Image courtesy of Nicole Yeary under CC BY 2.0.
In the past week, there have been several articles posing the question of why the democrats are silent about the appointment of Christopher Cox, present Chairman of the Homeland Security Commission, to take up duties as head of the watchdog Security & Exchange Commission. A position that would put Mr. Cox in charge of protecting Americans from the sort of corporate scams, frauds, and insider dealing that brought us the Enron scandal.
Representative Cox is from Newport Beach in Orange County between Los Angeles and San Diego (the city some are referring to as “Enron by the Sea”) and is the man who wrote and is largely responsible for bringing us the 1995 “Private Securities Litigation Reform Act” that made it harder for people to take corporate swindlers to court.
Why should this man now be put in charge of the major oversight body that has the mission of protecting investors and maintaining integrity in the securities market? Is it another sweetheart deal for Wall Street? Can we expect more corporate shenanigans when the man who loosened restrictions is put in charge of the securities police?
Jamie Court of the Los Angeles Times thinks this should be “the Democratic Party’s finest hour” and that Cox’s nomination “offers the perfect opportunity to decry Wall Street’s looting of Main Street and to put the GOP on trial for creating the conditions under which corporate criminals flourished.”
Why are the democrats silent?
It’s a ridiculous question. Worse than that, it’s a symptom of why we’re never going to get anywhere with any sort of healthy correction to the financial mess this country is in. I mean, really, where are these writer’s heads, buried in the surfing sands of Southern California?
Who are the greatest scam artists in the country? Do you want to talk about trust funds? Look at the more than 150 so-called trusts that currently hold $3.3 trillion in non-negotiable fictitious securities and are one entire side of our national debt. How about the “interest” that’s dumped into these accounts at no expense to anyone but the taxpayers? How about the double taxation that’s involved with redeeming these bogus securities?
Even President Bush waves the backup Parkersburg Papers in the air and calls them worthless and meaningless. And they are – to everyone but the government that has already used them to make taxpayers replace about $40 billion in Unemployment taxes that were once paid by employers but stolen by the government. And how about the $88.6 billion of these same securities that were once in the State Department’s “Unconditional Gift Fund” that mysteriously disappeared in fiscal 2003 when Colin Powell was building the coalition of the willing? Who paid for that little folly and fraud, and why isn’t it counted as part of the cost of the invasion and occupation?
The examples just go on and on with Social Security’s $1.7 trillion in “holdings” as the largest example still ripe for plucking because surplus payroll taxes keep rolling into government coffers so the pirates can pretend to “borrow” this money, handing us debt in return.
The nut of it is that the democrats are just as guilty of this scam as the republicans. That’s why they aren’t saying anything about Christopher Cox.
What could be better for the pirates than to have one of their own buckaneers heading up the Security & Exchange Commission, a commission that should have turned its attention inward a long, long, long time ago.
And why shouldn’t companies like Enron follow the leaders?
“Published originally at EtherZone.com : republication allowed with this notice and hyperlink intact.”