Cox reacts to WSJ slam

By Cydney Posner

In the interest of equal time and the fairness doctrine, I have linked an article from today's CFO.com, which reports on an internal staff memo from SEC Chairman Christopher Cox in which he reacts to the criticism of him and the SEC in the WSJ article I circulated on 6/23/08. The two main points he raises are that (i) the proposed Paulson regulatory overhaul that was supposed to represent a potential death knell for the SEC really does nothing of the kind and, in Cox's view, actually expands its authority; and (ii) his and the SEC's role in the Bear Stearns bailout was appropriate given that the SEC would be acting as a regulator of the merger and also potentially as an enforcer of the law against fraud in connection with the transaction.

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