Sunday, September 28, 2008

Chris Cox, Fool or Knave?

"With stocks tumbling, the [SEC] launched an effort aimed at making it harder for traders to improperly drive down stock prices and announced plans to require hedge funds to share more information about their trading. The SEC announced three trading rules ... following a weekend of tense negotiations with Wall Stret firms, which had asked SEC Chairman Christopher Cox [CC] to stop a tide of short selling", my emphasis, Kara Scannell at the WSJ, 18 September 2008.

More incompetent WSJ reporting. How does CC know which stocks were improperly as opposed to properly driven down in price? Why did CC negotiate with Wall Street firms anyway? Would he negotiate with IA? Of course not. Why? I've never used a law firm that could offer CC a seven-figure sinecure in about four months. This article's title was,"SEC Issues Short-Selling Rules in Bid to Stop Manipulation". WSJ, you should be ashamed of yourself for printing such junk. Were any of these firms: Goldman, Morgan, Wamu, Wachovia, Freddie or Fannie on the SEC's protected list before? Did any of them fail or seek assistance? Were the short sellers right all along?

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