The Supreme Court strips the SEC of a critical enforcement tool in fraud cases
The Supreme Court strips the SEC of a critical enforcement tool in fraud cases
The Supreme Court has stripped the Securities and Exchange Commission of a major tool in fighting securities fraud in a decision that also could have far-reaching effects on other regulatory agencies.
Time for another 2008 style financial meltdown. Haven't had one of those in a while.
I'm thinking maybe 1929.
Congratulations conservatives! With this ruling, you just drastically increased the size of the Federal government.
Simple administrative rulings are gone so now we're going to end up with five zillion more expensive lawyers, a lot more judges, and a gazillion more cases before the courts.
It'll also increase the cost of doing business! Because now instead of just having to occasionally deal with an administrative body full of technical people who know what matters and what doesn't every company is now going to have to hire teams of lawyers to defend themselves in court and explain every little thing to a jury of total laymen.
The companies that violate the law regularly with the intent to "just pay the fines" will now have to defend themselves in court over and over and over again. You think immigration courts are overloaded? Now every federal court will be!
Perhaps they thought this would just result in businesses no longer having to comply with regulations? Hell no. Next year's Federal budget is going to balloon in order to pay for all these new inefficiencies.
They are insane.
Of course, this is conservatives modus operandi: Don't bother looking at real outcomes and real consequences of their actions! Instead, look towards tradition and religion and only that which is right in front of their face.
Bogging down federal courts is a benefit to conservatives. It means their shitty laws can continue to take effect for longer while they wait for the court to get to them.
It's like everything else conservatives think they want: "We want illegal immigrants out of the country! But we're not willing to fund more immigration courts/judges. Let those court cases back up forever so they can stay here indefinitely! Oh wait..."
Conservative: "Tesla chose Texas for their new whatever, yeeeee fuckin' haw yo! That's a lot of money that will come into the state!"
Bystander: "But don't they have to settle that case with the EPA before they can proceed? I mean, they totally fucked that river and will have to pay for cleanup." (note: this is hypothetical river fucking)
Conservative (and Libertarians, oddly): "Yeah yeah whatever. That's why we have the courts!"
Bystander: "Except that court case won't be heard for years because the courts are backed up. Apparently there's not enough money in the Federal budget this year to pay for more judges, courthouses, and lawyers to handle cases like that"
Conservative: "Then they need to increase taxes! Oh wait..."
The SEC won't get additional funding, so they'll necessarily have to let all but the highest priority cases go because they don't have enough resources to take everything to court.
This is exactly what the Republicans want. It's exactly what they did to IRS. Create more work for them and starve them at the same time, so that their corporate puppetmasters can get away with whatever they want, and the few times they do get taken to court, they can throw their big team of lawyers at it, drag it out, and make it not worth pursuing.
This is by design. This is their goal. And I'm certain that SCOTUS colluded with the lower courts to deliver this case to them with a bow tie.
They're not conservatives. Republicans are regressives.
Amazing how when government wants to fuck you... nothing can stop them.
Enforcing basic laws against ruling classes: IMPOSSIBLE!!!!
Nothing... except voting.
What are we to do? Vote? What a crazy, unrealistic, outlandish idea.
Gerrymandering to fuck is a thing. There was a story yesterday or the day before about the Mayor who was elected in the south and got blocked by the white city planners or whatever they’re called. Sure, courts ruled in his favor, but the article pointed out how Black residents hadn’t been aware that there was an election process for years because mayors kept being appointed without their input.
I’m not saying not to vote. I’m saying that has also been neutralized in places and that’s it’s far from what its idealized state would be.
Political process is captured. Voting is a futile exercise under the current regime.
It was designed that way too!
Ever since fall of USSR, elites decided that they can do whatever and that's what they have done while brain dead boomers enabled it with their votes lol
We got a society the boomers deserve!
This is what these fuckers have been working on for so many years. Finally came to a head in a clear-cut partisan line vote.
This is why you see people saying voting doesn't matter online as well. It matters, so if you stayed home and were of voting age in 2016, this ruling is 100% your fault. Voting matters.
Tldr of the holding:
When the SEC seeks civil penalties against a defendant for securities fraud, the Seventh Amendment entitles the defendant to a jury trial.
Link to opinion: https://www.supremecourt.gov/opinions/23pdf/22-859_1924.pdf
Edit: Here's the text of the 7th Amendment for non Americans
In Suits at common law, where the value in controversy shall exceed twenty dollars, the right of trial by jury shall be preserved, and no fact tried by a jury, shall be otherwise re-examined in any Court of the United States, than according to the rules of the common law.
Hahahahahahaha
What oligarchy? What fascism? No see only the winners win because they already won, you all lost that's fair and square.
FFS :(
Eh - i dunno. They “stripped” them of being able to convict without trial by jury. That’s it. Which they do sometimes anyway.
And, If they go to trial they’ll quadruple the penalties / sentences just because that’s how federal prosecutors do.
I’m not convinced it’s all bad just yet. I could be wrong but that’s the takeaway i got so far.
They're going to send all the trials to the Fifth Circuit where they will rule against the SEC.