Look, Cox is a good Conservative, and McCain knows it, but this happened on his watch, and in ‘07 he suspended the rules about uptick trading. Cox needs to step up by stepping down so he can explain himself and dump all over Bambi.
McCain doesn’t really blame Cox, but Cox was captain of the ship when the iceberg got in the way.
Best,
Chris
“Look, Cox is a good Conservative, and McCain knows it, but this happened on his watch, and in ‘07 he suspended the rules about uptick trading. Cox needs to step up by stepping down so he can explain himself and dump all over Bambi.”
I’m not so sure I would recommend that, for the following reasons.
1: I agree his record is that of a good conservative, but I have to say that there is part of my thinking that wonders if he has been “captured” in his SEC role....which would indeed argue for his stepdown.
2: Although F&F did indeed blow up on his watch, the seeds were well germinated when he arrived. It would be kinda sorta like blaming GWB for 9/11. (Anyone notice the Jamie Gorelick connection? Can the damage this woman has singlehandedly done to the US while walking away with tens of millions be quantified?)
3: I’d want to know who would replace Cox before booting him. That’s probably impossible. Other than my “captured” suspicion, we could do a lot worse.
4: I’m not upset about the uptick rule. I’m sure that since most trading is done by computers executing algorithms, those additional steps could be easily programmed into the routines, and if the market decided a stock should be hammered, hammered it will be. The trading computers will uptick a stock by a few cents on 100 shs and then short the hell out of it on 5000 shs. In fact, those trading computers could even cause their short orders to jump ahead in queue by overpaying the ask which would give them a shorting advantage.
” ‘07 he suspended the rules about uptick trading.”
Nothing to do with the current problem. Nothing.
McCain loves to attack Republicans especially Conservatives. That is the fact.