Roger Lowenstein

Roger Lowenstein is the author, most recently, of Origins of the Crash: The Great Bubble and Its Undoing, and a frequent contributor to The New York Times Magazine and SmartMoney.

Recent Articles

The Next Wall Street Scandal

It would be hard to find a worse resume for chairman of the Securities and Exchange Commission than that of Christopher Cox, who was confirmed in the job by the Senate last summer after hearings that The New York Times aptly described as a “love fest.” As a congressman from Orange County, California, since 1988, Cox closely allied himself with the most aggressive lobbies for weaker securities regulation -- accountants, the high-tech industry, and the U.S. Chamber of Commerce. For nearly 17 years, he was their loyal servant, weakening the SEC and faithfully burying pro-investor reforms that might have prevented faked balance sheets and overstated earnings from inflating a stock market bubble. Lest we forget, from 2000 to 2002 the Standard & Poor's 500 Index fell 50 percent -- equal to the drop during the Great Crash of 1929. The smaller-stock NASDAQ fell a gut-wrenching 78 percent. Today's market is stuck at 1998's level, meaning it has delivered a cumulative zero to investors for...