Are you lying intentionally or do you have problems getting your facts straight?
The
fact is that Leavitt did all he could to stop disasters like Enron, etc. from occurring, but his efforts were blocked by Congress. Do a little reading on the subject before you spout off about a highly respected man's 'failures.'
I suggest you start with this Business Week piece:
In the end, Levitt was forced to abandon the ban on firms providing information technology consulting to audit clients. Instead, he had to settle for the requirement that made companies disclose the dollar amount of the audit and the consulting fees they pay. In addition, audit committees were required to report in the proxy statement if they considered any nonaudit services being provided to be incompatible with the auditor's independence. The rules passed on November 15 by a 4-to-0 vote of the SEC commissioners.
Levitt didn't get his separation of auditing and consulting, and less than two years later, Enron had imploded and Arthur Andersen had ceased to exist.
http://www.businessweek.com/bwdaily/dnflash/may2003/nf2003057_6942_db006.htm
Then consider what Sen. Joe Libermann said about Leavitt in the Senate Governmental Affairs Committee's report on Enron:
"In fact, Arthur Leavitt, the SEC chairman at the time, warned of the declining quality of financial reporting and the widespread conflicts of interest among those who were supposed to account for a company’s numbers. But the SEC ignored these vulnerabilities and so, may I add, did Congress. "
http://govt-aff.senate.gov/100702press.htm
Here's what CBS News reported regarding Leavitt and Enron, World.com, etc.:
Under the leadership of former Chairman Arthur Leavitt, the SEC tried to get Congress to investigate the potential conflicts of interest in the accounting industry, but it ultimately abandoned the fight.
http://www.cbsnews.com/stories/2002/12/17/2002/main533391.shtml
Here's what Rep. John Dingell had to say:
It is to be noted that Arthur Leavitt, the then chairman of the SEC, did everything he could to bring this practice of abuse in the accounting profession, particularly the accountant and consultant problem to a halt.
The Congress beat the bejeebers out of him. They threatened to cut his money over this. So this is not a surprise. I am hopeful that the barn door is not being locked I'm sure there's other rascalia which can and will occur if something is not done about this, and I want to see to it that it is done with the utmost vigor so that we can correct all of the aspects of this including whether or not the SEC did its job.
http://www.pbs.org/newshour/bb/business/jan-june02/house_1-23.html