The Wall Street Journal whined in its September 18th piece about John McCain saying he would fire SEC honcho Christopher Cox - specifically for problems with alleged short-selling excesses as Cox stood next to lame duck President Bush who has turned over the job of running the country's economy to Treasury Secretary Hank Paulson. The Journal later whined about the new strictures on short-selliing by - in part - guess who? Christopher Cox!
How long will the restrictions stay on short-selling - and what will happen when those restrictions are lifted? And what would a board or executives do if they had an employee like Christopher Cox in charge of overseeing activities at a signficant part of their companies - boot him or give him a golden parachute?
Cox won't be relieved as his time is about up - but to criticize McCain because he would dare to suggest he should be fired is puzzling at best - given that those making the charges are always harping about excellence and doing a job better.
Is Cox solely to blame for the financial meltdown? No, but he is a big player. How long will it be before we hear his behind the scenes George Tenet style book in which he rehabs his image - and will run for cover under Paulson's wings.
Interestingly, in a discussion on September 19th's CNBC Kudlow & Company show - hardly left-wing or socialist in its message, it was noted that behind the scenes executives said that Cox wasn't up to the job. Of course, this is convenient for them to say as well - but it doesn't seem that Mr. Cox distinguished himself - it is safe to say.
He will probably re-emerge as some sort of financial consultant with his "lessons learned" - as he has helped drive the country towards toward a sharp left turn.
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