You’ve got to feel a bit of sympathy for SEC Chairman Christopher Cox these days. The SEC faces a Gordian knot on the regulatory front, certainly. But the SEC also faces a deeper, more serious political crisis: It is becoming irrelevant in the conversation now occurring across Washington to decide what should happen next. Cox is on the outside looking in, and that is not where any policy-maker wants to be. It is not where companies regulated by the SEC—that would be you—should want him to be, either.
