Thursday, June 02, 2005

ALL COXED UP

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"We love Enron and think it is great for California and America!"(sarcasm)

The last piece in the puzzle, the SEC, is about to fall into place. Mr. Donaldson, a stickler for the rules, is being replaced with far right winger Cox of California, a stickler for the rulers.
"The nation is increasingly a nation of stockholders," President Bush said. "Now more than ever, we must make sure that Americans can rely on the integrity of our markets."

Mr. Cox, 52, long an ally of business groups, helped rewrite securities laws to make investor lawsuits more difficult to file.

He worked at the White House under President Ronald Reagan and was elected to the House in 1988 after working at a California law firm where he specialized in venture capital and corporate finance. His district includes Orange County, and he is the head of the House Committee on Homeland Security.

In 1995, he was named a defendant in a lawsuit by investors as a result of legal work he did for an investment group in the 1980's. The suit accused Mr. Cox, his former law firm and two former colleagues of misleading regulators and investors about the condition of a real estate investment fund. Mr. Cox, who denied that he had violated any laws, was eventually dropped from the lawsuit and the firm where he worked, Latham & Watkins, settled for an undisclosed amount.

He said his experience as a defendant had helped shape his views about investor lawsuits and led him "to sympathize with people who are victimized in these suits." The bill Mr. Cox helped to write, the Private Securities Litigation Reform Act of 1995, was the only legislation to become law over a veto by President Bill Clinton.
Oh, those poor victim's of lawsuits! Sell crappy information and crappy finacial deals and the little people might sue! Well, we can't have that. Obviously, to this man, the people cheating others are "victims." Like Bush, Mr. Cox likes to sell stuff knowing it is going bad. And he wants more of this. There is a lot of financial instruments in grave trouble now and all have to be unloaded, fast. So the SEC will turn a blind eye on protecting investors as they are systematically looted. This is part of the over all plan.

This is why they passed the new bankruptcy laws. Now they will close off all possible exits and herd us all into a very limited number of options with even more limited information. Already, the mainstream media bends all its powers into deceiving people, egging them on into increasingly reckless ventures and actions.
During his career in the House, Mr. Cox has pressed the Financial Accounting Standards Board to delay new accounting rules that would eliminate more favorable treatment of some mergers. He has supported efforts to repeal the estate tax, the capital gains tax on savings and investment, and taxes on dividends.

At the S.E.C., the other Republicans on the commission found themselves disagreeing with Mr. Donaldson and the two Democratic commissioners on a variety of significant matters, ranging from whether to regulate hedge funds to overhauling how mutual funds are run to changing the way stocks are traded.
The real rulers want a rigged game whereby they always win and the little guy always loses. This big huge casino called "the USA" is their operations base and they have every intention of dealing from a 5 ace deck and mirrors behind the other player's backs. They spend a lot of money insuring their game will be 100% profitable for them and themselves, only. Some others might make a small amount playing this game but they can crush anyone if they must via investigations like they did to Martha Stewart or destroying the financial base of anyone challenging them such as union heavy industries.

Cox is an unmitigated disaster in a situation that is rapidly deteriorating, especially the derivatives sector. He will increase the interlocking monopolies/cartels factor and no one can stop this freight train until it crashes like the recent crash in Japan.
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