In the chairman's first major policy move, the panel is coming out squarely for standards covering fines for companies that commit fraud
Christopher Cox's Securities & Exchange Commission isn't turning out to be the corporate-friendly place that many in the boardroom set were hoping for -- or expecting. In the SEC chairman's first major policy move, as outlined by BusinessWeek Online in late November, the commission issued standards on Jan. 4 for fining companies that commit financial fraud (see "Corporate Fines: The SEC's Search for Rules"). With that action, Cox locked in a key legacy of his predecessor -- William H. Donaldson, who angered much of Corporate America with his stiff regulation and tough enforcement -- and rejected the conservative line that corporate penalties do more harm than good.
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