What a egotistical prick ! http://clusterstock.alleyinsider.co...comes-out-swinging-slams-bernanke-and-paulson
What do you expect from yet another incompetent Bush appointee? How many have there been over the past 8 years . . . from Donald Rumsfeld to Michael Chertoff to Pat Wood at FERC, to John Reich at the Office of Thrift Supervision, Christopher Cox at the SEC, Gale Norton at the Interior Department, Christine Todd-Whitman at the EPA, Alberto Gonzales, etc. It's really been quite a "cluster-ph$ck" hasn't it?
From that article: "Cox said the biggest mistake of his tenure was agreeing in September to an extraordinary three-week ban on short selling of financial company stocks. But in publicly acknowledging for the first time that this ban was not productive, Cox said he had been under intense pressure from Treasury Secretary Henry M. Paulson Jr. and Fed Chairman Ben S. Bernanke to take this action and did so reluctantly. They "were of the view that if we did not act and act at that instant, these financial institutions could fail as a result and there would be nothing left to save," Cox said." It is easy to call him a prick, but wouldnt most on this board agree that he is correct to oppose that? Granted he was too spineless to actually do it when he had the chance.......
He's a footnote to a rape case. Congress has written him off; they don't even deal with him anymore, waiting for Schapiro, who's going to get an earful. Cox will go down in history like the Neville Chamberlin of finance. He's finished. His political career is smoked.
Cox said the biggest mistake of his tenure was agreeing in September to an extraordinary three-week ban on short selling of financial company stocks. ------------------------- He must have a reason to say that, which is not apparent and he may not be at liberty to say. I wonder what Bernanke or Paulson's response would be to his comment. Something happened behind the scenes that we don't know about.
Cox was in charge of the SEC and bears full responsibility for the rampant fraud that has taken place over the past few years. If they asked him to do something wrong, he could have done the honorable thing and resigned. He did not. Whore.
======================== Thoughtful points, figured about the same. And its a matter of public record the FED's job is nations bank supervisor Cool how he cuts a loss, at least he limited that mistake to 3weeks.
What we have done in this current turmoil is stay calm, which has been our greatest contribution -- not being impulsive, not changing the rules willy-nilly but going through a very professional and orderly process that takes into account unintended consequences and gives ample notice to market participants" Cox said This is exactly what any trader (pro, retail, winning or losing) should want to here from the SEC. I don't get the bashing of this guy on this site, he is obviously on the traders side.
How can anyone bear full responsibility if 2nd and 3rd parties pressure you to act? In this case Bernanke and Paulson. Somewhere in this equation McCain fits in. He too, had a few public words against Cox.