Thursday, June 16, 2005

From the June 27 issue of The Nation, I give you first some doggerel by Calvin Trillin:
WILLIAM DONALDSON IS
REPLACED AS CHAIRMAN
OF THE SECURITIES AND
EXCHANGE COMMISSION BY
CHRISTOPHER COX
Though Donaldson came from the Street,
He plainly was policing his beat.
And so they replaced him with Cox.
The henhouse goes back to a fox.


Then the opening paragraphs of an article titled "Surrender at the SEC":
The appointment of Representative Christopher Cox to lead the Securities and Exchange Commission is as shameful as sending John Bolton to the United Nations, and should arouse a comparable swell of objections. Cox is a wholly owned agent of the financial and corporate interests the SEC is supposed to regulate. His political career has been financed by the same sectors--banking, accounting, corporate--that produced scandals like Enron and WorldCom. In return, he's worked to shield his patrons from the scrutiny of the government regulators, whom they duped, and the shareholders, whom they swindled.
Bush and his White House are beyond shame, of course. Their "code of honor" is as straightforward as the Mafia's: Always protect ideological kinfolk; always reward monied friends. What's public policy got to do with it? Or a decent respect for public values? The Bush cynics are assuming they can fog this one past Congress without awakening the public. Many Americans were deeply injured by the criminal collaborations of financiers and money-crazed CEOs. Yet the SEC is not well-known, its crucial role in policing Wall Street not widely understood. If the cynics prove correct and Cox is confirmed, replacing resigning chairman William Donaldson, George W. Bush will become an unindicted co-conspirator in this looting.

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