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HavenWorks.com/people/a-z/c/cox-charles-christopher-chris Chris Cox News |
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Republican President Bush's Securities and Exchange Commission Chairman Charles Christopher "Chris" Cox News |
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Chris Cox News. Republican President Bush's Securities and Exchange Commission Chairman Charles Christopher "Chris" Cox News. Former California Republican Charles Christopher "Chris" Cox News. Congress.gov biography: |
Charles
Christopher "Chris" Cox
CHRIS COX News:
Christopher
Cox -  Corporate
-  Government
-  Accounting
-  Law
-  Investigation
-  Politics
"SEC Chair Asked If He Deserves Blame For Wall Street Crisis: ‘Absolutely Not,’ It ‘Wasn’t The SEC’s Job’." ... "In a new interview with the Washington Post, embattled [Republican President Bush's] Securities and Exchange Commission Chairman Christopher Cox stridently “defend[ed] his restrained approach to the financial crisis.” He refused to accept any blame for the Wall Street crisis or the Madoff Ponzi scheme, saying that regulating Wall Street and protecting investors “wasn’t the SEC’s job“:" "Cox argued that the agency has carefully defined responsibilities and that it was unfair to blame it for every problem on Wall Street." ... "“The public might not understand that that wasn’t the SEC’s job,” he said, adding that the agency was not responsible for preventing investment banks from collapsing but rather for sheltering their securities trading units from problems in the broader corporation. “The SEC is not a safety and soundness regulator,” he said. [..]""In fact, the SEC’s mission statement clearly suggests that “safety” is — or should be — a primary concern of the commission:" "The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.""A review by the SEC inspector general “determined the agency’s monitoring of the five biggest Wall Street firms, which included Bear Stearns, was lacking.” (Just a few days before Bear Stearns collapsed, Cox said he had “a good deal of comfort” in the bank’s capital levels.) Another analysis showed that the SEC dramatically cut its oversight of financial trades. “In one of its core areas — regulation of Wall Street firms — its case load was down significantly,” said Ben A. Indek, a securities lawyer at the law firm that performed the analysis." ... "Cox also denied any culpability in the Madoff scandal: “When Cox was asked whether he should be blamed for a culture of lax enforcement that allowed multiple warnings about the fraud to go undetected, he said: ‘Absolutely not.’” However, a former SEC official slammed Cox for failing to prevent the Ponzi scheme: “I can’t comprehend how a well-run investigation would have missed a fraud of this magnitude,” said Lynn Turner, a former SEC chief accountant." -By Ali Frick -ThinkProgress.org
Christopher
Cox - Corporate
- Government
- Accounting
- Law
- Enforcement
- Politics
"Who's Mess Is the S.E.C.? News Analysis: In his extraordinary mea culpa over the Madoff scandal, [Republican President Bush's Securities and Exchange Commission] S.E.C. chairman Christopher Cox accepted full blame...on behalf of his staff. But isn't he in charge?" ... "When Securities and Exchange Commission Chairman Christopher Cox made an extraordinary apology for the agency having failed to follow up on clear evidence of wrongdoing by suspected financial fraudster Bernard Madoff, he excluded one key player from blame: himself." ... "In the public statement on Tuesday, Cox laid out a blistering attack on his staff, while appearing to exonerate himself from any responsibility." ... "He said the agency's most senior officials learned only a week ago that "credible and specific allegations regarding Mr. Madoff's financial wrongdoing, going back to at least 1999, were repeatedly brought to the attention of S.E.C. staff, but were never recommended to the Commission for action."" ... ""I am gravely concerned," Cox added, "by the apparent multiple failures over at least a decade to thoroughly investigate these allegations or at any point to seek formal authority [from the commission] to pursue them."" ... "Cox's decision to distance himself from the staffs' performance has rankled former senior S.E.C. officials who had nothing to do with the Madoff inquiries." ... "The S.E.C. is structured so that the chairman personally is in charge of the staff, these former agency officials said; he is in effect the agency's C.E.O. [Chief Executive Officer], with division heads reporting directly to him, and he makes decisions about staff appointments and allocation of resources." ... "As Condé Nast Portfolio magazine reported in its October issue, Cox took steps to weaken and hamstring the enforcement division." ... "He slowed down and delayed approval when staff members did ask for formal authority to investigate, and pressed the agency to focus more on penny-stock scams, boiler-room operations, and other relatively petty crimes. S.E.C. veterans said this detracted from efforts to pursue major Wall Street frauds." -By Scot Paltrow -Portfolio.com
Chris
Cox - Corporate
- Government
- Accounting
- Law
- Enforcement
- Politics
-  California
-  New
York
"Cox "Worked to Dismantle The SEC," Says Commission Vet." ... "In recent years, particularly under [Republican President Bush's Securities and Exchange Commission Chairman Chris] Cox, a former California GOP [GOP=Grand Old Party=Republican] congressman, the SEC has pursued a policy of de-emphasizing enforcement, part of the broader anti-regulatory philosophy of the Bush years -- helping to make Madoff, and perhaps others like him, possible." ... ""[Cox] in many ways worked to dismantle the SEC," Ed Nordlinger, a former longtime enforcement director in the commission's New York office, told TPMmuckraker. "He slowed everything down. I don't think he believed in heavy regulation."" ... "That view has been echoed by several others in a position to know. Ross Albert told TPMmuckraker for a post published yesterday: "Under Cox, SEC had de-emphasized the enforcement program. Cox worshipped at the same altar of de-regulation that the rest of the Bush administration worshipped at."" ... "And a former enforcement division supervisor told Portfolio for a lengthy October story about the SEC under Cox: "It was like someone poured molasses on the enforcement division."" ... "The commission also appears to have passed over for promotion staff members who were too aggressive in their approach to enforcement. Veteran S.E.C. lawyer James Coffman told Portfolio that he was told he didn't get a promotion because he was "too tough." He left the SEC soon after." -By Zachary Roth -TPMMuckracker .TalkingPointsMemo
Chris
Cox - Money
- Accounting
- Politics
- New
York
"Paul Krugman: The Madoff economy." ... "The pay system on Wall Street lavishly rewards the appearance of profit, even if that appearance later turns out to have been an illusion." ... "Consider the hypothetical example of a money manager who leverages up his clients' money with lots of debt, then invests the bulked-up total in high-yielding but risky assets, such as dubious mortgage-backed securities. For a while - say, as long as a housing bubble continues to inflate - he (it's almost always a he) will make big profits and receive big bonuses. Then, when the bubble bursts and his investments turn into toxic waste, his investors will lose big - but he'll keep those bonuses." ... "We're talking about a lot of money. In recent years the finance sector accounted for 8 percent of America's GDP [Gross Domestic Product], up from less than 5 percent a generation earlier. If that extra 3 percent was money for nothing - and it probably was - we're talking about $400 billion a year in waste, fraud and abuse. But the costs of America's Ponzi era surely went beyond the direct waste of dollars and cents." ... "At the crudest level, Wall Street's ill-gotten gains corrupted and continue to corrupt politics, in a nicely bipartisan way. From [Republican President] Bush administration officials like Christopher Cox, chairman of the Securities and Exchange Commission, who looked the other way as evidence of financial fraud mounted, to Democrats who still haven't closed the outrageous tax loophole that benefits executives at hedge funds and private equity firms (hello, [New York Democratic] Senator Schumer), politicians have walked when money talked." -By Paul Krugman -IHT.com
Christopher
Cox - Corporate
- Government
- Accounting
- Law
- Enforcement
- Politics
"Who's Mess Is the S.E.C.? News Analysis: In his extraordinary mea culpa over the Madoff scandal, [Republican President Bush's Securities and Exchange Commission] S.E.C. chairman Christopher Cox accepted full blame...on behalf of his staff. But isn't he in charge?" ... "When Securities and Exchange Commission Chairman Christopher Cox made an extraordinary apology for the agency having failed to follow up on clear evidence of wrongdoing by suspected financial fraudster Bernard Madoff, he excluded one key player from blame: himself." ... "In the public statement on Tuesday, Cox laid out a blistering attack on his staff, while appearing to exonerate himself from any responsibility." ... "He said the agency's most senior officials learned only a week ago that "credible and specific allegations regarding Mr. Madoff's financial wrongdoing, going back to at least 1999, were repeatedly brought to the attention of S.E.C. staff, but were never recommended to the Commission for action."" ... ""I am gravely concerned," Cox added, "by the apparent multiple failures over at least a decade to thoroughly investigate these allegations or at any point to seek formal authority [from the commission] to pursue them."" ... "Cox's decision to distance himself from the staffs' performance has rankled former senior S.E.C. officials who had nothing to do with the Madoff inquiries." ... "The S.E.C. is structured so that the chairman personally is in charge of the staff, these former agency officials said; he is in effect the agency's C.E.O. [Chief Executive Officer], with division heads reporting directly to him, and he makes decisions about staff appointments and allocation of resources." ... "As Condé Nast Portfolio magazine reported in its October issue, Cox took steps to weaken and hamstring the enforcement division." ... "He slowed down and delayed approval when staff members did ask for formal authority to investigate, and pressed the agency to focus more on penny-stock scams, boiler-room operations, and other relatively petty crimes. S.E.C. veterans said this detracted from efforts to pursue major Wall Street frauds." -By Scot Paltrow -Portfolio.com
Chris
Cox - Corporate
- Government
- Accounting
- Law
- Enforcement
- Politics
- California
- New
York
"Cox "Worked to Dismantle The SEC," Says Commission Vet." ... "In recent years, particularly under [Republican President Bush's Securities and Exchange Commission Chairman Chris] Cox, a former California GOP [GOP=Grand Old Party=Republican] congressman, the SEC has pursued a policy of de-emphasizing enforcement, part of the broader anti-regulatory philosophy of the Bush years -- helping to make Madoff, and perhaps others like him, possible." ... ""[Cox] in many ways worked to dismantle the SEC," Ed Nordlinger, a former longtime enforcement director in the commission's New York office, told TPMmuckraker. "He slowed everything down. I don't think he believed in heavy regulation."" ... "That view has been echoed by several others in a position to know. Ross Albert told TPMmuckraker for a post published yesterday: "Under Cox, SEC had de-emphasized the enforcement program. Cox worshipped at the same altar of de-regulation that the rest of the Bush administration worshipped at."" ... "And a former enforcement division supervisor told Portfolio for a lengthy October story about the SEC under Cox: "It was like someone poured molasses on the enforcement division."" ... "The commission also appears to have passed over for promotion staff members who were too aggressive in their approach to enforcement. Veteran S.E.C. lawyer James Coffman told Portfolio that he was told he didn't get a promotion because he was "too tough." He left the SEC soon after." -By Zachary Roth -TPMMuckracker .TalkingPointsMemo
Chris
Cox - Money
- Accounting
- Politics
- New
York
"Paul Krugman: The Madoff economy." ... "The pay system on Wall Street lavishly rewards the appearance of profit, even if that appearance later turns out to have been an illusion." ... "Consider the hypothetical example of a money manager who leverages up his clients' money with lots of debt, then invests the bulked-up total in high-yielding but risky assets, such as dubious mortgage-backed securities. For a while - say, as long as a housing bubble continues to inflate - he (it's almost always a he) will make big profits and receive big bonuses. Then, when the bubble bursts and his investments turn into toxic waste, his investors will lose big - but he'll keep those bonuses." ... "We're talking about a lot of money. In recent years the finance sector accounted for 8 percent of America's GDP [Gross Domestic Product], up from less than 5 percent a generation earlier. If that extra 3 percent was money for nothing - and it probably was - we're talking about $400 billion a year in waste, fraud and abuse. But the costs of America's Ponzi era surely went beyond the direct waste of dollars and cents." ... "At the crudest level, Wall Street's ill-gotten gains corrupted and continue to corrupt politics, in a nicely bipartisan way. From [Republican President] Bush administration officials like Christopher Cox, chairman of the Securities and Exchange Commission, who looked the other way as evidence of financial fraud mounted, to Democrats who still haven't closed the outrageous tax loophole that benefits executives at hedge funds and private equity firms (hello, [New York Democratic] Senator Schumer), politicians have walked when money talked." -By Paul Krugman -IHT.com 
Corporate
- Government
- Law
- Politics
"U.S. Congress to probe SEC role in Madoff affair." ... "A U.S. [United States] House of Representatives panel plans to convene an inquiry in January into the failure of securities regulators to unearth an alleged $50 billion securities fraud by Wall Street veteran Bernard Madoff, a key lawmaker said on Wednesday." ... "The Securities and Exchange Commission has come under fire for not uncovering the scandal until senior employees of Madoff went to authorities." ... "The agency, chaired by [Republican President Bush's Securities and Exchange Commission chairman] Christopher Cox, has been accused of missing a number of red flags about the way Madoff operated his investment business." ... "Cox, a Republican, said he was gravely concerned about the SEC's failure to examine Madoff's activities, which were flagged going back to at least 1999 and repeatedly brought to the attention of SEC staff but never recommended for commission action." ... "Madoff's niece, Shana Madoff, a compliance lawyer at Madoff's firm, is married to a former SEC lawyer, Eric Swanson, who was the agency's assistant director in the office of compliance inspections and examinations." ... "SEC compliance chief Lori Richards said Swanson was a member of an examination team that looked into Madoff's broker-dealer business in 1999 and 2004." -By John Poirier and Rachelle Younglai with contributions by Kevin Drawbaugh, Karey Wutkowski, Andre Grenon and John Wallace -Reuters via -Guardian.co.uk
Christopher
Cox - Corporate
- Government
- Legislative
- Politics
-  History
-  2004
Election
"Christopher Cox." ... "[Republican] President George W. Bush nominated [Christopher] Cox to chair the Securities and Exchange Commission in June 2005, after William Donaldson announced his resignation. The SEC [Securities and Exchange Commission] nomination drew sharp criticism from activists and commentators, who pointed with concern to Cox's strong relationship to big business. Lee Drutman of the group Citizen Works argued: "Looking at Cox's legislative record, the main philosophy that emerges is one of doing favors for business, happily taking their campaign contributions, and then proclaiming that the free market works. (According to the Center for Responsive Politics, 97% of Cox's 2004 reelection campaign was funded by corporate political action committees or executives of companies and their family members. Since first being elected to Congress in 1988, he has received more than $254,000 from the securities industry)" (TomPaine.com, June 10, 2005)." ... "In 1995, Cox sponsored a bill that would limit investors' ability to sue their companies if the firms were suspected of securities fraud. The bill became one of only two that were pushed through after a [Democratic President] Clinton veto (Los Angeles Times, June 3, 2005)." -RightWeb -Profiles -
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"SEC expected to introduce fewer regulations." ... "The Securities and Exchange Commission is likely to introduce fewer new regulations under Christopher Cox's chairmanship compared to his predecessor, and may strike a new tone on enforcement, people familiar with the chief US financial watchdog said on Thursday." ... "SEC insiders also said Mr Cox, the congressman nominated by President George W Bush to replace William Donaldson, was expected to forge a new unity among the three Republican commissioners at the SEC if he is confirmed by the Senate." -By Andrew Parker -FT.com |
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