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Volcker Turns Down Accounting Oversight Post Sept. 13, 2002 Paul A. Volcker, former Federal Reserve Chairman, has turned down an opportunity to lead the new accounting oversight board that was enacted by Congress, according to sources familiar with the matter, the Washington Post reported. Volcker, 75, was the Securities and Exchange Commission's first choice for the post because of his respectable reputation in the profession. According to reports, Volcker rejected the post because it would require that he give up other projects, such as his role as chairman of the International Accounting Standards Board. Sources also said Volcker believes the post should be filled by someone younger. Volcker was hired by Arthur Andersen earlier this year to head the firm's independent oversight board. His attempts to turnaround the ailing firm were thwarted by the firm's indictment and guilty conviction. Was this information helpful? Please rate this article in the box below or write to editor@smartpros.com 2002 SmartPros Ltd. All Rights Reserved. |
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