Friday, June 03, 2005

Christopher Cox: Putting a wolf back into the SEC henhouse 

Christopher Cox is another fine example of the Bush 2 administration appointing blatantly partisan cronies who have no real qualifications for their respective jobs, beyond being Bush right-wing loyals who will keep the Pandora's Box of abuse and criminality wide open for Bush and Wall Street. But in BushWorld, that is the important qualification.

Given the history of the Securities and Exchange Commission (SEC), from its continuous series of CIA-connected directors to the disaster of Harvey Pitt., this is what we expect from openly criminal government. As Mike Ruppert and others have documented, the CIA is Wall Street, and Wall Street is the CIA.

The outgoing SEC chief William Donaldson was a Wall Street veteran (Donaldson, Lufkin, Jenrette) who "shocked" the Bush administration by levying record fines for corporate misconduct—actually enforcing regulations. Bush and Wall Street viewed Donaldson as "heavy handed". If Donaldson hadn't resigned, he would have been driven out.

Check Cox and his background: Harvard-educated corporate finance attorney; senior counsel to Ronald Reagan; Orange County, Calif., Republican (a hard-liner), who rose to prominence during the Gingrich "Contract on America" era in the mid-1990s; chairman of the House Homeland Security Committee; supports elimination of corporate divdend and capital gains taxes, and estate taxes. Any single point should disqualify him. But this is BushWorld.

Following his certain confirmation by a lapdog Congress, Cox will likely scale back the small bit of enforcement that Donaldson took on.

Wall Street will pop the cork on the bubbly.

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