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...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. But is all the criticism being hurled at Cox, a corporate lawyer who served in the Reagan White House and as a Congressman from Orange Co., Calif. for 17 years before...
...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 sure that public companies accurately disclose their financials and business risks to investors, and ensuring that brokers who trade securities for clients keep investors' interests first...
...Department]asking the taxpayers to absorb all the bad debts from these banks' balance sheets," says a western banker who occasionally advises the CIC, "and then you're going to turn around and sell more of the bank to the Chinese government? That wasn't going to fly in Congress...
...Shelby is likely to oppose the plan, but much of its scrutiny on Capitol Hill is, in fact, Congress doing what Congress does, albeit on a massive, once-in-a-lifetime scale. On any given day on the Hill well-heeled lobbyists graft slivers of language onto obscure bills, language that ends up being worth huge amounts to their clients. This week the U.S. financial system is going to be reordered on a scale unseen since F.D.R., and everyone has an interest in that, sometimes to the tune of hundreds of billions of dollars. In the massive bazaar of legislative...
...address, Mbeki, 66, denied that he had used his political influence to pressure the prosecution of Jacob Zuma, his rival within the African National Congress (ANC), who is expected to run in and win presidential elections next year. It was that allegation that served as the political ammunition party leaders needed to oust Mbeki, though observers suggest they had a much broader list of complaints. "So much antagonism has built up towards him that people were determined not to let him go in any dignified way," author and ANC parliamentarian-turned-critic Andrew Feinstein told TIME. "That is related...