Cox Says Job of Heading SEC 'Everything I've Hoped For' What’s Cox been smoking?

Inquiring minds want to know who’s been putting crack in Chris Cox’s morning latte? After a year on the job as SEC Chair, Cox said he's proud of the agency's enforcement record and eager to continue pushing reforms that will make it easier to search and compare corporate financial results.

Cox, meeting with reporters last week, showed no sign of regret about leaving a seat in the U.S. House of Representatives to be sworn in last Aug. 3 as SEC chairman.

"It's been everything I've hoped for," said Cox.

The former California Republican ticked off a list of accomplishments in his past year, including the SEC's recent adoption of stricter executive compensation disclosure rules and a $400 million settlement this spring with Fannie Mae (FNM). The federal home-loan giant settled without admitting or denying allegations of accounting fraud that could force it to restate earnings by more than $11 billion.

Meanwhile, the SEC's trial unit is having a bang-up year. Cox said it's racked up a 10-0 record in fiscal 2006, and expects to finish the year undefeated. Cox views that as evidence that the SEC is using sound judgment in deciding which cases to settle and which to litigate. Which again leads us to the obvious question, have we been living in a parallel universe?

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