SEC chairman defends record

Does the Securities and Exchange Commission favor business over investors?

Absolutely not, says chairman Chairman Christopher Cox, a former free-market Republican congressman.

“If a business is investor-friendly, the SEC will be friendly to it,” Cox told the House Financial Services Committee yesterday. “But anyone who seeks to drive a wedge between the interests of the business and the interests of the investors in that business will face a relentless and powerful adversary in the Securities and Exchange Commission.”

Cox disclosed that the agency has launched investigations into complex securities known as collateralized debt obligations, in which hedge funds have heavily invested. The issue grabbed attention last week with the near-collapse of two hedge funds managed by Bear Stearns.

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