Investors take fright at Bush's choice for SEC chief

[dubyaD40web]

AMERICA’s biggest investors expressed grave fears over the direction of US corporate governance yesterday after President Bush nominated a Republican congressman with a history of hostility towards the investment community as the new chairman of the US Securities and Exchange Commission.

Christopher Cox, a Republican congressman on the right of his party who was a key supporter of a Bill that limited the ability of investors to sue their companies, was proposed as the new chairman of the SEC, the Wall Street watchdog, by President Bush.

His appointment must now go before the US Senate for approval. But last night Phil Angelides, one of America’s most influential state treasurers, who in California sits atop both Calpers and Calstrs, the largest public pension funds in the country, slammed the nomination of Mr Cox and urged the Senate to reject him.

“I fear that if Congressman Cox is confirmed, it will spell the death knell for reform efforts such as granting shareholders, the true owners of companies, the basic right to nominate candidates for corporate boards of directors,” Mr Angelides said. “I hope the US Senate rejects Congressman Cox and tells President Bush to appoint an SEC Chair who will fight for real reform.”

http://business.timesonline.co.uk/article/0,,13129-1639131,00.html

[bleedingheart]

1. The appointment of a pro business puppet to the SEC is bad for me

cuz I won't be spending more money in the market if it means that even more of the cards are stacked against me.

[adigal]

2. This will be good for the real estate market

Anyone with sense will stop investing in a game that is rigged against them. I wonder how this ties in with Bush's relentless push for privitazing Social Security??? I get it - force us all into private accounts, and then rig the markets against us??

What do these people think we are going to do when we are starving and out on the streets??

[Somawas]

5. Maybe you could work

for a company that will leave any kind of operation in the US for whatever wage a new Chinese graduate would take.

[Dhalgren]

9. "What do these people think we are going to do when we are

starving and out on the streets??" You will do their stoop labor or die. They could care less....

[CrispyQ]

25. When the masses are hungry & cold

they will storm the gated communities with torches & axes.

"It's going to get a lot worse before it gets worse." --Lilly Tomlin

[adigal]

29. I agree - the poor will not go quietly in this country

We are a nation descended from those who left their homelands, sailed across an unknown ocean, and started a new land. We will not go down quietly; we will not slink away into poverty and destitution. If the rich try to subjugate the poor, I believe the poor will rise up and kick the butts of the rich.

I think if the rich destroy the middle class, the rich will regret it, as the newly poor will storm their gates and take back what is their's.

[tabasco]

14. Work in the factories and fields for a dollar a day.

Living in company-provided barracks.

While the rich revel in luxury and never have to lift a finger.

We're getting closer every day.

Bush thinks the rich are entitled to be protected from any responsibility whatsoever.

[symbolman]

16. The key word in the future

tho it will be cloaked is going to be "Corporate Prisons" - that's where the money is at..

Pass a law that makes water or breathing illegal, arrest everyone you can and put them in chains at a computer desk for 5 bucks a day and all the oatmeal and roaches you can eat..

I've actually heard that there are prisoners acting as travel agents from computer terminals in the jail itself.

Once they have us all on probation or in their corporate prison system (another reason to pack the Judges, part of the process) then you slave or die, or be beaten, electrodes, whatever..

Orwell said the future is the image of a man with a boot on his face, but I've always argued that it will also include the sounds of many fingernails scratching and clawing at limosines..

Glad I live Hawaii, fresh fruit, fish are not too bad, and the rich don't f*ck with the rich, and they are generous to the slaves, who also offer entertainment and directions..

We can send them to the shark pits if they want to "swim with dolphins" and then hang our heads in shame at making such a simple mistake - while fat sharks grin at us with rolexes in their teeth :)

[tabasco]

18. Hey - I like oatmeal. Might be a good deal for me !

Just kidding.

I have come to believe that the police/prisons/rehab system has ceased to exist in order to protect us. It now exists primarily to perpetuate its own existence.

Christ, Orwell was a prophet. Of course, he had observed the fascist experience in Gemany to draw upon, but he showed us how it can happen here.

[AndyTiedye]

20. They'll Do it with the DRAFT

They don't have to criminalize everybody, just conscript everybody.
They have already been talking about using conscription for civilian
labor as well. They'll eventually extend the draft to just about
everybody except Congresscritters and corporate management.

That allows them to implement their whole agenda in one go. Do away
with the Constitution (once you're drafted, you have no rights), the
labor movement (who can compete with conscript labor at a few dollars
a day?), and all opposition to the regime forever (since now they can
forcibly administer the kool-aid). The can even force everyone to
hosanna along with them.

[Tigress DEM]

23. The new slaves, I mean peasant work force...

Manufactured by BushCo.

"Tired of going out of the country for slave labor? Lurk no more in third world countries for a beaten down and willing to work for crumbs work force. BushCo has brought the new peasant work force home to America. Once again can monopolies flourish without pesky union labor contracts or even spirited workers, because BushCo has gotten rid of all those liberals and anyone left is just happy to live one more day."

[swag]

3. This guy is an awful nominee.

Letting this guy replace Donaldson would be like allowing Ken Lay to pick the chair of the Federal Energy Regulatory Commission. Oh, wait a minute . . .

Watch your wallets.

[SpiralHawk]

4. Bush screws up everything he touches

He screwed up as a student, as an AWOL member of TANG, as a "businessman" who needed to be bailed out by Daddy Bush's buddies; he screwed up completely and pathetically as "commander in chief" on 9/11 when he sat around stunned for over half an hour after being informed for the second time that the USA was under attack, and then he ran like a bunny to hide.

Bush screwed up by lying to the American people about Iraq, and then sending our sons and daughters to die in a foriegn land -- while ensuring massive War Profits for his Republican buddies in the oil and armaments industries.

Now -- before he screws up SS -- he is preparing to screw up the SEC and the market with this appointment. What a beaut.

Excuse my fulminations -- this screwed up news somehow pushed my rant button.

[cthrumatrix]

6. the WH does not want "investors protected".... facts are the enemy

[Supersedeas]

22. B-I-N-G-O!!! Make-up on the Regulation Corpse

[Just Me]

7. Well, there's only one thing to do,...get the hell outta' the market.

What a STUPID appointment!!! STUPID STUPID STUPID!!!! How many will be compelled to invest in corporations that are treated like kingdoms where the investors have little to no say?

I hope this backfires on the corporacrats BIG TIME!!!

[fasttense]

8. Get out of the market before Cox gives your money to the CEOs. n/t

[Dhalgren]

10. He's trying to "pull a Bolton" on the SEC...

[getmeouttahere]

11. This just lends credence....

to the idea that BushCo is deliberately trying to cripple the economy. Remember Grover Norquist's words!

[cthrumatrix]

12. I would think he is trying to get a "yes man" to hide corruption......

truth and exposing fraud are enemies of this admin.

[DeepModem Mom]

13. ALWAYS -- a fox is appointed to guard the henhouse. nt

[nothingshocksmeanymore]

15. I love Angelides...hope he makes it to the governor's office

[librechik]

17. Who would make them happy? Santa Claus?

Unless they're given free rein to step on every law and convention and screw the average American to line their own pockets. These assholes will never be satisfied.

This is a blatant sop to the Christian Right. A pox on both their houses.

[leesa]

19. Funny. They thought their hero Bush was only going to hurt those UNDER

their level. Just like the Fundies...waking up to the smell of the scam.

[PATRICK]

21. Soooo

Labor and all those populist stockholders trying to influence the system from "within" are now trapped with their influence and members investments locked into a remade victimizing system. If they pull out the stocks could tumble to be replaced by Social Security reform pumping the money back in or everyone loses. The circular firing squad of greed.

Too smart for their own good. The fat tactics of labor are going to be trimmed whether they like it or not. Reform under the protection of some law has now turned into a lawless trap. Who shoulda thought?

[indepat]

24. We small investors surely want a man who will limit our ability to sue the

Worldcoms and Enrons of the world when they have blatantly defrauded us bigtime: Cox will fit right in.

[DinahMoeHum]

26. Bush + Cox = Fucked (for investors)

:evilfrown:

[starroute]

27. Chris Cox is one of Jack Abramoff's pals

http://www.washingtonpost.com/wp-dyn/articles/A32633-2004Nov7_2.html

Abramoff took a job as a Washington lobbyist for the firm Preston Gates Ellis & Rouvelas Meeds in 1994. In its hiring announcement, the firm said that Abramoff "maintains strong ties to Speaker Newt Gingrich, Majority Leader Dick Armey, Majority Whip Tom Delay and Republican Policy Committee Chairman Chris Cox and their staffs."


http://www.bizforward.com/wdc/issues/2002-11/government/abramoff/

“The DeLay thing is played up a lot in terms of our relationship. The fact is when I pitch a client, I never mention Tom DeLay. I never say I know Tom DeLay.” Abramoff says he’s just as close to other Republicans, like Reps. Roy Blunt (MO), Christopher Cox (CA), John Doolittle (CA), Phil Crane (IL) and Dana Rohrabacher (CA).

[silvermachine]

28. Here we go again...

...it seems that a hallmark of every Republican administration is to appoint someone to head a department or commission that they have expressed blatant hostility towards. Oftentimes, they have advocated the elimination of the agency or department. I guess we shouldn't even be surprised at this point. Just pissed off. Again.

[fasttense]

30. You mean pissed on. Again. n/t

[spanone]

31. Everything about this misadministration is Pro-business.

They have fucked the 'worker' every possible chance.

[IADEMO2004]

32. Why not reappoint Harvey Pitt?

http://www.usatoday.com/money/companies/regulation/2002-11-05-pitt-resigns_x.htm

[natrat]

33. wtf

why don't they just pass a law legalizing theft for certain individuals and institutions