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Pitt Gorelick If anyone knows how tricky the federal bureaucracy can be, it’s Harvey Pitt. Now, however, he hopes to profit from his hard-earned knowledge. Setting himself up as a guide to Washington, D.C.’s byzantine realm, the ex — Securities and Exchange Commission chief is establishing his own consultancy. Though he’s tight-lipped about the news, Pitt admits, “I am interested in setting up a consulting firm, which I’m in the process of doing.” Sources familiar with the venture say that while Pitt’s D.C. — based shop is still in a formative stage, he’s already been retained by at least two clients. Pitt has dubbed his firm Kalorama Partners LLC, those sources say, an apparent reference to the tony Washington neighborhood of Kalorama, where he owns a home. According to two sources, Pitt is expected to add a few partners, including Terry Lenzner, chairman of Investigative Group International Inc. Among other services, Lenzner’s D.C. — based firm conducts internal investigations of potential fraud within companies and other organizations such as nonprofits. Lenzner, who is a lawyer, did not reply to requests for comment on this story. What types of services will Pitt offer, and to whom? That’s unclear. But people close to Pitt, including several former SEC officials, say they expect he’ll offer guidance to large companies on corporate governance and crisis management. Before he resigned as SEC chairman in November, Pitt stated publicly on several occasions that he didn’t want to become a practicing lawyer again. Prior to taking the helm of the SEC in 2001, he had been a longtime partner and rainmaker in the D.C. office of Fried, Frank, Harris, Shriver & Jacobson. Pitt’s brief and tumultuous tenure at the SEC ended earlier this year, after his nominee to head the new Public Company Accounting Oversight Board, William Webster, became ensnared in a miniscandal. That debacle — and the vitriol of his many critics — may have tarnished Pitt’s public image. But securities experts say he’s still likely to be viewed by sophisticated corporate players as a valuable behind-the-scenes counselor, particularly on the host of new corporate reform rules the SEC issued under his leadership. “Harvey has clearly got the qualifications and the profile to offer strategic advice in the way that Henry Kissinger does,” says James Doty, a D.C. — based securities partner with Baker Botts and former SEC general counsel. For consultants at that level, he adds, “blue-chip clients pay substantial, handsome retainers.”

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