Screw you!
You -- with the 401(k). Yeah, I'm talking to you.

AUSTIN, Texas -- We just lost the whole ballgame on corporate reform -- without the news even making it to the front page. The sick, sad tidings were tucked away discreetly on the business pages: "SEC Chief Hedges on Accounting Regulator." Now there's a sexy headline.
All of you who were shafted by Enron, shucked by Worldcom, jived by Global Crossing, everyone whose 401(k) is now a 201(k) (I think that's Paul Begala's line), you just got screwed again. They're not going to fix it.

They've already called off the reform effort; it's over. Corporate muscle showed up and shut it down. Forget expensing options, independent directors, going after offshore shams, derivatives regulation. For that matter, forget even basic reforms like separating the auditing and consulting functions of accounting firms and rotating accounting firms every few years. Bottom line: It's all going to happen again. We learned zip from the entire financial collapse. Our political system is too bought-off to respond intelligently.

Even the normally impeccable Lou Dobbs had taken to referring to SEC Chairman Harvey Pitt as "a reformer," a usage that stretches the language. Pitt, President Bush's appointee to the chair of the Securities and Exchange Commission and a career-long mercenary for the securities industry, is the lawyer who memorably advised in one law journal article: If you get in trouble, shred the evidence. He came in promising to make the SEC "a kinder, gentler place for accountants." This unpromising champion of reform -- appointed to keep the corporations happy -- came under such heavy political fire during the financial collapse that he was suddenly out there flirting with Paul Volcker, Arthur Levitt and other genuinely concerned citizens with actual ideas about how to fix this ghastly mess.

No mas. According to The New York Times: "Harvey L. Pitt, under pressure from Republicans and former clients in the accounting industry, is backing away from the choice he and other members of the SEC favored to lead the new federal agency that will oversee the industry. Industry executives and at least one prominent Republican lawmaker complained that the top choice, John H. Biggs, was too tough on the industry."