GAO Details Dysfunctional SEC Under Pitt

It may feel to Harvey Pitt that the General Accounting Office is airing his dirty laundry in releasing a report on how he and the agency handled the process to put into place a new accounting oversight board.

The GAO report found that consensus was impossible to reach among the commissioners about how to even organize the appointment process, and got further muddled by communication holes and a breakdown in the vetting process.

It also discovered that the agency’s investigative skills were wholly inadequate and that Pitt tried to micromanage the selection process by deciding not to let other commissioners know of his choices for the oversight board until the morning of the vote to avoid any news leaks.

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