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SEC Chairman Chris Cox Releases Statement

On Friday September 26, 2008 the Chairman of the Security Exchange Commission (SEC) released a statement in regards to to mess in the financial industry. I’m not surprised that no where in the statement does he say that because of his lack of leadership skills and responsibility that he will resign from his position. Instead he puts the blame on Congress and the bill that they passed.
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Why is it that we have the two entities, the SEC and the Federal Reserve, that are to keep an eye on the economy and the way the financial companies do business, not do their job for the last few years? Now that the economy is in dire straits, they want to step up and get something done. Let’s not over look the fact that it’s not themselves that the total burden falls on, no they have to run back to Congress (the entity that they blame in the first place) to rush and get it done. It’s a shame that our own government and it’s administration refuse to take the blame for this mess.
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Chris Cox’ statement is full of what is going to be done now, after the fact of him and his staff have sat back and watched this unfold. It speaks about what changes are recommended to be made to have this Consolidated Supervised Entities (CSE) program work. The same program that was passed by Congress that didn’t work in the first place. In his own words he says that “the program was fundamentally flawed from the beginning”.
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He even goes on to say that there are still other gaps in the regulatory framework. Mr Cox stated “Unfortunately, as I reported to Congress this week, a massive hole remains: the approximately $60 trillion credit default swap (CDS) market, which is regulated by no agency of government.”
Why is it that this is only being reported this week?
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If Mr Cox has been informing our Congress of the situation for the last few years, why hasn’t anything been done until now?
Here is the statement from Chris Cox that was posted on the SEC website for anyone who wants to read it all. I suggest that you take your ulcer pill first before reading.

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