Saturday, September 27, 2008

L.A. Times shows McCain had cause to demand Chris Cox's resignation

In today's L.A. Times in the business section I found the following:

SEC faults itself in Bear debacle--The Securities and Exchange Commission failed in oversight of the Bear Stearns Cos. because the regulator knew the investment bank had "high leverage" and was too concentrated in mortgage securities before its forced sale to JPMorgan Chase & Co., the agency's inspector general said.

"It is undisputable that" the SEC "failed to carry out its oversight of Bear Stearns," Inspector General David Kotz said in a report. SEC staff was aware of "numerous potential red flags" but "did not take actions to limit these risk factors," he said.

So, while Obama was again floundering and attacking to distract people from reality, John McCain made the simple statement that "he would fire Chris Cox."

So would I!

Thanks for the read.

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