NEW YORK (CNN) - Harvey Pitt has done it again... and he has Democrats screaming for his resignation, or for the president to fire him. But that's not anything new... what's new is Mr. Pitt apparently forgot to mention to his fellow commissioners that William Webster served on the board and audit committee of a company called U.S. Technologies, whose CEO is accused in shareholder lawsuits of fraud. Mr. Pitt apparently did tell the SEC staff of Mr. Webster's role, but they didn't pass it along to the other commissioners. Either way, it seems to me that Mr. Pitt should have done so himself. After all, he and the SEC are the standard bearers for corporate disclosure and transparency.

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Tonight, we heard a man I regard highly, Senator Paul Sarbanes, call for Mr. Pitt's resignation and that of Mr. Webster... and frankly, I haven't made up my mind on the issue. After all, former Senator George Mitchell and Beth Dozoretz, the former Democratic National Committee Finance Chair, also served on the same board as Mr. Webster. We need to know far more than we now know...and Mr. Pitt's call for the SEC Inspector General to investigate is the appropriate first step. Whatever the conclusion, Mr. Pitt has again created more questions about his leadership....and that has to end. Now.