Word: coxed
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...Wall Street tycoons" and backroom Washington dealmakers he holds responsible for this mess. It's his nature to see problems in terms of personal culpability; while other leaders were debating the best way to set a price for distressed debt, McCain was calling for the head of Christopher Cox, chairman of the Securities and Exchange Commission. Both Obama and McCain maintained that greed is the root cause of our troubles, but in Obama's mouth it sounded like a diagnosis, whereas from McCain the word landed like an indictment...
...Should Cox have prioritized building an early warning system to detect the risk that was slowly and steadily building at these companies? Perhaps. But that wouldn't exactly be a job the SEC is built for. "I'm not sure the SEC had the manpower or internal expertise to quickly ramp up to being able to spot highly sophisticated risk that, as far as we can tell, no one was good at spotting," says Donald Langevoort, a law professor at Georgetown University and former SEC staffer...
...Since earlier this year, Cox has also come under fire for not acting more quickly to curb short sellers - investors who borrow shares and make money when a stock's price drops. After certain financial stocks started diving over the summer, and market players and attorneys began ringing alarm bells about rumor-mongering, the SEC temporarily banned a particularly aggressive form of short selling in 19 financial stocks. A new ban, which prohibits all types of short selling for some 800 financial stocks, went into effect on Sept. 19 and lasts until...
...There are, for sure, legitimate criticisms of the SEC under Cox. The agency, by most accounts, could have taken a more active role in going after firms that misleadingly sold long-term auction-rate securities as cash-like investments, as the Secretary of the Commonwealth of Massachusetts, who filed complaints against a number of companies, has suggested. In April, when the Treasury Department put out a blueprint for reforming financial markets, which included a possible abolition of the SEC, Cox probably didn't bolster his staff's spirits by not immediately standing up for his agency's autonomy...
...Cox the one person, above all others, to spend time pointing fingers at? "I don't think the commission has done as strong a job as it should have, but it wasn't asleep at the wheel," says Joel Seligman, president of the University of Rochester and an SEC historian. "To suggest that Christopher Cox is responsible for what has happened is to trivialize some very serious economic forces." (See TIME covers about Wall Street throughout the years...