Former banker and regulator to head PCAOB

Get used to this guy, he might well outlast you. Former banker and Fed governor Mark Olson has been named as the chairman of the Public Company Accounting Oversight Board. If all goes well, he will run the board until 2010. Until he joined the Federal Reserve Board, Olson, 63, had been a banker and a partner at Ernst & Young, though he is not an accountant. You could fairly quibble that this is another case of a regulatee moving into a regulator role. Olson responds that he has been in such a situation before. He was a banker before he joined the Fed after all. He told reporters: "That will be the challenge, to negotiate that." Olson will be under immediate corporate pressure to find ways to pare the costs of compliance and to issue guidance on dating options grants.

> Read The New York Times article.