In his extraordinary mea culpa over the Madoff scandal, S.E.C. chairman Christopher Cox accepted full blame...on behalf of his staff. But isn't he in charge?
When Securities and Exchange Commission Chairman Christopher Cox made an extraordinary apology for the agency having failed to follow up on clear evidence of wrongdoing by suspected financial fraudster Bernard Madoff, he excluded one key player from blame: himself.
In the public statement on Tuesday, Cox laid out a blistering attack on his staff, while appearing to exonerate himself from any responsibility.
He said the agency's most senior officials learned only a week ago that "credible and specific allegations regarding Mr. Madoff's financial wrongdoing, going back to at least 1999, were repeatedly brought to the attention of S.E.C. staff, but were never recommended to the Commission for action."
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