News Flash: Chris Cox Makes it Unanimous

Ever the consummate politician, SEC chairman Chris Cox admitted tonight that yes, it does get dark when the sun goes down; yes, water is wet; and yes, the SEC screwed the pooch on Bernie Madoff.

I am gravely concerned by the apparent multiple failures over at least a decade to thoroughly investigate these allegations or at any point to seek formal authority to pursue them. Moreover, a consequence of the failure to seek a formal order of investigation from the Commission is that subpoena power was not used to obtain information, but rather the staff relied upon information voluntarily produced by Mr. Madoff and his firm.

Poor dear, being "gravely concerned" and all that, particularly since this is an SEC chairman who single-handedly emasculated his own enforcement staff. Oh yes, there would have been a formal investigation launched, and action taken. Yessir! What a joke. Madoff is a psychopath, but at least he is keeping his mouth shut. Chris Cox should follow his example.

There will probably be an effort now to shift the blame to underlings, or back to Artie Levitt perhaps, but this fish rots from the head down. Enough already.

Oh please won't you go now, Mr. Chairman, and not let the door hit you on the way out?

© 2008 Gary Weiss. All rights reserved.