We've noted before that Chris Cox, the chairman of the Securities and Exchange Commission, has been something of a surprise. Early on, he confounded those who expected him to be a dupe for business and Wall Street--based on his background and politics. Now, however, some are wondering if the early impression was wrong. Is his performance reverting to what was expected originally? The New York Times suggests that "by not pushing for tighter regulation of hedge funds and by urging the Supreme Court to adopt a tougher standard for investors in lawsuits," Cox has aligned himself with corporate interests at the expense of shareholders. Is it not a simple issue. In many ways, it's politics as usual. Cox certainly doesn't agree with the view. The SEC's decision not to back hedge fund registration and an independent chairman mutual fund rule is not going to be easily explained to investor advocates.

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