Spy-Master To Head US Audit Regulator

Reuters reports that William Webster, the only man ever to head up the two main US intelligence agencies, has been appointed as chairman of the new regulatory body established to oversee the US accountancy profession.

Webster, a former judge and lawyer, was appointed by President Carter to head up the Federal Bureau of Investigation in 1978 and, after doing a difficult job well, became Director of the Central Intelligence Agency under President Reagan in 1987.

The former spy-master will now head up a new agency established to regulate the US accounting industry and mandated to prevent a reoccurrence of the scandals that swept through corporate America earlier this year.

The new audit body will be known as the Public Company Accounting Oversight Board.

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