Olson in at PCAOB

Federal Reserve Board Governor Mark Olson has just been selected to head the Public Companies Accounting Oversight Board until 2010. SEC head Christopher Cox lauded Olson's breadth of experience; in addition tohis stint with the FRB, Olson was a partner at accounting firm Ernst and Young and a bank president. Olson starts over half a year after the departure of William Mc Donough. The PCAOB is under some fire at present; a number of companies want relaxation of internal control requirements and a lawsuit challenging the constitutionality of the organization is presently in court.