Last night while sitting in my living room flipping through the TV channels I stumbled upon Jim Cramer's Mad Money cable show. I had watched the show once or twice before and found Jim to be a great entertainer and faster than a speeding bullet with his quips. But what really got my attention last night wasn't what stock he was pushing, but rather who he was ranting about. Cramer was ranting about SEC chairman Christopher Cox and his decision to remove the uptick rule on July 6th of last year.
Chris Cox what were you thinking??
Christopher Cox is the 28th Chairman of the Securities and Exchange Commission. He was appointed by President Bush on June 2, 2005, and unanimously confirmed by the Senate on July 29, 2005. He was sworn in on August 3, 2005.
The SEC voted to remove the “short sale tick test”, Rule 17 CFR 240.10a-1 for all equity securities. Effective Friday, July 6, 2007 traders will be able to short all securities on an up, down, or zero tick.
RULE IMPLEMENTED: DOW July 6, 2007 13,611 - DOW September 16, 2007 11,059
Loss 2,552 Dow points
It's not often that I agree with Cramer or his investment pics, but I have to admit that I agree 100% with what he said last night about Chris Cox. If you are as mad as Cramer is about Chris Cox then email him. [email protected]
I doubt that you'll hear from Mr. Cox personally, but you will feel better that you did something about the lack of regulation on Wall Street.