It was obviously a political stunt, but John McCain was right. Fire Chris Cox. Right now. From Bloomberg:
An unedited version of the 137-page study [by the Inspector General of the SEC] posted to the Iowa Republican's Web site Sept. 26 showed that Bear Stearns traders used pricing models for mortgage securities that ``rarely mentioned'' default risk. ... The [SEC] removed a section of the publicly distributed report showing that the Division of Trading and Markets knew Bear Stearns's capital ratio had dropped to 11.5 percent in March from as high as 21.4 percent in April 2006. The ratio measures assets, adjusted for risk, relative to a firm's equity. Ten percent is the minimum standard under international banking regulations.