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Christopher Cox Comes Out Swinging; Slams Bernanke And Paulson
- Thread starter taodr
- Start date
Quote from spinn:
From that article:
"Cox said the biggest mistake of his tenure was agreeing in September to an extraordinary three-week ban on short selling of financial company stocks. But in publicly acknowledging for the first time that this ban was not productive, Cox said he had been under intense pressure from Treasury Secretary Henry M. Paulson Jr. and Fed Chairman Ben S. Bernanke to take this action and did so reluctantly. They "were of the view that if we did not act and act at that instant, these financial institutions could fail as a result and there would be nothing left to save," Cox said."
It is easy to call him a prick, but wouldnt most on this board agree that he is correct to oppose that?
Granted he was too spineless to actually do it when he had the chance.......
Quote from spinn:
From that article:
"Cox said the biggest mistake of his tenure was agreeing in September to an extraordinary three-week ban on short selling of financial company stocks. But in publicly acknowledging for the first time that this ban was not productive, Cox said he had been under intense pressure from Treasury Secretary Henry M. Paulson Jr. and Fed Chairman Ben S. Bernanke to take this action and did so reluctantly. They "were of the view that if we did not act and act at that instant, these financial institutions could fail as a result and there would be nothing left to save," Cox said."
It is easy to call him a prick, but wouldnt most on this board agree that he is correct to oppose that?
Granted he was too spineless to actually do it when he had the chance.......
He's not just a prick . he's a fucken prick !!! No guts. A wimp. All these Bush people stand for shit. All should have opposed Bush. The guy is only a president not a GOD for fucks sake.
Quote from ChkitOut:
What we have done in this current turmoil is stay calm, which has been our greatest contribution -- not being impulsive, not changing the rules willy-nilly but going through a very professional and orderly process that takes into account unintended consequences and gives ample notice to market participants" Cox said
This is exactly what any trader (pro, retail, winning or losing) should want to here from the SEC. I don't get the bashing of this guy on this site, he is obviously on the traders side.
You're seriously kidding, right? All that's been happening around us has to do with excessive manipulation of the markets turning the game on its head and violating all the old rules, with new rules being made up by a select few (Cox included) on the fly with little transparency in advance.
What Cox probably meant by that statement was that there was an error in making the short ban PERMANENT, instead of just for three weeks.
Quote from drsteph:
You're seriously kidding, right? All that's been happening around us has to do with excessive manipulation of the markets turning the game on its head and violating all the old rules,
You do realize that this has probably been the best year for trading that there will be in a very very long time...don't you?
I'm not sure what you're complaining about.
Quote from ChkitOut:
You do realize that this has probably been the best year for trading that there will be in a very very long time...don't you?
I'm not sure what you're complaining about.
So, that makes it ok? what happens next? There will be NO trading. We have a system of laws that was never enforced; now, we have, or will have, nothing. The public will turn on this 'industry' with a vengeance.