Chris Cox, Powder Keg

Fight disinformation. Get a daily recap of the facts that matter. Sign up for the free Mother Jones newsletter.


Oops! So much for corporate accountability! Think Progress has the goods on Bush’s nomination for chairman of the SEC, Chris Cox who, not surprisingly, is soft on fraud. My very short take on this is that good corporate governance relies on sound rules and regulations only up to a certain point; ultimately, though, it depends on the personal integrity of the people in management and those sitting on the Board of Directors of a given firm. Even the most vigilant of SEC chairmen is unlikely to prevent a CEO who really, really wants to trash investor wealth and screw over employees from doing so. On the other hand, rules and regulations aren’t meaningless, either, and Cox’s history of gutting safeguards against fraud is, to put it mildly, deplorable.

One other note, and this gets down to dirty, dirty politics—although it’s grounded firmly in virtue! Democrats won’t, but if they knew what was good for them, they would make a colossal fuss about this during the confirmation hearings. The fact remains that corporate governance issues have the potential to rend the GOP right down the middle. According to the latest Pew poll, 88 percent of social conservatives and 83 percent of “pro-government” conservatives think that “too much power is concentrated in the hands of a few large companies.” That’s a good chunk of the Republican base right there. On the other hand, as Noam Scheiber recently noted, pro-business Republicans are getting awfully sick of social conservatives stealing the show and hijacking Bush’s agenda. In fact, the Republican business community has gotten very little of its wish list ticked off thus far—no Social Security phase-out, no tort “reform”, no tax reform. Chris Cox is one of the few bones that President Bush can throw them at this point. There’s a lot of tension here just waiting to be exploited by a bloody confirmation hearing.

HERE ARE THE FACTS:

Our fall fundraising drive is off to a rough start, and we very much need to raise $250,000 in the next couple of weeks. If you value the journalism you get from Mother Jones, please help us do it with a donation today.

As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

payment methods

ONE MORE QUICK THING:

Our fall fundraising drive is off to a rough start, and we very much need to raise $250,000 in the next couple of weeks. If you value the journalism you get from Mother Jones, please help us do it with a donation today.

As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate