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John McCain didn't parse any words last week when he called for the firing of Securities and Exchange Commission (SEC) chairman Christopher Cox. The Republican nominee's choice of words may have been more direct than others - and more misguided, since the president can't technically fire the SEC head - but McCain's sentiment was nothing new. For months, calls for the SEC to do something more in the financial markets has been heard all over, from Congress, a midtown Manhattan law firm, the Secretary of the Commonwealth of Massachusetts, cable TV business news and former SEC commissioners...
...still explaining why he wasn't on particular conference calls during the Bear Stearns meltdown in March. (He told the Wall Street Journal he missed one call because the time changed, and he was involved in other calls throughout the weekend.) When he appears alongside Federal Reserve chairman Ben Bernanke and Treasury secretary Hank Paulson at press events he can seem dwarfed in stature, the representative of an agency with its roots not in sweeping monetary policy but in humble consumer protection. Created by Congress in 1934, at the height of the Great Depression, the SEC is charged with making...
...hedge funds to more oversight. When a court struck down Donaldson's hedge fund registration rule, Cox announced that the SEC would not seek to appeal the ruling - he took the same no-appeal tact when a court shot down an SEC effort to make mutual funds appoint independent chairman. On the other hand, certain types of enforcement - like cases against companies that backdated stock options - have flourished under Cox. And now he's a loud supporter of regulating the $58 trillion credit default swap market that helps companies insure against defaults on their debt - but also links financial institutions...
...there is little rigorous data on whether bans on short selling broadly, or specific modifications to how it's conducted (like whether a stock must tick up before a short can go in), truly reduce volatility in markets. Little wonder that many market observers, including former Federal Reserve chairman Alan Greenspan, have already come out against the temporary short selling...
...Sung designated the younger Kim as the next leader of North Korea in 1980. It wasn't until 1998, however, four years after his father's death, that Kim Jong Il took over the country's leadership - having been made leader of the Korean Workers' Party and chairman of the National Defense Commission, but not President, a title reserved posthumously for his father...