Congressman Chris Cox, President Bush's pick to lead the Securities Exchange Commission, helped cover up one of the nation's biggest investment fraud while a private attorney.
If the Democrats in US Senate have any fight left, they will reject Congressman Chris Cox's appointment as SEC chief based on Cox's representation of swindler William C. Cooper and his company First Pension Corp, which took investors for over $130 million.
The Foundtion For Taxpayer and Consumer Rights today released a letter written by Cox, then a lawyer at Latham & Watkins, to securities regulators in California. The letter justified the trust deed scam perpetuated by Cooper's company in a bid for state approval and left out key facts -- such as the fact the SEC was investigating First Pension and that Cooper's real estate license had been suspended in connection with another half million dollar fraud.
The nation's top securities regulator should be an impartial watchdog not a lap dog for convicted swindlers. Investors deserve to know that they have a regulator of the highest integrity on their side, not a lawyer willing to cut corners and hide information at investors' expense. The health of the US economy and investors' trust in Wall Street depends on the US Senate rejecting Chris Cox's nomination.
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