In today's episode of rewarding failure we have the resurgence of former SEC Chair Christopher Cox. The going sentence for falling asleep at the wheel and providing fertile ground for the greatest financial frauds in history is a partner position at law firm Bingham McCutcheon in the OC. Cox may not have impressed many during his stint as SEC babysitter but he managed to mesmerize Bingham chairman Jay Zimmerman.
"I sat down with him in D.C. and I thought, 'This is an incredibly impressive guy. He's very smart, he has a tremendous pedigree and he's a real star in Orange County.'"
"There's a mixed view of Chris's tenure at the SEC," Zimmerman said. "But when you look at his broader record, this is an exceptional talent. We're in a talent business, and the opportunity to get him was extraordinary."
Indeed there is a mixed view. Inmates Madoff and Stanford must have spoken very highly of Cox's time standing guard in DC.
Posted by guest , Jul 17, 2009 11:44AM
Why isn't chicklet boy in jail?
Posted by guest , Jul 17, 2009 11:47AM
Punctuation, Greg. Look it up.
Posted by guest , Jul 17, 2009 11:47AM
Cox was a lawyer before he came to Congress at later to the SEC, so it should hardly come as a surprise that he's gone back to law. And given that success in the legal profession has little to do with financial acumen, it should hardly come as a surpise that he's seen as competent.
It does, however, raise the question of why we have lawyers running the financial regulatory apparatus . . .
Posted by guest , Jul 17, 2009 11:47AM
too greg; didn't read
Posted by guest , Jul 17, 2009 11:53AM
A new star in the OC? Cox doesn't even know anything about derivatives.
-Robert Citron
Posted by guest , Jul 17, 2009 11:57AM
alright greg, better than nothing.
-The guy who once made out with a fat chick for a free PBR
Posted by guest , Jul 17, 2009 11:57AM
is he in Barry Zuckercorn's old office?
Posted by guest , Jul 17, 2009 12:01PM
Because he's hung like David Carradine.
Posted by guest , Jul 17, 2009 1:04PM
Madoff and Stanford were running their Ponzi schemes well before Cox came on the scene.
Posted by guest , Jul 17, 2009 1:24PM
@9 so what
you may have had cancer long before u saw the doctor. but if she misses it you SUE her for negligence.
Posted by guest , Jul 17, 2009 1:33PM
The SEC under Cox spotted Stanford as a Ponzi scheme, but got overridden by another agency that had more pull with the administration and thought its own priorities were higher than protecting investors from a Ponzi scheme. The agency under his watch clearly missed Madoff, however (although yes, Madoff had been Ponzi-ing for some time previously.)
Posted by guest , Jul 17, 2009 1:50PM
Cox was as corrupt as they came. Even Harvey Pitt could have learned some lessons from him. Bingham is just going to use him to lobby state politicians.
And you thought California was screwed...
Posted by guest , Jul 17, 2009 1:52PM
After reading this article, one thing is obvious: Greg loves Cox.
Posted by guest , Jul 17, 2009 3:52PM
Hey yall.
Posted by guest , Jul 17, 2009 4:04PM
The Cocks guy is something. Was he pol who issued the Cocks report?
Posted by guest , Jul 17, 2009 4:07PM
I am having a hard time finding a worse SEC head than C.Cox.
Posted by guest , Jul 18, 2009 11:15PM
Why do we reward lawyers everyday for screwing up? The fee system was originally set up by bookies. You win you pay- you lose you pay. Obviously to ignore Madoff was worth something to a lot of people!
Posted by guest , Jul 21, 2009 11:39AM
I heartily disagree with your characterization of Chris Cox. I have followed and covered his career for two decades, and know of few finer men or public servants than he is. At the SEC, he got blamed repeatedly for things that weren't even his responsibility. He deserves to land a good job; the country would be better off if more men of his caliber were in office.
-- Quin Hillyer