Christopher Cox Comes Out Swinging; Slams Bernanke And Paulson

[ChkitOut]

Quote from flytiger:

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.

Lets not go overboard, the collapse of the MBS, CDS markets have nothing to do with how stocks trade. Thats all I was arguing.

 

[spinn]

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.

I have never understood how a trader or "hedge" fund could lose money in this market.

Ethical issues and trading are not the same, in fact they are often opposite.

The past year should of made a good trader enough money to retire.

 

[seauouch]

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.......

A 50 billion ponzi scheme was run right under his nose & the worst mistake he made during his tenure was a 3 week ban on short selling??????? WHAT THE F CK?

This clown should be burned at the stake.

 

[ChkitOut]

Quote from seauouch:

A 50 billion ponzi scheme was run right under his nose & the worst mistake he made during his tenure was a 3 week ban on short selling??????? WHAT THE F CK?

This clown should be burned at the stake.

So you blame cops for crime?

What idiotic logic you have.

 

[seauouch]

Quote from ChkitOut:

So you blame cops for crime?

What idiotic logic you have.

The SEC recieved NUMEROUS letters, emails & phone calls over the years questioning the validity of Madoffs dealings yet chose to look the other way. That a crime of such proportions was allowed to operate under their watch & yet Cox's view that being pressured to institute a short ban for 3 weeks is his biggest regret just blows my mind.

How many lives were ruined when the short ban was instituted? ZERO

Madoff's scam with the blessing of the SEC has ruined many peoples lives & has wiped out a few charities.

ChikitOut are you related to Cox? I cant understand how anyone can defend an organization that was either grossly negligent in their duty or worse in on the scam.

 

[WaveStrider]

Quote from ChkitOut:

So you blame cops for crime?

It is true that the volatility has been helpful.

But calling Cox a cop is a bit far. More like, he's impersonating a cop...

 

[smilingsynic]

Quote from ChkitOut:

So you blame cops for crime?

What idiotic logic you have.

Since 2001, the SEC has become weaker, as the Feds have put more into homeland security, for obvious reasons. The numbers show that the SEC has become a watchdog with a weaker bite.

If there are fewer cops on the beat, more will get away with crime.

 

[ChkitOut]

Quote from seauouch:



ChikitOut are you related to Cox? I cant understand how anyone can defend an organization that was either grossly negligent in their duty or worse in on the scam.

I just think you guys are killing a guy that is on your side.

Meaning, he is trying to protect the wallstreet community by lessening the burden of regulation and allowing for innovation and profit potential.

For example, Cox is the last guy that would come up with something as stupid as the PDT rule. If you want to be free to trade, be careful what you wish for is what I'm saying.

 

[Stosh]

Quote from ChkitOut:

So you blame cops for crime?

What idiotic logic you have.

Good analogy. The cops rarely stop a crime in progress. They show up afterwards, write the reports, investigate if it is a major crime, catch a small percentage of perps, and hope that the perp will someday get some punishment. And we get a new police chief every few years who says he is going to really crack down and clean things up. The cops even give tickets to a few speeders....haven't noticed that slowing people down. Stosh

 

[seauouch]

Quote from smilingsynic:

Since 2001, the SEC has become weaker, as the Feds have put more into homeland security, for obvious reasons. The numbers show that the SEC has become a watchdog with a weaker bite.

If there are fewer cops on the beat, more will get away with crime.

The SEC's budget has doubled since 2001, so they didnt have the resources to check out a potential 50 billion dollar ponzi scheme??

CNBC had a segment on a broker who worked for a Boston based hedge fund who had sent the SEC numerous detailed letters over the years explaining to them that Madoff's trading methods simply could not produce the returns he was claiming. Nothing was ever done, either the SEC was in on the scam or they are so incompetent its bordering on criminal.

The SEC lets the big firms do whatever they please, they know if they "play ball" they will be hired for big $$ by the same firms they are supposed to be policing.

Instead the SEC is content to make a federal case over the Martha Stewarts of the world while the public ( bagholders ) are getting fleeced for billions.

The entire culture of the SEC is rotten to the core & the entire agency needs to be torn down.

What the FED & Treasury are doing is even worse however but that doesnt mean the SEC should be off the hook for their negligence.