SEC (Cough) Accountability, by C. Cox

David S. Products parses Tuesday night’s Damn, The Staff Are Probably Crooks statement by SEC chairman Christopher Cox.

1. We bleeped up. And that was not a bleep.
2. It wasn’t my fault.
3. The stable door is now secure.
4. The neighborhood wolves did, however, enjoy the horses.
5. Just in case the wolves missed one, we are holding daily all-hands emergency meetings, as urgent as they are futile.
6. The stable doors will remain bolted, despite the absence of horses.
7. The innocent will be swiftly brought to justice (along the lines of our well thought-through and highly effective ad hoc short-selling bans).
8. For further information, please see our helpful page on Ponzi schemes.

Comments

[BerkeleyBob:]

Yeah, Chairman Cox is right up their in delusion with Alan Greenspan, who grudgingly conceded to a House committee that his model (Ayn Rand's objectivism, leavened with Chicago school of economic balony by Miltie Friedman and over-reliance on pure competition as a concept) had failed. He took no responsibility for his terrible anti-consumer endorsement of adjustable mortgages which have the magic property of going up, but never down, kind of like credit card rates.

2008 Dec 19 12:48 PM