SEC Chair Rebuffs Criticism Of Leadership During Financial Crisis

Washington Post:

Christopher Cox, the embattled chairman of the Securities and Exchange Commission, is defending his restrained approach to the financial crisis, saying he has provided steady leadership as Wall Street's main regulator at a time when other federal regulators have responded precipitously to upheaval in the markets.

During his tenure, the SEC has watched as all the investment banks it oversaw collapsed, were swallowed up or got out of their traditional line of business. The agency, meanwhile, was on the sidelines while the Treasury Department and Federal Reserve worked to bail out the financial sector. And the SEC, by its own admission, failed to detect an alleged $50 billion fraud by Bernard L. Madoff that may be the largest Ponzi scheme in history.

Read the whole story: Washington Post

Comments

[Mildmannered]

Cox and the SEC have done an absolutely terr ible job detecting all of the fraud which led to the market meltdown.

[jeffp26]

Geez. And I really thought Bush was the dumbest member of this government.

[cayuse]

All the KINGS men sold and are still selling the public the "Kings Cloake"

See why I do not like the word "transparent". Kind of like "not seeing the forest for the trees". What happened to full discolsure. Does anyone else think we don't need a new process or more transparency? Fill the dungens or send them along with the CIA to eastern Europe prisons. Torture is out. But then what do you call it to own the world and lose your soul. Kind of like having all the marbles, but no one to play with

[hereitis]

Question . . . is it just me, or do you guys feel like saying "WTF?"

[TJCole]

We let crooks run our government, and then are shocked when we get robbed...?

[Shammie2000]

This guy was appointed by (W) RIGHT, any more questions.

[hopeless277]

Everyone knows that since Republicans hate government, they cannot be held accountable for destroying it. Come on, folks, read your Democratic party handbook. It explains it all including the fact that Republicans do not break laws, they simply create new interpretations of them through their behavior. Jeeze...........

[cayuse]

As a blue dog democrate I do not think they get a free pass

I can Blob here, but they have a responsibility to uphold the Constitution, the laws of the land and represent the best interest of the people

They are not totally innocent here. Maybe not life like republicans, but at least 20 years. Remember the Bailout, Katrina, WMD, etc. Talk and Talk, but they walked the same walk. Only a few (7 and 81) did it right and get a free pass from jail.

Imagine replacing all those cottom pickers. You could replace them with children and we could do no worse.

Yes, getting off the 60 vote will help so maybe repreaves are in order, we will see

[Marlyn]

"he said he wished he had gone to Congress earlier to get the authority."

But I thought he said that doing nothing was the best he could do?

[HelixScanr]

PUT HIM IN "DICKIPEDIA'...NOW

[lungfish]

During his tenure, the SEC has watched as all the investment banks it oversaw collapsed, were swallowed up or got out of their traditional line of business.


So why do we even have an SEC? Looks like it failed on all counts. Its just a rubberstamp for the rich and corrupt....

[bedrocklib]

Heck of a job, Coxie.

[walleymr]

Well, their greatest contribution certainly wasn't oversight.

[ctman47]

Not terribly challenging to be calm and restrained when you are clueless

[gcallaghan]

Did Nixon's daughter crossbreed with an ostrich to produce this @ssclown?

[walleymr]

funny, i thought he was more of a kok holster than an @ssclown

[Elizabeth44]

Well, I suppose when you don't have a clue what you are doing and the sky is really falling, standing there calmly is a good idea.