sense.
6. He was in the process of ordering an internal investigation into whether he should tell the truth.
5. Buying time to figure out why the SEC has nothing to do with college athletics.
4. Was waiting to mention it the next time someone argued that Webster didn't have enough business experience.
3. Thought it would create enough of a distraction to throw off the scent from his master plan to rule the world. Mwahahahaha!
2. Had to rush home that day to bake cookies for SEC Halloween party.
1. Thought his job description said "lose ethical behavior" instead of "use ethical behavior."