drieuxster (drieuxster) wrote,
drieuxster
drieuxster

Yes, You CAN feel safer now....

The U.S. Supreme Court gave Goldman Sachs Group Inc. and other investment banks a new shield from antitrust claims, throwing out lawsuits that accused the securities industry of rigging 900 initial public offerings.

The justices, voting 7-1, today overturned a federal appeals court ruling that had permitted suits against 16 investment banks and institutional investors, a group that also included Credit Suisse Group and Merrill Lynch & Co. The investors were seeking billions of dollars in damages.

``An antitrust action in this context is accompanied by a substantial risk of injury to the securities markets,'' Justice Stephen Breyer wrote for the court. He said a shield was warranted because of the Securities and Exchange Commission's regulation of IPOs.
...
The Bush administration largely backed the securities industry in the IPO case, saying the investors might be able to re-draft their lawsuit to focus only on conduct not permitted by the SEC. The majority went beyond that position and threw out the lawsuits.

[ cf Investment Banks Shielded From Suit by Top U.S. Court (Update3)
(emphasis added for comedic effect) ]
Gosh... Golly!!! Gee Whiz....

What? the invisible hand of the Great Imaginary Foote of the Market must be protected by the Supreme's essentially indemnifying the, well, gosh, wonders of a regulatory system that establishes a safe and sane market system by making sure that the game is legit...

Hum....

Do we really want to have a system of checks and balances???? Or would that be like threatening america with a retreat to the mere law of Man!!! Rather than the Divine Rights Of Divinities...

Ah yes, America, the land of the Massive Whatever....
Tags: economics, religion, they_did_what
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