Chris Cox SEC Nomination Vote Moves Investor Alert to Yellow; Consumer Group Says Cox Would Be a Nightmare for America's Nest Eggs
7/28/2005 4:33:00 PM
To: National Desk
Contact: Doug Heller, 310-392-0522 ext. 309, Carmen Balber, 310-392-0522 ext. 324, both of Foundation for Taxpayer and Consumer Rights
SANTA MONICA, Calif., July 28 /U.S. Newswire/ -- Americans should consider their 401Ks and other investments less secure today, after the Senate Banking Committee forwarded the nomination of Rep. Chris Cox to head the Securities and Exchange Commission (SEC) on to the Full Senate without objection. The nonpartisan Foundation for Taxpayer and Consumer Rights (FTCR) called on Committee leaders to recall Cox for a second hearing in light of misleading and apparently false statements he made during his confirmation hearing Tuesday.
The group noted that Cox's response to questions about a massive investment fraud with which he was associated misled Senators by suggesting that he had only marginal involvement with the web of fraudulent companies and that there was no settlement with victims of the fraud. Both statements are untrue, based on previous press accounts and documents that were released yesterday by FTCR that are detailed here
http://www.consumerwatchdog.org/resources/cox_ltr.pdf and are available at
http://www.consumerwatchdog.org/resources/4thComplaint.pdf.(snip)
http://releases.usnewswire.com/GetRelease.asp?id=51060