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Latest Christopher Cox Stories

2008-09-19 18:00:07

Following are remarks on the economy made Friday by U.S. President George Bush in Washington. Good morning. I thank the treasury secretary, Hank Paulson, Federal Reserve Chairman Ben Bernanke and SEC Chairman Chris Cox for joining me today. This is a pivotal moment for America's economy. Problems that originated in the credit markets and first showed up in the area of subprime mortgages have spread throughout our financial system. This has led to an erosion of confidence that has...

2008-09-19 12:00:13

The past week's madness in the financial markets kicked off with the Lehman Brothers (LEH) bankruptcy. Then came the AIG (AIG) bailout. Now there's an apparent war against short-sellers. After tense lobbying by financial company CEOs who blamed short-sellers for the massive drops in their stock prices, Christopher Cox, chairman of the Securities & Exchange Commission [SEC], announced on Sept. 17 new rules to curb "naked short-selling," which involves selling a stock without first...

2008-09-19 09:00:15

By Brian Knowlton After days when his reaction to the financial crisis had appeared less than confident, Senator John McCain went on the offense Thursday, calling for the creation of a proactive financial oversight body and the dismissal of the head of the Securities and Exchange Commission. "The chairman of the SEC serves at the appointment of the president and has betrayed the public's trust," McCain said at a campaign event in Cedar Rapids, Iowa. "If I were president today, I would...

2008-09-19 09:00:14

By Patrick Rizzo, Jeannine Aversa and Martin Crutsinger Associated Press WASHINGTON -- The stock market finally found reason to rally Thursday, and Congress promised quick action as the Bush administration prepared a plan to rescue banks from the bad debt at the heart of the worst crisis on Wall Street since the Great Depression. Details of the plan were still being worked out, but Treasury Secretary Henry Paulson emerged from a nighttime meeting on Capitol Hill to say he hoped to have a...

2008-09-19 09:00:07

The U.S. Securities and Exchange Commission announced an immediate ban on short selling for 799 financial stocks Friday to stabilize stock prices. The ban, put together in tandem with a short-selling ban in Britain, is in effect for 10 days, but could be extended to 30, the SEC said. Short selling is a method of profiting on declining stocks. As such, analysts fear it may have contributed to the fall of Wall Street institution Lehman Brothers Holdings Inc. and American International Group...

2008-09-19 06:00:13

By Kevin McCoy Efforts to stop suspected illegal short selling of stocks intensified Thursday as a top state law enforcer announced an investigation and the nation's three largest public pension funds said they would stop lending some financial stocks to short sellers. New York Attorney General Andrew Cuomo said his office is investigating "a significant number" of complaints about improper short selling in shares of Lehman Bros., AIG, Morgan Stanley, Goldman Sachs and other financial...

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2008-09-18 15:30:00

Republican U.S. presidential candidate John McCain said Thursday he'd fire the Security and Exchange Commission chairman for "betraying the public trust." The SEC chairman, a presidential appointee, "kept in place trading rules that let speculators and hedge funds turn our markets into a casino," McCain said in a Cedar Rapids, Iowa, campaign visit. "The chairman of the SEC ... betrayed the public's trust. If I were president today, I would fire him." McCain didn't mention SEC Chairman...

2008-09-16 12:00:50

WASHINGTON, Sept. 16 /PRNewswire-USNewswire/ -- "Protecting Your Assets as you Age" -- the SEC's third annual senior summit, co-sponsored by AARP, FINRA and NASAA -- will bring together regulators, law enforcement officials and community groups from around the nation to heighten investor awareness of how to invest wisely and avoid costly mistakes. The free summit will offer older investors strategies on how to get the most from their retirement income, avoid becoming a victim of fraud, and...

2008-09-15 09:00:18

By Martin Crutsinger Associated Press WASHINGTON -- The Federal Reserve announced late Sunday several steps to cope with the worst credit crisis in decades, including broadening the types of assets that investment banks can put up to get emergency loans from the Fed. The action came as U.S. and foreign commercial banks were hashing out a plan to inoculate the global financial system against the possible failure of Lehman Brothers. Federal Reserve Chairman Ben Bernanke announced the...

2008-09-12 09:00:05

U.S. regulators are pitching in to carve out a scenario for Lehman Brothers Holdings that would have the least damage to financial markets, sources said. Officials from the top ranks of the U.S. Treasury, the U.S. Federal Reserve Bank and the Securities and Exchange Commission are involved, calling Lehman Brothers frequently to secure a deal that wouldn't involve public funds, The Washington Post reported Friday. Reportedly, Lehman Chief Executive Officer Richard Fuld and Securities and...