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Thursday, December 18, 2008

Cox Opens the Door to Schapiro

News summary by MFWire's editors

Chris Cox is leaving the door open when he leaves the SEC next month. Cox, whose term was set to expire in June of next year, Thursday morning announced his departure and praised President-Elect Barack Obama's appointment of Mary Schapiro as the new SEC chair (see the full statement below). The big question is whether a Wall Street insider can do better than a politician.

Throughout his stint at the SEC, Cox has been criticized for his hands-off approach to the companies he regulates. He took a hit for his seeming inattention to the Bear Stearns and Lehman Brothers bailouts and the final blow was the SEC's failure to probe Bernard Madoff.

But let's not forget that Madoff Investment Securities is a broker-dealer, which means that Schapiro's FINRA may have dropped the ball as well.
Statement from SEC Chairman Christopher Cox

I commend President-elect Obama on his outstanding choice of Mary Schapiro to chair the Securities and Exchange Commission after my service ends next month. I have worked closely with Mary for many years on a wide range of financial industry and market regulation efforts, including the creation of FINRA and the protection of senior investors, and she has always been a consummate professional. Her experience at both the CFTC and SEC will be invaluable in tackling the challenges of regulatory restructuring that the next Congress will face. She is deeply committed to protecting investors and ensuring the integrity of our markets, and I know that the employees and alumni of the SEC join me in congratulating Mary and wishing her a smooth and expeditious confirmation.

Edited by: Armie Margaret Lee

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