Chris Cox, Powder Keg

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.


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.

MOTHER JONES NEEDS YOUR HELP

We have about a $170,000 funding gap and less than a week to go in our hugely important First $500,000 fundraising campaign that ends Saturday. We urgently need your help, and a lot of help, so we can pay for the one-of-a-kind journalism you get from us.

Learn more in “Less Dreading, More Doing,” where we lay out this wild moment and how we can keep charging hard for you. And please help if you can: $5, $50, or $500—every gift from every person truly matters right now.

payment methods

MOTHER JONES NEEDS YOUR HELP

We have about a $170,000 funding gap and less than a week to go in our hugely important First $500,000 fundraising campaign that ends Saturday. We urgently need your help, and a lot of help, so we can pay for the one-of-a-kind journalism you get from us.

Learn more in “Less Dreading, More Doing,” where we lay out this wild moment and how we can keep charging hard for you. And please help if you can: $5, $50, or $500—every gift from every person truly matters right now.

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