How an Agency You’ve Never Heard of Is Leaving the Economy at Risk

David Hilzenrath and Nicholas Trevino of the Project on Government Oversight have written a monumentally important investigative report on the failure of the agency set up following the Enron/WorldCom/MCI/HealthSouth and other accounting scandals to take exactly the actions it was designed for. There is a long Washington tradition of capture of regulatory agencies by industry,…

How the accounting industry and SEC hobbled America’s audit watchdog

Reuters reports: SEC Chief Accountant James Schnurr, formerly deputy managing partner at the world’s largest accounting firm, Deloitte & Touche, has used his office’s “oversight powers to block, weaken and delay” rules from the Public Company Accounting Oversight Board (PCAOB) the independent agency set up after the Enron era to oversee the accounting firms, according…