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SEC Chairman Chris Cox wasn’t about to take John McCains threat of firing him lying down.
From the D.C. Examiner.
SEC Chairman Christopher Cox isn’t about to take John McCain’s criticism of him laying down. In a fairly unique email to employees on Thursday afternoon, Cox addressed McCain’s contention that Cox didn’t police “naked short selling” hard enough.
“While I have great respect for Senator McCain, we have sometimes disagreed, and this is one such occasion,” wrote Cox to his staff in an email obtained by Yeas & Nays. “The SEC has made plain that we have zero tolerance for naked short selling. In this market crisis, the men and women of the SEC have responded valiantly as they always do — with the utmost dedication and professionalism. …
“I very much appreciate the strong and immediate support of the president. As someone who’s been in public life for over 20 years, I know as well as anyone that occasionally this sort of thing can come with the territory. The best response to political jabs like this is simply to put your head down and not lose a step doing the best job you can possibly do on behalf of those you serve. For my part, I plan to do just that. I leave the political campaigns to pursue their own course.”
Cox’s term doesn’t expire until 2010 and the president can’t actually fire him, but he can put pressure on him to resign. If the current financial crisis ebbs by January when the new president will take office Cox might survive. Maybe by then he will look a little like a deer caught in the headlights.
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About the author
Don Irvine is Chairman of Accuracy in Media. He is active on Facebook and Twitter. You can follow him @donirvine to read his latest thoughts.
3 Comments for SEC Chairman Gets Defensive
Mike, we haven’t had a defense against aerial attack since the end of the Cold War for the simple reason that there was no known aerial threat against which to defend. And, do you really believe that anyone would have ordered the shooting down of loaded airliners before the unthinkable happened?
The SEC is being blamed simply for turning a blind eye to “naked short selling,” an illegal practice that could well have accellerated the stock market downturn. To whatever extent this was the case, the SEC and its Chairman deserve blame.
You might want to stick a little closer to the facts before launching your next tirade.
I agree with you, Richard. There is plenty of blame to go around, mainly among the Democrats in both the House and Senate. The Clinton Administration in particular enacted policies that distorted the banking industry, and both Fannie and Freddie were allowed to commit fraud with the help of the heads of the Banking Committees, who benefitted from the crimes of the CEOs. The SEC should have done its job.
Voting third-party is an extremely unwise tactic – It helps the incompetent and phony Obama win and hands over total control of Washington to the Democrats.
In case you haven’t yet read this article, go to: http://texasdarlin.wordpress.com/2008/09/21/the-trojan-candidate/#more-3261
This crisis reeks of injustice and incompetence. Much like our air defense system on 9/11, the SEC has shown total disregard for logic and was asleep at the wheel while wall St. plundered. Of course Cox will receive this administration’s blessing. It wouldn’t surprise me to see him get a promotion because that is how this current administration treated many in charge of air defense that fateful day. Vote 3rd Party for spite.