Comments on: Try to Keep Your Breakfast Down.

By: Shoebox

Shoebox — Sat, 17 Jan 2009 21:05:54 +0000

In reply to dad29. I know. This is another time where I really see the wisdom of the old testament eye for an eye....all those folks should be made paupers as they did with so many of their employees, shareholders or constituents.

By: dad29

dad29 — Sat, 17 Jan 2009 20:55:58 +0000

In reply to Shoebox. Yah, well, so will most of the execs from Bear, Lehman, BofA, Citi, etc.

By: Shoebox

Shoebox — Sat, 17 Jan 2009 15:14:13 +0000

In reply to dad29.

I’ll agree that Cox wasn’t the investigator in charge. In fact, he took no personal accountability after the Maddox deal initially came to light but made sure “the dept.” took the heat:
http://www.sec.gov/news/press/2008/2008-297.htm

When the Titanic went down it wasn’t the guy on watch, the guy who missed the iceberg who took the heat, it was the Captain. The Captain was the guy who said “increase the speed, we don’t care about no stinking iceberg reports, we’re unsinkable.” Cox thought his group too, was unsinkable and paid no attention to all the “iceberg reports” along the way.

The analogy breaks down in that Captain Smith went down with his ship and died. Cox will likely get another cushy position somewhere. Even if he doesn’t, Cox will live a life of luxury for the rest of his years.

By: dad29

dad29 — Sat, 17 Jan 2009 14:32:46 +0000

Well, I’ll capitulate and agree with you about Cox (finally!!)

Of course, the ENTIRE SEC management should go out the door with him; it’s not likely that Cox was the Boob-In-Charge (or is that Senior?) on the Madoff account.