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William Webster reportedly said he is likely to step down as chairman of the new accounting oversight board amid questions surrounding his involvement in a failed Internet firm.

In an interview with

The Wall Street Journal

, he said, "I am terribly concerned about my value to the board at this point."

He said he hasn't made a final decision, but that he doesn't want controversy to hinder the work of the

Securities and Exchange Commission's

new accounting watchdog, according to the report.

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The accounting oversight board is due to meet for the first time Wednesday.

Webster was a director and head of the audit committee of

U.S. Technologies

, a now-insolvent Internet incubator and holding company. Its chairman has been accused in civil suits of accounting improprieties and shareholder fraud.

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