Fox in the Henhouse, part 48
Those nice folks at Think Progress have uncovered the latest inexplicable Bush nominee. Chris Cox will probably be the next head of the Securities Exchange Commission-- the government office charged with enforcing accountability in the financial sector so that corporate meltdowns like Enron never happen. That way, the investing public is protected from corrupt CEO's and bean counters willing to destroy the lives of hundreds for the sake of some cash.
Unless, that is, you find yourself in. . . . Bizarroworld.
One of Cox's greatest contributions to investor security was the Private Securities Litigation Reform Act of 1995. (I know, you can already tell by the name what it's meant to do) Here's how an LA Times editorial described the act:
Approved by just two votes over a presidential veto, the law was written largely by and for powerful corporate interests. It gutted historic safeguards against fraud and weakened those protecting investors. It set up legal obstacles that may have enabled Enron to hide its questionable accounting practices.
Unless, that is, you find yourself in. . . . Bizarroworld.
One of Cox's greatest contributions to investor security was the Private Securities Litigation Reform Act of 1995. (I know, you can already tell by the name what it's meant to do) Here's how an LA Times editorial described the act:
Approved by just two votes over a presidential veto, the law was written largely by and for powerful corporate interests. It gutted historic safeguards against fraud and weakened those protecting investors. It set up legal obstacles that may have enabled Enron to hide its questionable accounting practices.
posted by Matt Sandwich | 9:21 AM
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