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Investing 101 - Jul 22, 2005 - Printable Version
- Common Cause Joins Fight to "Stop Corporate Takeover of the SEC"
by Mark Faulk
Common Cause has joined the growing number of organizations (including The Faulking Truth) that have come out in opposition to President Bush's nomination of Congressman Chris Cox to the position of Chairman of the Securities and Exchange Commission. In a July 21st article on their website, entitled "Stop Corporate Takeover of the SEC", they ask others who oppose Cox's nomination to call the members of the Senate Banking Committee and voice their concerns about his nomination. (The phone numbers of the Senate Banking Committee members are listed below).
From the Common Cause article:
"Please call the members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs ("Senate Banking Committee")today and urge them to oppose the Cox nomination today. Let these Senators know that the confirmation of Rep. Cox should not move forward because he is not a suitable candidate for this job."
They go on to say that "the timing is crucial now because by Tuesday of next week the Senate Banking Committee members will be reviewing Congressman Cox’s record to determine whether or not he is a good choice to serve as the chair of the SEC. You need to make these calls today in order to ensure they have gotten our message concerning our reservations over Rep. Cox's nomination."
They list several reasons for their oppositon to Cox's nomination, which we have addressed as well in our July 13th article "SEC's Donaldson out, Cox in: One Step Forward, Two Steps Back", in which we call for an email campaign to put a halt to Cox's nomination.
According to Common Cause:
"First, Congressman Chris Cox championed an amendment to the 1995 Private Securities Litigation Reform Act that would have made it almost impossible for investors who had been recklessly defrauded by corporate executives to get their money back. His bill would have shielded companies like Enron and their accountants, such as Arthur Andersen, from investor lawsuits.
Secondly, we also have questions about Rep. Cox’s role as an attorney representing clients who went to prison for defrauding investors for millions of dollars. (Michel Hiltzik, Cox's Past Ties to Con Man Raise Questions, L.A. Times, June 9, 2005)
Third, given the huge campaign contributions Rep. Cox has previously received from the financial industry, we think he has a serious conflict of interest: Will he serve as the protector of rights of investors and corporate employees or will he be beholden to those who financed his campaigns? Specifically, since 1989, his campaigns have raised more than $2 million from business political action committees. (Stephen Labaton, Bush S.E.C. Pick Is Seen as Friend to Corporations, N.Y. Times, June 2, 2005) The list of top 20 industries contributing to his campaigns includes securities and investment firms, which have given him over $256,000; law firms, which have given him $364,000; and accounting firms, which have given him over $207,000."
With the addition of Common Cause to the effort, we believe that a phone campaign is the most effective way to voice our opposition to Cox's nomination (or better yet, call every member of the Senate Baking Committee AND send them an email.). We have been encouraged by the success of other recent grassroots efforts, one to save federal funding for public television, and another that successfully forced Congress to increase funding for AIDS and poverty worldwide.
We believe that appointing Cox as SEC Chairman will be a major step backwards for private investors, and a victory for big business and the interests of Wall Street millionaires. Many of you have been fighting the battle against massive fraud in the stock market on a daily basis, now is your chance to once again make a difference for American investors and your country as a whole. And that, fellow activists, is the Faulking Truth.
Majority Members (Republicans)
Member Name DC Office Phone Nos.
* Richard C. Shelby (R-AL) [Chairman] 202-224-5744
* Robert F. Bennett (R-UT) 202-224-5444
* Wayne Allard (R-CO) 202-224-5941
* Michael Enzi (R-WY) 202-224-3424
* Chuck Hagel (R-NE) 202-224-4224
* Rick Santorum (R-PA) 202-224-6324
* Jim Bunning (R-KY) 202-224-4343
* Mike Crapo (R-ID) 202-224-6142
* John Sununu (R-NH) 202-224-2841
* Elizabeth Dole (R-NC) 202-224-6342
* Mel Martinez (R-FL) 202-224-3041
Minority Members (Democrats)
Member Name DC Office Phone Nos.
* Paul S. Sarbanes (D-MD) [Ranking Member] 202-224-4524
* Christopher J. Dodd (D-CT) 202-224-2823
* Tim Johnson (D-SD) 202-224-5842
* Jack Reed (D-RI) 202-224-4642
* Charles Schumer (D-NY) 202-224-6542
* Evan Bayh (D-IN) 202-224-5623
* Thomas R. Carper (D-DE) 202-224-2441
* Debbie A. Stabenow (D-MI) 202-224-4822
* Jon S. Corzine (D-NJ) 202-224-4744
To contact members of the US Senate Banking Committee by email, go here and click on the members' names:
http://banking.senate.gov/index.cfm?FuseAction=Information.Membership
Other articles about Congressman Chris Cox:
"SEC's Donaldson out, Cox in: One Step Forward, Two Steps Back"
http://www.faulkingtruth.com/Articles/Investing101/1030.html
"Bush S.E.C. Pick Is Seen as Friend to Corporations"
http://www.nytimes.com/2005/06/03/business/03cox.html?ex=1122264000&en=fa9eec1242ef5a16&ei=5070
"The Cox Guarding the Henhouse"
http://www.salon.com/news/feature/2005/07/16/cox_at_sec/index_np.html
"The Case Against Chris Cox"
http://www.americanprogressaction.org/site/pp.asp?c=klLWJcP7H&b=736515
"Made in Newport Beach - How Chris Cox helped produce the Enron scandal"
http://www.ocweekly.com/printme.php?eid=32778
"Cox in the Henhouse"
http://www.tompaine.com/articles/20050610/cox_in_the_henhouse.php
"Cox's Past Ties to Con Man Raise Questions"
http://www.latimes.com/technology/la-fi-golden9jun09,1,7373444.column
Add your name to our Stockgate Activist mailing list on our homepage, and voice your opinion on our Stockgate forum on our new Message Board at http://www.faulkingtruth.com/ We will email you only when we have new articles or information dealing with this issue. Please link the articles everywhere you can, post them on stock message boards, and send them to the appropriate public entities. To enact positive change requires positive action.
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