Bush's SEC under Cox was GOP Deregulation and Fraud Heaven
Federal agencies in charge of enforcement were just window dressings managed by Bush loyalists who were deliberately incompetent, making this the worst administration ever.
The Securities & Exchange Commission (SEC) has been an integral part of the Bushite pro-corporate, little or no enforcement philosophy which has been exposed as a failure, especially in the Madoff scandal.
As TPM Muckraker reports: "But it's also becoming clear that the Madoff failures didn't arise out of nowhere. In recent years, particularly under Cox, a former California GOP congressman, the SEC has pursued a policy of de-emphasizing enforcement, part of the broader anti-regulatory philosophy of the Bush years -- helping to make Madoff, and perhaps others like him, possible.
" '[Cox] in many ways worked to dismantle the SEC,' Ed Nordlinger, a former longtime enforcement director in the commission's New York office, told TPMmuckraker. 'He slowed everything down. I don't think he believed in heavy regulation.'
"That view has been echoed by several others in a position to know. Ross Albert told TPMmuckraker for a post published yesterday: 'Under Cox, SEC had de-emphasized the enforcement program. Cox worshipped at the same altar of de-regulation that the rest of the Bush administration worshipped at.'
Read the entire piece for the scandalous specifics.
Bush's SEC fingerprints, among others, are all over this financial catastrophe, a Hooeverian nightmare that will remain one of the Bush regime's infamous historical legacies.
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