The federal reserve is a bank for bankers. It is a central bank just as The Bank of England is a central bank for the United Kingdom. The federal reserve is, in fact, the third central bank which has plagued the citizens of the United States. Both of the others were dismantled because they destroyed the nation’s money through inflation.

The primary function of the federal reserve is to create money. If a U.S. government security for $1,000 is held by the federal reserve it can then have the Treasury Department to print $1,000 worth of federal reserve notes which Treasury then gives to the federal reserve.

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SEC chairman Christopher Cox was a partner in the law firm of Latham and Watkins. At the time of his retirement in 1986 Cox was the Partner in Charge of the Corporate Department of the Orange County office and was a member of the firm’s national management.

Latham and Watkins is ranked among the largest law firms in the world. Notable clients include Goldman Sachs, Deutsche Bank, Merrill Lynch, and ICICI Bank Ltd. Of India.

On January 31, 2008 ICICI Bank (formerly Industrial Credit and Investment Corporation of India) reported losses of $264 million as a result of the subprime mortgage crisis.

As a retired partner of the Latham and Watkins LLP Cox undoubtedly owes a great deal of allegiance to Latham and Watkins. Latham and Watkins involvement with Goldman Sachs, ICICI Bank and others constitutes a conflict of interest which can not be tolerated during the current financial crisis.

Christopher Cox must resign his position as Chairman of the SEC. If he does not resign, he must be fired.