Another week, another scandal. At least the regulators are learning from past mistakes. Having been upstaged by New York State Attorney Eliot Spitzer over conflicts in sell-side research, SEC chairman Harvey Pitt took less than 24 hours to respond after WorldCom admitted to a $3.8 billion accounting fraud.
And for once he was tough. Pitt has slapped a civil lawsuit on WorldCom, ordered the company not to destroy any documents, and forbidden it from paying any severance or bonus payments to officers, directors or employees.
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