On This Date in Bush History 12/10: Competence Punished

On This Date in Bush History 12/10: Competence Punished

2001: President Bush says today, "I couldn’t imagine somebody like Osama bin Laden understanding the joy of Hanukkah." Nor the 4th of July, one supposes.

2002: Today President Bush nominates William Donaldson to head the Securities and Exchange Commission (SEC), replacing the widely criticized Harvey Pitt. In the wake of the Enron and Worldcom scandals Mr. Donaldson would implement tough reforms, including a requirement that CEOs certify their financial reporting. Inaccurate reporting cost employees and investors huge amounts of money, as witnessed by the losses of Enron retirees, employees, and shareholders. Mr. Donaldson seemed the rarest of high-level Bush appointees; someone who was competent, qualified, and actually doing a good job. President Bush’s friends in the business world were not enthusiastic about Donaldson's reforms; reforms designed to protect people who might otherwise be harmed by future Worldcom or Enron type corporate deceptions. As is usually the case when being given the choice of protecting the little guys (those who might be victimized by future Enron-like collapses), or the big guys (powerful, wealthy corporations) President Bush went with the big guys. It was good-bye to Mr. Donaldson and hello to new SEC head Christopher Cox (a man who, incredibly enough, was once a defendant in a lawsuit that alleged he misled investors; that suit was settled out of court).

2004: President Bush says today, "And so during these holiday seasons, we thank our blessings".

Read more in the 2008 Calendar/Day Planner/Stocking Stuffer: "Poor George's Almanac"