When discussing with friends McCain’s campaign blunders in the week of September 15, I took note of his big errors, saying the “fundamentals of the economy were strong” (even though the rest of the sentence made clear he was aware of problems),* not immediately pointing his past efforts to promote reform, vowing to fire SEC Chairman Chairman Chris Cox and vowing later to replace him with Andrew Cuomo.
While I still think Cuomo would make a terrible SEC Chief, it seems that George Will notwithstanding, McCain’s call to fire Cox had some merit. Via the Jewish Athena, we learn that under Cox’s leadership:
The Securities and Exchange Commission missed “numerous potential red flags†leading up to the shotgun sale of Bear Stearns Cos., and failed to require the investment bank to rein in its risk taking, according to a scathing report from the agency’s inspector general. Inspector General David Kotz said it is “undisputable†that the SEC “failed to carry out its mission in its oversight of Bear Stearns.†Bear Stearns, one of the most aggressive investment banks, agreed to be sold to J.P. Morgan Chase & Co. in March after the firm’s clients fled and it was running out of cash.
Whatever Cox’s merits as a Congressman (and he had many), he does not seem to have brought them to the SEC. Â Just as McCain was right on the need to reform Freddie Mac and Fannie Mae, it appears he was right to call for Cox’s dismissal. Â I wonder if the MSM will take notice.
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*Had he said this as president and not candidate, it would have been more defensible, saying it so as not to cause panic.
When libs mock McCain about the “fundamentals” comment, I remind them that if they weren’t strong, there never would have been a $28,000/ plate dinner for Comrade Obama.