David Kirkpatrick

January 23, 2009

Goodbye and good riddance Cox

I’m with this story. Couldn’t happen too soon and if nothing else, the SEC will be headed up with a lot more competence. Hopefully a whole lot more.

From the link:

Christopher Cox has packed up as chair of the U.S. Securities and Exchange Commission, leaving behind a demoralized agency that failed to spot Bernard Madoff’s alleged mega-fraud or forestall the collapses of Bear Stearns and Lehman Brothers.

His resignation took effect yesterday, a spokesperson said.

During Cox’s 3 1/2 years, the SEC was criticized by lawmakers, investors and its own inspector general as lacking aggressiveness and being deferential to Wall Street banks.

U.S. President Barack Obama picked a fellow Democrat, Mary Schapiro, the head of the U.S. brokerage industry’s self-regulator, to succeed the Bush administration appointee.

“I respect Chris Cox, but there’s no question that the commission has been much too passive in area after area under his leadership,” said law professor Harvey Goldschmid, a former SEC commissioner.

“The morale problems and the lack of public regard for the agency must be immediately addressed by Mary Schapiro.”

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