Like It Or Not, McCain is Right About Cox

Just being a good conservative doesn't mean you're good at your job.

by Rod D. Martin
September 25, 2008

This poster on the ABC News blog "Political Radar" says it all.

John McCain is right. Fire Chairman Cox, head of the SEC.

I have bought and sold stocks since 1965. I shorted stocks from time to time, covered the stock and never were there any concerns with the market. Then, naked shorts and hedge funds came along and the market was for the big boys. The naked short selling destroyed some companies by driving the stock to essentially no value. A stock needs investors that trust the company and its stock. No one can trust a company when the stock drops and finally sells for 10 cent in the pink sheets.

There are companies that went bust and the naked shorts never did cover the stock. The hedge funds walked away with profits. Ex-hedge fund manager Jim Cramer of thestreet.com told the story of hedge funds. He never admitted to doing any wrong, but as he said, a hedge fund manger could drive a stock to nothing.

Chairman Cox knew of the naked shorts, but did not…