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SEC Head Passes the Buck
Taking his cue from his boss, President "The Buck Stops Anywhere Else" Bush, embattled SEC Chairman Christopher Cox says his agency is in tip-top shape, despite presiding over an unprecedented financial meltdown and the $50 billion Bernie Madoff fraud. In his first interview since the Madoff case broke, Cox said monitoring the investment banks that went under during the financial crisis was not his agency's responsibility and that the Madoff case was "a big asterisk" on an otherwise strong record of enforcement. He said the agency's "steady hand" has been its "signal achievement"—a veiled attack on the more active Fed and Treasury Dept.—but critics contend that Cox's proud passivity contributed to the meltdown in the first place and let crooks like Madoff raid the store without notice. He will be replaced by Obama pick Mary Schapiro next year.
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You're doin' a great job, Brownie!
No proof, but Madoff may have developed some formula in which knewt he could get away with this until sometime near the end of his life expectancy, thereby pulling out his spoils and passing it all on to his legatees without disgorgement.
Let me see if I understand this: the regulator responsible for ensuring that no fraudulent securities activity takes place - had no idea a $50B Ponzi scheme was taking place under his nose - and he believes that he has "a strong record of enforcement"?
Can we imprison him for incompetence?
Does no one have the simple grace to apologize?
Cox was probably very busy investigating saving the world from criminals like Martha Stewart.
Who has time to prevent the largest Ponzi scheme and help thwart a global financial meltdown when you've got media interviews and PR opps for a Martha Stewart like conviction?
I'm sure Cox is now on the radar for a book deal.
"World Depression 2009: How to assist the financial Markets in executing one of the most successful economic meltdowns our generation has ever seen" by Chris Cox.
This comment "Taking his cue from his boss, President "The Buck Stops Anywhere Else" Bush," is just plain wrong! Bush isn't perfect by any means but he has taken responsibility for everything he has done. I get s-o-o-o fed-up with Bush derangement syndrome. Admit it, the only reason you bash him is because he's NOT a Democrat! Argh!
Thank you.
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