Cox in at SEC

Congratulations to Christopher Cox, the new head of the SEC. He was sworn in this week by Alan Greenspan. Later, he gave a speech to all the employees of the SEC.

Well, for those of you who were English majors, and the rest of you who appreciate good English, we have an immediate bond. Even though I’m an attorney, legalese is not my first, second, third, fourth, or even fifth language. Chronologically, it came after my native tongue, and then Spanish, Latin, Greek, and Russian. And I never could actually speak legalese — I could only read it.
So I never got invited to the really FUN parties. I’m sure I missed out — all those people conversing in the parlance of party-of-the-first-part and whereases. Oh, the times I could have had.

Well, he may not be conversant in legalese, but he’s perfectly fluent in High Oprah.

When I was a young boy, Charlie Wilson was the chairman of GM. He famously told a congressional hearing that “What’s good for General Motors is good for the rest of America.” I’m not sure how accurate that ever was, but I’m certain that such days are long gone. When Charlie Wilson made his statement, investing wasn’t common for working Americans. Today, the majority of America’s workers are participants in our capital markets. It is increasingly true — and increasingly apparent — that what’s good for American investors is good for the American people. It is also absolutely true that the managers of a well-run business should at all times concern themselves with what is good for their investors.

Pet Peeve #1: Everyone quotes Wilson as saying that, but he never said it. Wilson was asked if he could make a decision as secretary of defense that was in the interest of the nation, but not in the interest of General Motors. Wilson said, “Yes sir, I could. But I cannot conceive of one, because for years I thought what was good for our country was good for General Motors and vice versa. The difference does not exist.” That’s quite a different quote.
Cox closed with:

So, to each of you, thank you for what you do.
Thank you for the honor of joining you in the mission of protecting America’s financial markets.
Let’s roll.

Ewww. I just winced so hard I think I burst my retina. One of the hidden dangers of stock blogging.

Posted by on August 6th, 2005 at 6:56 pm


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