Chris Cox Not Completely Useless!

So you thought the Securities and Exchange Commission had completely gone to sleep during the Bush administration, particularly under the leadership of former Congressman Christopher Cox? That the housing bubble, the abuse of credit-default swaps, and the overleveraging of banks were indications of a regulator asleep?

You were wrong! It turns out, Bloomberg reports, that Cox took a hard line with the regulator of Fannie Mae and Freddie Mac. He questioned whether the regulator was living up to its statutory obligation to "preserve and conserve" the mortgage companies' assets. And he said it was vital that the agencies extract themselves from government control.

Tough stuff! Timing, of course, is everything. The letter was written on Jan. 16 of this year, just days before Cox left office. We look forward to his Jan. 17 letter, addressed to Bernie Madoff.