Christopher Cox was the 28th chairman of the Securities and Exchange Commission. He was a 17-year Republican member of the United States House of Representatives, and member of the White House staff in the administration of President Ronald Reagan. Prior to this, he was a practicing attorney, teacher, and an entrepreneur.
Today, he hits the Time magazine's list of people blamed for the financial crisis mainly because of the SEC's inability to enforce stricter norms against fraudulent companies.
The SEC also failed to detect Bernard Madoff's $50ibillion Ponzi scheme. So the SEC's role in the financial crisis has been questioned. Many feel that the SEC failed to act when the financial companies were involved in huge financial irregularities.
Image: Securities and Exchange Commission (SEC) Chairman Christopher Cox testifies before the House Oversight and Government Reform Committee on Capitol Hill in Washington. | Photograph: Kevin Lamarque/Reuters
Also read: Will the stimulus package revive US economy?
| Live updates on money.rediff.com |
|
Advertisement
