He was called reactionary a while back when he called for the firing of SEC head, Chris Cox.
Well, today an Inspector General’s report says that the SEC under Chris Cox has been derelict in its duty failing to provide adequate oversight of investment banks.
The IG report was reported on by Scott Cohn on CNBC today. Watch the following video on CNBC:
http://www.cnbc.com/id/15840232?video=868666144 (cut and paste) or go to the following site:
Video – CNBC.com “Where Were the Regulators?”
It appears that the reactionary John McCain might have been right on the money in demanding the firing of the SEC chairman.
Maybe Chris Cox will just do everyone a favor and simply resign. It appears obvious that, in some way, he might not have been doing his job. There’s nothing like being “a day late and a dollar short” … or $700 billion short … or a $1 trillion short.
Now he’s calling for scrapping the voluntary regulation program for the investment banks … and the meltdown has been going on for how long … nearly 11 months?