SEC chairman’s stance off base

I really enjoyed the interview with Securities and Exchange Commission Chairman Christopher Cox. (“SEC’s Cox defends approach,” Dec. 27.)

His steady-as-she-goes attitude during the worst financial crisis in this country is illuminating. All banks being systematically crushed and destroyed by short sellers, Bernie Madoff with a $50-billion Ponzi scheme and Mr. Cox is proud of his steady-as-she-goes-do-nothing managing. He even criticizes Treasury Secretary Henry M. Paulson and Federal Reserve Chairman Ben S. Bernanke for taking action.

I picture Mr. Cox as captain of the Titanic. The crew says, “Captain, we have hit an iceberg and are sinking.” Mr. Cox’s response would have been, “Stay calm men, steady as she goes and the free market will straighten this out on its own.”

Gary Denny

Camarillo