Former SEC Chief Pitt Forms Consulting Practice

While the accounting industry continues to the pick up the pieces after last year’s corporate scandals, the former head of the Securities and Exchange Commission is doing the same thing. This week Harvey Pitt announced the formation of his own consulting firm - Kalorama Partners - to help domestic and international firms navigate their way through the new sea of SEC regulations.

Ethics rules will keep Pitt, 58, a prominent securities attorney, from representing clients before the SEC, but Mr. Pitt believes that helping clients deal with regulations, new accounting rules and crises will keep the firm busy. Kalorama Partners was named for a Washington, D.C. neighborhood.

"I think we are willing to provide what I hope will be very constructive consulting services," Mr. Pitt told The Washington Post.

A number of political missteps precipitated Mr. Pitt’s November resignation as SEC chair. The controversy centered on the events leading up to the appointment - and subsequent resignation - of William Webster as Chairman of the Public Company Accounting Oversight Board. Mr. Pitt resigned on Election Day after being widely blamed for forcing the other SEC Commissioners to vote on Mr. Webster's candidacy without knowing vital information about his background. The Commissioners later learned of an accounting-related lawsuit involving actions taken against US Technologies for which Mr. Webster served as audit committee chairman. Calls for Mr. Pitt's resignation escalated after Mr. Webster told the media he had alerted Mr. Pitt to the lawsuit prior to his appointment. Mr. Pitt was later cleared of most of the responsibility for the incident.

Mr. Pitt joined the SEC as general counsel in 1975. He was a founding trustee and president of the SEC Historical Society and was involved with various bar and continuing legal education activities in the area of securities law. In 1978, he left the SEC general counsel’s office and began 25 years of successful private practice, representing the New York Stock Exchange, all the major accounting firms and many brokerage firms before he was appointed the 26th SEC chairman by President Bush in August of 2001.

You may like these other stories...

Here's a CPA who truly walks the walk. On March 15, Frank Ryan, CPA, departed San Diego, California, with plans to be in Ocean City, Maryland, by July 2 to teach a course at the Maryland Association of CPAs’ (MACPA...
When Theodore J. Flynn first joined the Massachusetts Society of CPAs (MSCPA) in 1970, it was a different world and a different profession.  The "Big Eight" were still headquartered in Boston. Vietnam War...
Accountant Rickey Charles Goodrich had it a little too good. Many bean counters would kill to serve as financial guru to the likes of Pearl Jam. Goodrich was hired in 2005, and the following year, he became the CFO of Curtis...

Already a member? log in here.

Upcoming CPE Webinars

Sep 18
In this course, Amber Setter will shine the light on different types of leadership behavior- an integral part of everyone's career.
Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.