We had heard that SEC staffers were openly mocking their boss Chris Cox. Our favourite was a staffer who said Cox was huddled like a mad King Lear with his closest advisers, completely cut off from reality. Today’s New York Post indicates that Cox is taking flack from the highest levels of the SEC as well.
Sources say Cox’s recent pitches to his fellow commissioners – who are responsible for implementing the laws that govern the securities industry – to continue shoring up short-selling protections, have fallen on deaf ears.
Specifically, the panel has shrugged off his suggestion that they consider ways to help ease the lifting of the short-selling ban – which was not in effect yesterday – with a sort of speed bump, like the so-called uptick rule.
The commissioners are reluctant to jump on any hasty regulations after receiving so much grief over the latest bans, people say.