Monday, March 2, 2009

The Inside Story on the Breakdown at the SEC

A tough piece from Time Magazine. Starting with this quote: "[l]ong an evangelist for deregulation, the affable 56-year-old conservative former California Congressman took a custodial approach to a job that called for muscular leadership."

It doesn't get any better for Chairman Cox from there. According to the article, he was absent during the discussions and bailout of Bear, he let Commissioner Atkins run loose, his policy that required staff to seek permission to seek penalties demoralized the agency.

I am not so sure that we can lay the entire blame for the SEC's failures at the feet of Chairman Cox, but Time sure gives it a try.

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