Christopher Cox

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SEC Report: We Never Did 'Competent' Madoff Probe

(Newser) - The SEC's inspector general says the agency had plenty of chances to take down Bernie Madoff and whiffed on every one, Bloomberg reports. In a report released today, H. David Kotz writes that the SEC received "detailed and substantive complaints over the years to warrant a thorough and comprehensive... More »

New SEC Chief Moves Fast to Restore Agency

Schapiro fills openings, reverses Bush policies at battered regulator

(Newser) - New chairwoman Mary Schapiro isn’t wasting time making over the Securities and Exchange Commission, the New York Times reports, reversing several of her predecessor’s policies and filling key positions that have sat vacant for months. “I recognize that we could all be defined by what we missed... More »

SEC Chair: At Least I Didn't Panic

Cox defends record; failure to nab Madoff an 'inexplicable asterisk'

(Newser) - Christopher Cox is proud that he’s done next to nothing in the face of the financial meltdown. “What we have done is stay calm, which has been our greatest contribution,” he told the Washington Post, contrasting that with the Fed and Treasury’s frantic machinations. Yes, the... More »

SEC Chief Says His Staff Ignored Madoff Warnings

Cox calls actions 'deeply troubling'

(Newser) - SEC chief Christopher Cox blasted his own agency's failure to detect Bernard Madoff's massive investment-fraud scheme, the Wall Street Journal reports. Cox called it "deeply troubling" that SEC investigators had ignored "credible and specific allegations" dating back to at least 1999. He called on the SEC's inspector general... More »

Bailout Ushers In New Era of Regulation

Increased oversight a natural byproduct or turbulent economic times

(Newser) - When the dust settles on the $700-billion federal bailout, one thing will be clear, the Wall Street Journal writes: that it signals a swing toward government intervention in the business world not seen since the 1980s. Treasury becoming a shareholder in firms it lends to, regulation of credit-default swaps, limits... More »

McCain Acting Like a 'Flustered Rookie': Will

Conservatives should fear self-righteous loose cannon

(Newser) - The economic crisis has one presidential candidate acting like a “flustered rookie,” writes George F. Will of the Washington Post, but despite his limited resume, “It is not Barack Obama.” McCain’s response has been incoherent, including a Queen of Hearts-esque call for SEC Chairman... More »

SEC Chair Cox Fiddled as US Markets Burned

'Exceedingly cautious' approach had Paulson looking to kill agency

(Newser) - With US markets in upheaval, the head of the watchdog Securities and Exchange Commission was preoccupied with a new technology for corporate filing, Bloomberg reports. Christopher Cox’s inaction has provoked bipartisan criticism: McCain adviser Carly Fiorina said he has been “asleep at the switch,” while Democratic Sen.... More »

WSJ: McCain's Populist Schtick Is 'Unpresidential'

Republican's new act relies on "easy, misleading answers"

(Newser) - Why is John McCain angrily calling for the head of Christopher Cox, the chairman of the SEC? Because he doesn’t know what he’s talking about and needs a scapegoat, writes the Wall Street Journal in an editorial today. "This assault on Mr. Cox is both false and... More »

McCain Wants SEC Chief Out; Obama Says It's Not Enough

Candidates at odds over blame for market meltdown; Dem faults all Bush cronies

(Newser) - John McCain said today he would fire the head of the Securities and Exchange Commission and blasted federal regulators for being “asleep at the switch,” Bloomberg reports. McCain, who's lost ground in the polls during the recent economic turmoil, said the SEC “kept in place trading rules... More »

Cox Has Neutered SEC's Watchdog Role

Critics say agency has gotten soft, especially against big business

(Newser) - Under chairman Christopher Cox, the US Securities and Exchange Commission has drastically reduced the power of its enforcement division, Portfolio reports. Cox was brought in to “chill it out” after his predecessor was perhaps too zealous for White House tastes. Congress chided Cox for essentially turning down more funding,... More »

SEC Wants US Firms to Switch to International Accounting

Multinationals would change first under plan

(Newser) - The Securities and Exchange Commission is planning to require US companies to switch to international accounting rules, the Wall Street Journal reports. The body voted today to seek public comment on a plan for the transition, which would stagger requirements. Large multinational firms would be expected to voluntarily switch in... More »

SEC Will Limit Short Sales of Finance Stocks

Agency worried negative bets by traders are hurting the market

(Newser) - The SEC will step in to police naked short-selling of 17 financial firms, as well as Fannie Mae and Freddie Mac, the Wall Street Journal reports. The agency said it plans to impose short-term, emergency rules on Monday that curtail traders betting on the stocks to drop, worried the short... More »

'Regulation' No Longer a Dirty Word in DC

Wall St. woes, toy and food scares have pols of all stripes on board

(Newser) - "Regulation" is becoming less of a dirty word in Washington in the wake of the mortgage meltdown, woes on Wall Street, and scares over tainted food and toys. Many Democrats and even some Republicans want a shift from voluntary industry standards in vogue since the Reagan administration. "We're... More »

SEC Web Push Faces Hurdles

Cox's tech crusade meets resistance from older shareholders, bureaucrats

(Newser) - SEC Chairman Christopher Cox's campaign to make corporate information available to investors electronically sounds like a no-brainer, but it's beset with resistance on multiple fronts. That's because such proposals as online shareholder forums and making corporate data interactive—which would allow investors to sort and compare information—could give an... More »

Remaining Democrat Leaves SEC

Commission now a one-party shop after 2nd departure in month

(Newser) - The Securities and Exchange Commission is down to three lone Republicans after the second Democrat in a month resigned yesterday, MarketWatch writes. Annette Nazareth's departure comes just two weeks after Roel Campos left the 5-seat board. And the single-party rule makes some observers—who fear that the commission will become... More »

SEC Opens Subprime Probe

Cox announces investigations into CDOs in wake of Bear Sterns tremors

(Newser) - The feds are investigating the controversial bundles of financial services that have recently shaken the market and sparked a spate of leveraged buyouts, the Journal reports. SEC chief Christopher Cox told a congressional panel yesterday that "about 12 investigations" were under way into CDOs, shared debt packages reliant on... More »

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