Ex-Fed chief steps into US audit watchdog row

US - Paul Volcker, the highly respected former chairman of the Federal Reserve, has stepped into the debate over the new US accountancy regulator, backing a candidate at the centre of a political storm endangering the career of Harvey Pitt, chairman of the Securities and Exchange Commission.

The SEC has become paralysed over the selection of the head of the accountancy regulator, one of the key parts of legislation designed to restore integrity to corporate America. The support for John Biggs