Now McCain wants to fire Chris Cox from the SEC specifically because Cox supposedly “allowed naked short-selling.” This is just the latest in a string of utterly panicky statements this week in which McCain has shown that he doesn’t have a clue what he is talking about. The truth is, Cox actually did move to ban naked short-selling, and withstood harsh (but wrongheaded) criticism from almost all quarters when he did so. His staff was working on regs — which takes some time — to make the ban permanent. He has been pushing since the first time I ever met him, in 1993, to curb outlandish short-selling. He was probably the single most avid person in all of Congress AGAINST aggressive short selling, and has tried ever since he got to the SEC to curb it. Blaming him for naked short selling is like blaming McCain for losing Vietnam…..
Question: Where was McCain when Cox actually did ban naked shorts? Did he put out a statement congratulating Cox for doing so? Did he put out a statement since then demanding quicker action on the permanent regulations? Did he even know until yesterday that naked shorts weren’t some sort of sheer panty-hose that one of his old girlfriends wore way back when?
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