Harvey Pitt Quotations

Unless there's a reason to re-open ancient history, we should move on,

We're seeking orders that will prevent any dissipation of assets or payouts to senior corporate officers past or present, and preventing any destruction of documents.

Since I have taken on the leadership of the commission, we have been working hard to fix the problems that have created the current crisis of confidence, and we have been making enormous strides to correct the mistakes and abuses of the past,

Now you sit there and shut up...and the next time the President gets fired up to take strong action against Corporate Crooks, like he did last January, shut your yap, stop worrying about over-regulation and market dips, and let him do it, ... That way I won't have to be the one who's supposed to look tough.

If the analyst is communicating his findings to a select group of people and it might lead to proprietary trading by his employer, then you might have problems. But if he is publishing information for a widespread audience, I have less of a problem with it,

under Judge Webster's capable leadership, I'm confident that this strong board will address the important issues it faces with wisdom and expedition.

We meet with lots of people ... we meet with representatives of many investment groups,

It is clear from recent events -- including the program the president is announcing this morning to improve and strengthen the duties of those whose conduct is at the core of our securities markets -- that the SEC critically needs to receive additional money in fiscal 2003 to fully fund pay parity and that we should be authorized to add new staff to address pressing immediate needs,

Our commission has been subject to extremely high attrition, ... with the principle reason being the fact that our employees earn substantially less than their counterparts in the other financial service regulatory agencies.

Nah, ... He just asked us over here to tell us what a wonderful job the American People think we're doing! Now hit this!

Judge Webster's proven integrity and long record of accomplishment would have served the American people well, as it has time and time again, ... I continue to believe that investors would have benefited from Judge Webster's dedication to the best interest of the American people.

I would advise them against it, ... Of course, one would have to distinguish between material and non-material information. But the analyst, at a minimum, becomes a temporary insider.

We investigate when we find there may be indications that a problem occurred, ... And if we do investigate, no one, no matter what their position or status is, no one gets a pass.

We'll come down with a sledgehammer on any improper relationships, any improper conflicts.

We don't compromise any matters that are ongoing. The SEC chairman has absolutely no role in the day-to-day investigation.

What I think we've come up with has been deliberately mischaracterized in the media, and I think the program we have is something that this Congress should be proud of,

When people lie, if they play games, if they take money that doesn't belong to them, they are going to go to jail, ... We're working very closely with the criminal authorities and our new certification policy ... will set the stage for people to go to jail for fraud if they misstate their financials.

We've identified those companies whose filings we think will require further review,

The recent disclosures that resulted from the investigation by the New York state attorney general, as well as the practices uncovered by the staff of the SEC, the NYSE and NASD, reinforced the commission's conclusion that further inquiry is warranted,

We've heard those reports about terrorist involvement in our markets.  Our enforcement division has been looking into a variety of market actions that could be linked to these terrible acts including the subjects of the rumors,

Those things we were able to do because we were able to charge fraud and we had all the evidence we needed,

With respect to short selling, ... the goal of all of us is to have a market that most closely approximates the normal trading environment. As a result of that, you can tell in which direction we will probably be leaning.

any restrictions that we think have an impact on public investors.

As a safety precaution while the tragic events of today are sorted out, the securities markets have decided not to open for trading today. We strongly support that decision.

That should not cause anyone to believe there will be something sinister like a Black Monday opening,

This is a significant step in addressing major concerns raised by the investing public in light of recent events, ... It is more important than ever that decisive action be taken to restore investor confidence to the financial markets, and I commend the leadership shown by the NYSE.

This is not an economic problem, it's a physical catastrophe,

This commission cannot and will not tolerate a pattern of growing restatements, audit failures, corporate failures and massive investor losses, ... Somehow we have got to put a stop to the vicious cycle that has now been in evidence for far too many years.

they shouldn't be paid when they don't produce.

They are formidable and they are very fine lawyers, and I think they and their lawsuit have to be taken seriously.

There isn't necessarily anything wrong with a compensation consultant performing multiple roles, but there's definitely a potential for conflict.

This is the next step -- and a critical one -- in the Commission's year-long review of analyst practices,

Swift and appropriate resolution of these investigations will protect investors, facilitate the implementation of immediate and meaningful changes in research analyst and IPO allocation practices, and help enhance investor confidence in the marketplace,

I frankly think every one of them who's responsible ... should do hard time for their crimes,

Investor confidence is the bedrock of our markets,

I place restoring the public's confidence in the auditing profession to be immediate goal number one,

I don't want to do anything that gives our critics an opportunity to raise issues, but the SEC needs my leadership, ... Public investors need my leadership. And we are going to do our utmost to make sure we serve them.

I do not believe that anyone can recall the last time a complaint prevailed under Section 18. It has long been abandoned as a resource.

This has nothing to do with the chairman.... He wants the agency to be stronger and better than ever when he leaves.

and American investors have lost a great advocate, the legacy that he has left behind will continue to serve them well.

The meetings that I engaged in were proper. They were for the benefit of investors.