The Lincoln Plawg - the blog with footnotes

Politics and law from a British perspective (hence Politics LAW BloG): ''People who like this sort of thing...'' as the Great Man said

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Saturday, June 04, 2005

Chris Cox: Dems a tad hypocritical

First, on behalf of the VRWC, there was G Gordon Liddy lecturing self-styled Deep Throat Mark Felt on integrity in government.

And now Democrats are whining (as here) about the OC's Rep Chris Cox who is to loosen the belt on securities regulation as SEC Chairman.

Cox was cosponsor (one of 23) of HR 1058, the Private Securities Litigation Reform Act of 1995, that made it harder for investors to sue to recover losses attributable to securities crime.

The piece refers to personal difficulties that Cox had (as a class action defendant in a state securities case) which seems to have prompted an amendment to the bill to cover a circumstance that Cox himself found himself in.

(The class action was, it says, settled on terms unknown. I'm unclear, and have no desire to research, quite how culpable Cox was.)

The glaring admission from the piece is that the override of Clinton's veto of the bill (message) was only achieved with the benefit of Democratic votes.

In the Senate, with these votes:

Baucus (D-MT)
Bingaman (D-NM)
Bradley (D-NJ)
Dodd (D-CT)
Exon (D-NE)
Feinstein (D-CA)
Ford (D-KY)
Harkin (D-IA)
Johnston (D-LA)
Kennedy (D-MA)
Kerry (D-MA)
Kohl (D-WI)
Lieberman (D-CT)
Mikulski (D-MD)
Moseley-Braun (D-IL)
Murray (D-WA)
Pell (D-RI)
Reid (D-NV)
Robb (D-VA)
Rockefeller (D-WV)

A cross-head in the piece is How the Cox law protects Kenneth Lay.

The list cannot lie: Harry Reid is a Lay-lover!

(Not to mention John Kerry [1]. Trying to shed the image of Massachusetts liberal, perhaps?)

The hypocrisy extends to contributions:
Cox's questionable campaign contributions

Throughout his career in Congress, Cox has received more than $254,000 from the securities and investment industry, the fourth-largest industry contributor to Cox. He received another $206,000 from the accounting industry...

According to analyses of contributions by industry at, in the 1996 cycle, Harry Reid got around $275,000 from Lawyers/Law Firms (an industry which the 'Cox bill' clearly benefits), the second largest in the list [2].

For John Kerry, lawyers take top spot with $849,000; Securities & Investment come third at a mere $275,000.

Of course, I'm shocked only in the Captain Reynaud sense at this - to coin a phrase - false prospectus...

  1. Did the Democrats realise Cox was making self-serving amendments at the time?

  2. Top of Reid's list was Casinos/Gambling - surprise, surprise! - at a modest $345,000. Of course, organized crime has had nothing to do with Nevada gambling for years...

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