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And Now for something completely different
Cox heading the SEC -- good or bad?
Spanky, lemme guess your feelings (why do we need an SEC at all? The free market will ensure full disclosure and prevent securities fraud!) ;-)
My own feelings -- the SEC is in near-stalemate lately, which is not a good thing. Cox is too radical a choice, however. The PSLRA, while in many ways necessary and a good thing, really pushed a trend away from accountability (and liability) that contributed to the rash of scandals that we saw in the ensuing years. Cox will vastly accelerate that trend -- it's like a car that's taken a turn to the correct course, but overshot it a little.... and he's going to lock the steering wheel and slam on the gas.
OTOH, I haven't practiced in the securities area for awhile (too goddamn boring, sitting in roomsful of lawyers who couldn't distinguish between a relevant fact and an important fact to save their lives). I'd be interested to hear from the people more currently involved in the area.
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