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McCain Says He Can't Fire SEC Chairman

September 21, 2008 8:18 PM

"By the way I know he can't be technically 'fired,'" Sen. John McCain, R-Ariz., just said on "60 Minutes." "But when I'm president, if I want someone to resign, he resigns."

We fact-checked his threat to fire SEC chairman Chris Cox last week, as you may recall, a U.S. Supreme Court decision would suggest that the president does not have the power to remove the SEC Chair. But, we noted, certainly pressure can be brought to force someone out, as when then-Senate Majority Leader Tom Daschle, D-S.D., and then-House Minority Leader Dick Gephardt, D-Mo., called for President Bush to dump then-SEC chair Harvey Pitt.

-- jpt

UPDATE: A U.S. District Court of Appeals ruling that SEC Commissioners are "subject to removal by the President for cause; its chairman is selected by and serves at the pleasure of the President" makes this as a legal matter somewhat muddier. SEC experts with whom we've spoken say they believe the president still cannot "fire" the SEC chairman because of the Supreme Court precedent, but the U.S. District Court ruling makes this more of an unresolved legal question. The SEC itself has not weighed in.

September 21, 2008 in McCain, John | Permalink | Share | User Comments (181)

User Comments

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How should any elected person react to an investigation?
1. Make sure the public documents taht are needed to prove your guilt or innocence are removed from public viewing.

2. Demonize the investigator.

3. Do not allow the investigator to speak on the radio. Ask your followers to shut swamp the station and not allow any discussion of the facts.

4. Repeat step 3 whenever investigator is scheduled to speak.

5. Do not respond to any items the investigator finds, just demonize the investigator.

6. If an ad is placed that is unfavorable ask the Justice Dept to launch an investigation into the group.

7. If Justice declines, add a second Justice Dept request to not only investigate the group but to also charge all of the groups donors as well.

8. Hopefully the Justice Dept will soon report to you and any who didn't do as you requested will pay a price.

Do not allow free speech if it is negative.

Google "Obama Annenberg" and you will find all of the above taking place.


PS You may have to look further than wikipedia.

Posted by: Dave in lv | Sep 22, 2008 6:02:28 PM

McCain/Palin have been endorsed by The Donald, now don't mess with the Donald or The Texas Ranger and then we have Bill Clinton saying this..."CLINTON: She's an instinctively effective candidate, and with a compelling story. And I think it was exciting to some that she was a woman, it was exciting that she was from Alaska, exciting that she's sort of like the person she is. I get why she's done so well. She's -- she's -- a mistake to underestimate her. She's got good -- her intuitive skills are significant." Bet Hillary could have killed him. LOL Then we have Joe Biden who got what? less than 1% of the votes in his run for President, and folks age hasn't got anything to do with dying in office so he could be President losing the Catholic votes

Life is good with McCain/Palin

Posted by: Dixie | Sep 22, 2008 3:08:15 PM

Chris Cox nominated by
President Bush is a
political appointee.

He doesn't understand
finance and markets.
Neither does Bush. Both
have MBAs from the
Harvard Business School
but clearly learned
nothing there.

Since his appointment as
chairman three years ago,
Cox has allowed unrestricted
naked short selling to go
on and in July 2007 did
away with the Uptick Rule
that governs short selling.
These reckless actions by
him led to bear raids in
recent weeks on the shares
financial and insurance
companies causing the
meltdown on Wall Street.

Last Friday, September 19,
after the crash, among the
first things Cox did was
to ban short selling of
shares of 799 commercial
banks, independent investment
banks, securities firms
and insurance companies.

His lack of knowledge of how
markets work, his actions
and inactions, contributed
significantly to the recent
conflagration on Wall Street.

Posted by: anon | Sep 22, 2008 1:08:41 PM

"...But when I'm president, if I want someone to resign, he resigns."
- Is this a new Executive power? ;-) Maybe it's something he learned from the Sarah Palin school of exercising executive powers.

Posted by: Ken | Sep 22, 2008 1:05:33 PM

Dave in iV
re: "There are some things only God can do..."

I guess we're fortunate then that god is american and republican ...

Posted by: Rex | Sep 22, 2008 1:04:07 PM

McCain campaign manager Rick Davis got over $2 million from Freddie Mac and Fannnie Mae front organizations to fight regulations while Sen. McCain was warning about Freddie and Fannie. Davis has betrayed McCain's trust. McCain can fire him. Let's see if he does.

Posted by: ricky | Sep 22, 2008 11:29:32 AM

If he knew he couldn't fire the head of the SEC, why did he say he was going to fire him to begin with. One day later, he said he was going to fire the head of the FEC (Federal Elections Commission).

Cleaning up after this guy must be a helluva job. Sometimes, I almost feel sorry for that poor Tucker the Mouthpiece.

Posted by: Brooklyn Democrat | Sep 22, 2008 11:22:08 AM

Bow down to the Mac.

Posted by: John | Sep 22, 2008 11:21:29 AM

I'm glad McCain knows he was wrong to say the President should fire the head of the SEC. Add that to other things he has admited he was wrong on: Bailing out Bear Stearns, bailing out Fannie Mae and Freddie Mac, hiring lobbytists with conflict of interest on his campaign, letting Phil Gramm speak for him, offshore drilling, immigratiuon, MLK holiday, confederate flag, first wife, nasty jokes about Chelsea Clinton.......

Posted by: ricky | Sep 22, 2008 10:02:14 AM

Republican record:
1) Ignored intelligence briefing
on Al Qaueda attack plans in US.
2) Led America to invade another country on false pretenses. Falselyndeclared war won.
3) Destroyed housing and banking industry.

Posted by: ricky | Sep 22, 2008 9:57:42 AM

The reason Palin's approval rating is so high was that the poll was conducted among civil servants whom Palin gave jobs to.

Posted by: nosomething | Sep 22, 2008 8:39:20 AM

Is Palin a fiscal conservative? In Alaska, it's hard to say.
The following article appeared on the editorial page of the Anchorage Daily News

Sarah Palin presents herself to the nation as a fiscal conservative. How does her record stack up?
As governor, Palin presided over the largest tax increase in Alaska history -- but it was a tax increase paid by a handful of multinational oil companies. She took on the state's most powerful industry and ensured Alaskans get their fair share of income from oil development, most of which occurs on publicly-owned land.

So she believes the same thing Obama does. How will McCain feel, when they argue over issues? Again, he picked her for a fading 'wow'.
The Alaskain news, will destroy her. :)

Posted by: historyforgotten | Sep 22, 2008 7:54:19 AM

Palin urges halt to proposal to use old platforms for fish farming

By Margaret Bauman
Alaska Journal of Commerce

Gov. Sarah Palin voiced objections Sept. 12 to a federal government's proposal that would allow decommissioned oil and gas platforms in federal waters to be used for fish farming and other forms of aquaculture.

But McCain says fish like oil platforms.

Posted by: historyforgotten | Sep 22, 2008 7:45:13 AM

The Frontiersman: Wasilas newspaper.

NCLB dismantling public school system
By Michael P. Carson
Spectrum
Published on Monday, September 15, 2008 10:10 PM AKDT

Yes, the federal mandate “No Child Left Behind” is working. It has accomplished its goal of slowly dismantling public schools, and restructuring public schools by setting up unrealistic expectations for failure, not success. The federal government has consummated this by creating a law that “one system fixes all.” With this idea, public schools have not been able to get out from under this flawed, unfair and demoralizing mandate.

Yep sounds like Palin has the same problem. Funding does not seem to have reached all the the schools. Interesting. Maybe it helped pay for her 'road to No-Where'. Alaska is hurting, and McCain choose Palin, as a running-mate. UUUGGGG!

Posted by: historyforgotten | Sep 22, 2008 7:28:51 AM

Eight years in the State Senate Obama has accomplished reforming state ethics rules and capital punishment. He did promote early-childhood initiatives that advocates considered “innovative and progressive,” said Betsy D. Mitchell. And Palin did what in her eight years in a State Senate? You can not compare Palin to Obama. Palins record shows Major debt and crime. Schools that have little funding and a Police Force underfunded to keep up with crime. Sure, she has a gym that few visit. But Wasila has a Large debt to pay for it. Her road to no-where was completed earlier this year, but no bridge to connect to. The drainage system in Wasila and other towns were overlooked. Now the mayors and representivies are asking what to do. Does she have answers for them? No. She was just a bad choice for VP. That is one reason I turned from the Republican ticket this year.

Posted by: historyforgotten | Sep 22, 2008 6:00:47 AM

Annenberg Foundation website, April 16 2008 Democratic Debate, Bill Ayers-Wikipedia. Obama knows Bill Ayers, Yes. Did Obama help him in the 60's-70's. No, has the Defense Department worried about him in the last 20 years? No. is Ayers considered a terrorist and communist? No. He oppossed a war he felt was wrong. Did Ayers do bad things in the 60's? Yes. And he paid time for it. When McCains advisors, were asked if they still belived Ayers is a terrorist and communist, they recieved no answer. The ads were dropped after the Dept. of Justice was asked by Obamas camp to investigate. True. No more ads.

My uncle was a Green Beret, in Viet Nam, and still did not support what he was asked to do, in the war.

Posted by: historyforgotten | Sep 22, 2008 5:44:22 AM

Sarah Palin has a high approval rating in Alaska because of her great job as an executive Governor.

I don't know about Nobama. He had an executive experience though like the one in ANNENBERG PROJECT whom he wasted millions of dollars and failed miserably. Google "ANNEBERG PROJECT AND OBAMA" and you will know what I mean.

Posted by: ed | Sep 22, 2008 5:27:11 AM

re:Posted by: historyforgotten | Sep 22, 2008 4:23:05 AM

Please provide any detail. Thanks.

Posted by: Dave in lv | Sep 22, 2008 4:48:13 AM

Her high school friends, do not count for all Alaska.

Posted by: historyforgotten | Sep 22, 2008 4:37:13 AM

I googled Palin's approval ratings and the latest I found was a Sept 3 poll:

"Her job approval rating is astoundingly high with an 86% overall approval rating and 63% strongly approving of her job performance. Independents approve by a margin of 86% - 10% and there is absolutely no gender gap. 97% of Republicans approve of the job she is doing as do 75% of Democrats. She receives high job approval ratings across all regions of Alaska."

Goodnight and Best Wishes to all

Posted by: Dave in lv | Sep 22, 2008 4:32:54 AM

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