Harvey Pitt
Encyclopedia
Harvey Pitt was the 26th chairman of the U.S. Securities and Exchange Commission (SEC), serving from 2001-2003. He led the SEC in restoring the U.S. securities markets to full operations after the terrorist attacks of September 11, 2001, instituted a policy of "real time enforcement" to make the SEC's enforcement efforts more effective, and led the SEC in the adoption of dozens of rules to implement the Sarbanes-Oxley Act
.
He worked to reconcile the demands of accountants, financial services firms, public companies, institutional shareholders, legislators and stockholders with such legislation as the Sarbanes-Oxley Act
. Prior to that he was a partner of a Washington, DC law firm and was widely considered one of the preeminent experts in his field.
Pitt graduated from Stuyvesant High School
in 1961, Brooklyn College
with a bachelor's degree in 1965, and from St. John's University School of Law with a JD
degree in 1968. From 1968 to 1978, he served on the staff of the SEC, eventually becoming the agency's youngest-ever General Counsel in 1975, aged 30.
Pitt received an honorary LL.D. degree from St. John's University School of Law in 2002, and received the President's Medal of Distinction from the President of Brooklyn College
in 2003.
He is the father of four, a columnist
with Compliance Week
, and a speaker and regular commentator in webcast
s and television
interviews on financial matters.
broke out on his watch. Democrats alleged that he was too close to the accounting industry and that he subverted efforts to tighten regulation in the wake of the Enron
scandal and other cases of corporate malfeasance. Pitt resigned after attempting to appoint a board member (William Hedgcock Webster - former FBI and CIA Director) from a company under SEC investigation to head a commission overseeing the accounting industry. The GAO later cleared Pitt.
Pitt was involved in helping various short-sellers actively prevent banks from helping homeowners avoid foreclosure, so that the short-sellers could profit from the housing crash.
Sarbanes-Oxley Act
The Sarbanes–Oxley Act of 2002 , also known as the 'Public Company Accounting Reform and Investor Protection Act' and 'Corporate and Auditing Accountability and Responsibility Act' and commonly called Sarbanes–Oxley, Sarbox or SOX, is a United States federal law enacted on July 30, 2002, which...
.
History
He helped restoring the markets to full operation after the terrorist attacks of September 11, 2001, for which he was widely praisedHe worked to reconcile the demands of accountants, financial services firms, public companies, institutional shareholders, legislators and stockholders with such legislation as the Sarbanes-Oxley Act
Sarbanes-Oxley Act
The Sarbanes–Oxley Act of 2002 , also known as the 'Public Company Accounting Reform and Investor Protection Act' and 'Corporate and Auditing Accountability and Responsibility Act' and commonly called Sarbanes–Oxley, Sarbox or SOX, is a United States federal law enacted on July 30, 2002, which...
. Prior to that he was a partner of a Washington, DC law firm and was widely considered one of the preeminent experts in his field.
Pitt graduated from Stuyvesant High School
Stuyvesant High School
Stuyvesant High School , commonly referred to as Stuy , is a New York City public high school that specializes in mathematics and science. The school opened in 1904 on Manhattan's East Side and moved to a new building in Battery Park City in 1992. Stuyvesant is noted for its strong academic...
in 1961, Brooklyn College
Brooklyn College
Brooklyn College is a senior college of the City University of New York, located in Brooklyn, New York, United States.Established in 1930 by the New York City Board of Higher Education, the College had its beginnings as the Downtown Brooklyn branches of Hunter College and the City College of New...
with a bachelor's degree in 1965, and from St. John's University School of Law with a JD
Juris Doctor
Juris Doctor is a professional doctorate and first professional graduate degree in law.The degree was first awarded by Harvard University in the United States in the late 19th century and was created as a modern version of the old European doctor of law degree Juris Doctor (see etymology and...
degree in 1968. From 1968 to 1978, he served on the staff of the SEC, eventually becoming the agency's youngest-ever General Counsel in 1975, aged 30.
Pitt received an honorary LL.D. degree from St. John's University School of Law in 2002, and received the President's Medal of Distinction from the President of Brooklyn College
Brooklyn College
Brooklyn College is a senior college of the City University of New York, located in Brooklyn, New York, United States.Established in 1930 by the New York City Board of Higher Education, the College had its beginnings as the Downtown Brooklyn branches of Hunter College and the City College of New...
in 2003.
He is the father of four, a columnist
Columnist
A columnist is a journalist who writes for publication in a series, creating an article that usually offers commentary and opinions. Columns appear in newspapers, magazines and other publications, including blogs....
with Compliance Week
Compliance Week
Compliance Week is the leading information service on corporate governance, risk and compliance that features weekly electronic newsletters, a monthly print magazine, proprietary databases, industry-leading events, Compliance Week Jobs, and a variety of interactive features and forums.Anchored by...
, and a speaker and regular commentator in webcast
Webcast
A webcast is a media presentation distributed over the Internet using streaming media technology to distribute a single content source to many simultaneous listeners/viewers. A webcast may either be distributed live or on demand...
s and television
Television
Television is a telecommunication medium for transmitting and receiving moving images that can be monochrome or colored, with accompanying sound...
interviews on financial matters.
Criticism
Pitt became the target of criticism when the Enron scandalEnron scandal
The Enron scandal, revealed in October 2001, eventually led to the bankruptcy of the Enron Corporation, an American energy company based in Houston, Texas, and the dissolution of Arthur Andersen, which was one of the five largest audit and accountancy partnerships in the world...
broke out on his watch. Democrats alleged that he was too close to the accounting industry and that he subverted efforts to tighten regulation in the wake of the Enron
Enron
Enron Corporation was an American energy, commodities, and services company based in Houston, Texas. Before its bankruptcy on December 2, 2001, Enron employed approximately 22,000 staff and was one of the world's leading electricity, natural gas, communications, and pulp and paper companies, with...
scandal and other cases of corporate malfeasance. Pitt resigned after attempting to appoint a board member (William Hedgcock Webster - former FBI and CIA Director) from a company under SEC investigation to head a commission overseeing the accounting industry. The GAO later cleared Pitt.
Pitt was involved in helping various short-sellers actively prevent banks from helping homeowners avoid foreclosure, so that the short-sellers could profit from the housing crash.
Other
- He was a founder and first president of the SEC Historical Society.
- He is now the Chief Executive Officer of the strategic consulting firm, Kalorama Partners, LLC.