Five Dumbest Things on Wall Street: Dec. 19

Christopher Cox Clouseau

Have no fear Madoff victims. Christopher Cox is on the case.

Securities and Exchange Commission Chairman Cox made his first major statement Wednesday concerning the alleged $50 billion Bernard Madoff Ponzi scheme since the case was brought to light on December 11.

Cox, who will soon be replaced as SEC chief by Barack Obama nominee Mary Schapiro, assured the public that "every necessary resource" at the SEC has been dedicated to pursuing the investigation, protecting customer assets and holding those who may have been involved accountable.

Furthermore, while he can't share too much about the ongoing investigation, Cox revealed that "progress to date indicates that Mr. Madoff kept several sets of books and false documents, and provided false information involving his advisory activities to investors and to regulators." ...