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Tuesday, December 13, 2005

Fortune: In-Depth Article on SEC Chairman Cox

Fortune has an excellent, in-depth article on SEC Chairman Christopher Cox entitled The Stock Cop.  The article provides a detailed view of Chairman Cox and his life experiences, and includes the following description of a framed check that Cox keeps on the wall of his office at the SEC:

That's the message on the wall of his tenth-floor office in the SEC's sun-washed new Washington headquarters, where Cox has assembled a makeshift shrine.  It consists of a framed check made out to his grandfather alongside a plaque depicting the notorious Samuel Insull, whose empire of utility companies collapsed in 1929, taking with it the money of countless investors, including Cox's grandfather.  Insull's chicanery helped inspire the creation of the federal regulatory apparatus, including the SEC, that sprang up during the Depression.  But the lesson here isn't historical as much as it is personal.  Cox's grandfather lost $6,000—or $70,000 in today's dollars—and the check was intended to compensate for the loss. It's for $3.36.  Cox's message: Investors, I'm on your side.

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