Chris Cox

Brooksley Born, former head of the CFTC and now a member of the Financial Crisis Inquiry Commission, finally had her chance to stick it to Chris Cox.

Born, remember, was the only member of the President’s Working Group on Financial Markets in 1998 to call for comprehensive regulation of OTC derivatives like credit default swaps.

Cox, then a member of Congress and the chairman of the Task Force on Capital Markets, vehemently opposed the regulation as did Alan Greenspan, Larry Summers and Robert Rubin. Well, we know what kind of havoc unregulated OTC derivatives have caused since then. Read more »

  • 16 Jul 2008 at 9:01 AM

Chris Cox And The SEC Back In The Spotlight

Admit it. There’s some part of you that wonders whether or not Chris Cox’s anti-naked shorting emergency order wasn’t an attempt to prove that he and his agency were not an irrelevant or superfluous sideshow to the Ben Bernanke-Hank Paulson big tent. His agency was in danger of being written out of the regulatory schema being promoted by Paulson and, less publicly, by Bernanke. Yesterday he showed the markets and lawmakers that the SEC still has some muscles to flex.

SEC chair Christopher Cox missed the 5am conference call when Ben Bernanke and Hank Paulson decided that the Fed would lend funds to rescue Bear Stearns from bankruptcy, the Wall Street Journal reports on today’s front page. The call’s time changed and no one bothered to tell Cox, who didn’t know until he came into the office a few hours later.

Read more »