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Cox Blames Other Regulators For Sub Prime Mess

By Mark H. Astarita, Esq.

The SEC has been taking a bit of heat for the subprime disaster. That heat is a bit unfair, since the SEC has nothing to do with the oversight of banks and mortgage lenders, and very little to do with the credit markets.Certainly the SEC takes part of the blame, at least so far as the valuation of those assets fell into the capital computations of brokerage firms, but even then, they are not the regulator that fell down on the job.Well, Chairman Cox has finally come out and defended his organization. He points out that other regulators were involved, and asleep, well before this mess reached the broker dealers and the SEC's jurisdiction.From Financial Times:The regulatory lessons here extend far beyond the SEC,? said Christopher Cox, the SEC chairman, in an interview with the Financial Times...continue to full post

Full post as published by SECLaw.com on May 23, 2008 (boomark / email).