Time for some real action on reform

It is shameful that the accounting industry is trying to derail the appointment of John Biggs, the chairman of the TIAA-CREF pension plan and someone who could clean up the industry, to the new accounting oversight board. It would be a disgrace if Harvey Pitt, the SEC chairman, caved in to pressure from his former clients on Biggs. Investors have learned the hard way to trust their eyes, not their ears. And they are watching.