Senator John McCain today said SEC Chairman Chris Cox should be fired for falling asleep at the wheel as conditions built towards the current meltdown of the nation's financial markets.
Where was Senator McCain (or the rest of the US Senate for that matter) back in 2005 when we launched the "Stop Cox" campaign to oppose the confirmation of a pro-business, anti-regulatory politician as the nation's top financial regulator? (Cox was confirmed with a unanimous vote.)
Cox actually wrote the 1995 law (the Private Securities Litigation Reform Act) that made it harder for investors to take corporate swindlers
to court. The law has been blamed for allowing some of
the nation's worst financial scandals -- including those at Enron and WorldCom -- to proceed unchecked. Chris Cox should never have been the SEC Chair, so it's no surprise he's been silent as the financial markets implode.
We warned of as much three years ago. Click here to watch the video we released back then with Greg Germann, who played Richard Fish on Ally McBeal, playing a jailed executive thankful for Chris Cox's nomination.