Talk about leaving with an impression. The likely legacy of Securities and Exchange Commission Chairman Christopher Cox, when he steps down this year after taking on the position in 2005, is likely to be that of ineffectiveness during the worst economic period since the Great Depression, The Wall Street Journal reports.
More than ever, it is likely the SEC will be merged with the Commodities Futures Trading Commission. In 2008, all of the major investment banks ceased to exist due to their outsized exposure to subprime mortgage-linked securities, precipitating the current economic crisis. And Bernard Madoff was found to have scammed $50 billion from investors over a period of decades despite repeated warnings to the SEC.