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Article: SEC Brain Drain Linked to Fee Cuts.(Brief Article)
- Article from:
- On Wall Street
- Article date:
- April 1, 2000
CopyrightCOPYRIGHT 2000 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Worried that uncompetitive salaries are causing staffers to leave, Securities and Exchange Commission Chairman Arthur Levitt Jr. desperately wants to increase the pay scale for SEC professionals, including attorneys and accountants.
"We are in the midst of a terribly serious staffing crisis," Levitt said at a road show hearing of the Senate Banking Committee, held in the World Trade Center offices of the SEC.
In the last two years, the SEC has lost a quarter of its attorneys, accountants and examiners to the private sector, according to Levitt.
Politically, Levitt -- much to his displeasure -- is walking a tightrope courtesy of Senate Banking ...