Lonesome Tree in Sandhills

Sunday, October 12, 2008

Friend of Fox - Cox

Who is Christopher Cox - SEC Chairman & Friend of Fox - you ask?  Read on & wonder how could the stock market have crashed on his watch... within 20 years of the 1987 crash.

Chairman Cox has had an illustrious career... until now.  His 2005 bio indicates he is truly a very smart guy - earned a joint MBA-JD from Harvard (like Obama, he was also an Editor of Harvard Law Review)  He clerked for a federal judge before joining a prestigious international law firm in LA, specializing in venture capital & corporate finance as head of its Orange Co. corporate department. He left to serve Pres. Reagan as Assoc. White House Counsel in 1986 - a year before the stock market crashed big time in 1987.  Reagan assigned Cox as White House liaison to Greenspan's "Brady Commission" charged with investigating the causes of the October 1987 stock market crash.

He returned to California, was elected to Congress, where he served 17 years in the House - 10 of those years with a Republican majority.  As a few excerpts from his bio futher illustrates, Rep. Cox truly looked out for his corporate constituents....

"Among the significant laws he authored were the Private Securities Litigation Reform Act, which protects investors from fraudulent lawsuits, and the Internet Tax Freedom Act, which protects Internet users from multiple and discriminatory taxation. His legislative efforts to eliminate the double tax on shareholder dividends — the subject of a thesis he authored at Harvard University in 1977 — led to the enactment in May 2003 of legislation that cut the double tax by more than half.

"In addition, he served in a leadership capacity as a senior Member of every committee with jurisdiction over investor protection and U.S. capital markets, including the House Energy and Commerce Committee (as Vice Chairman of the Oversight and Investigations Subcommittee); the Financial Services Committee; the Government Reform Committee (as Vice Chairman of the full Committee); the Joint Economic Committee; and the Budget Committee."

"During his tenure at the SEC, Chairman Cox has made vigorous enforcement of the securities laws the agency's top priority, bringing ground breaking cases against a variety of market abuses including hedge fund insider trading, stock options backdating, fraud aimed at senior citizens, municipal securities fraud, and securities scams on the Internet. He has assumed leadership of the international effort to more closely integrate U.S. and overseas regulation in an era of global capital markets and international securities exchanges."

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