Rep. Ed Markey, D-Mass.

This is a partial transcript from Your World with Neil Cavuto, November 4, 2002, that was edited for clarity. Click here for complete access to all of Neil Cavuto's CEO interviews.

Watch Your World w/Cavuto weekdays at 4 p.m. and 1 a.m. ET.

NEIL CAVUTO, HOST: The big question today: Should he stay or should he go? I'm talking about Harvey Pitt, the chairman of the Securities and Exchange Commission. And he's getting a lot of heat and his supporters are becoming few and far between. Plenty of folks though, think that Harvey Pitt should be out of a job and my next guest is one of them. Joining me now from Watertown, Massachusetts, Democratic Congressman Ed Markey.

Congressman, thanks for coming.

REP. ED MARKEY, D-MASS.: Thanks, Neil, thanks for having me.

CAVUTO: You say Harvey should go, why?

MARKEY: Well, because Harvey is in violation of the first law of holes which is when you are in one, stop digging. And he has got an excavation shovel out. He just keeps going deeper and deeper in basically challenging the confidence of the American public in the Securities Exchange Commission to be the watchdog, the protector of the individual investors' decision to put their life savings, their money into the stock market.

CAVUTO: Congressman, do you think that William Webster, who had been appointed to be on this accounting oversight board, to oversee it, should step down as well?

MARKEY: I think that it probably would be wise for him to step aside because there is a cloud over his nomination. Now, maybe it is not appropriate to have that cloud over him, but the means by which he was named, that is, he is from the FBI, they are suppose to keep secrets. Now to his credit he told Harvey Pitt about his potential problem.

CAVUTO: And Harvey Pitt.

MARKEY: And then Harvey, the head of the agency which is supposed to have no secrets, decides to keep it a secret not only from the public but from the other four commissioners. And I think that basically they would be better off just starting off all over again, and trying to give the public a sense of confidence that they are not going to play games with this new accounting board, and that everything is going to be aimed at protecting the small investor and not the secrets of the people who have been named to this board.

CAVUTO: Congressman, real quickly, if Rudy Giuliani were asked to step into by the SEC, he has already kind of quietly poo-pooed it, but would you support that?

MARKEY: If they could get Rudy Giuliani, if they could get Eliot Spitzer, if they could get somebody who has a long-standing reputation and knowledge in this field, then I think the American investors would stand up and invest. And I think you would see a big return in the investor confidence. We are at a nine-year low in consumer confidence, we need a shot in the arm in either one of those appointments, and other names could be mentioned as well, would make a big difference.

CAVUTO: Congressman Ed Markey, good seeing you again.

MARKEY: Hey, Neil.

CAVUTO: Thank you, sir. Yes?

MARKEY: Can I say one more thing? Boston College beat Notre Dame in football on Saturday.


MARKEY: Next, your alma matter, St. Bonaventure in basketball.


CAVUTO: You're ruthless, you are absolutely ruthless. All right. You are never coming back here again. Congressman, thank you very much, Congressman Ed Markey.

Content and Programming Copyright 2002 Fox News Network, Inc. ALL RIGHTS RESERVED. Transcription Copyright 2002 eMediaMillWorks, Inc. (f/k/a Federal Document Clearing House, Inc.), which takes sole responsibility for the accuracy of the transcription. ALL RIGHTS RESERVED. No license is granted to the user of this material except for the user's personal or internal use and, in such case, only one copy may be printed, nor shall user use any material for commercial purposes or in any fashion that may infringe upon Fox News Network, Inc.'s and eMediaMillWorks, Inc.'s copyrights or other proprietary rights or interests in the material. This is not a legal transcript for purposes of litigation.