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View Diary: Dodd will filibuster (218 comments)

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    to submit legislation overturning the Stonridge case decided before the Supreme Court last week based on your faulty legislation, allowing the Enron-banks immunity for admitted criminal fraud. This is the first civil immunity created for criminal fraud.

    Some say you don't care about the Enron victims and all other banking fraud victims.

    It's a far more impactful issue than even this one, which is impactful. But, this deals with BILLIONS in fraud stolen from Americans.

    The Enron Victims are waiting for your amended legislation.

    The Senate Banking Committee Chair is responsible.

    That's Dodd.

    Where is Dodd on the biggest financial legislative issue of the last 10 years?

    •  Recent comments by Dodd (3+ / 0-)
      Recommended by:
      cedelson, ChapiNation386, RenMin

      "As the author of the Private Securities Litigation Reform Act, I stand second to none in my commitment to protect American businesses from frivolous litigation.  But today’s decision goes beyond that common-sense law.  Instead of protecting innocent businesses, it would protect wrongdoers from the consequences of their actions.  Such a misguided standard will do nothing to strengthen the competitive position of America's businesses and capital markets."

      Chairman Dodd previously sent letters to President Bush and Solicitor General Paul Clement to convey his disappointment that the Solicitor General chose not to file a brief with the Supreme Court expressing the views recommended by the U.S. Securities and Exchange Commission (SEC) in the case.  Dodd wrote to SEC Chairman Christopher Cox in May of last year to inquire whether the SEC would continue its support of "scheme liability" in the Stoneridge case, and to voice his endorsement of the SEC’s position.

      I like a little rebellion now and then. It is like a storm in the atmosphere ~ Thomas Jefferson

      by valadon on Thu Jan 24, 2008 at 12:14:42 AM PST

      [ Parent ]

      •  in addition (0+ / 0-)

        the dissenting SC opinion (also held by Dodd) held that:

        The dissent also rejects the majority’s finding regarding Congressional intent, arguing that Congress’ actions (or rather, inactions) cannot be read to bestow immunity on an undefined class of actors from liability under Section 10(b). Finally, the dissent conclude with a lengthy affirmation of the right of court’s to imply remedies, even in the absence of legislative action.

        -Stevens, Ginsberg, Souter

        I like a little rebellion now and then. It is like a storm in the atmosphere ~ Thomas Jefferson

        by valadon on Thu Jan 24, 2008 at 12:29:37 AM PST

        [ Parent ]

        •  Yep. (0+ / 0-)

          That's the point of their concern with Dodd. They believe he played the game when he wrote the legislation knowing this could be the ultimate result. (then issues press release against it, but no legislation to correct it). No private right of action for fraud. Pure immunity. In the legislation. So easy to fix. Word also is that the Chief Justice chided the banking committee for this fact and threw them the ball knowing that would drop it and issue PR.

          Some of these plaintiffs are deep pocket funds very angry with the lack of action from committee.

          •  SJ it is my understanding (0+ / 0-)

            That as disastrous as this recent decision was that the plaintiffs and Enron victims might seek recourse through the SEC (provided for in legislation)...and it may be their only remedy. The problem the SC provided was the inability to name all fruadulent entities in their redress of this fraud.

            Now here's the rub...both Justice Breyer and Roberts were to recuse themselves from this case, but only Breyer did. (conflict of interest).

            I like a little rebellion now and then. It is like a storm in the atmosphere ~ Thomas Jefferson

            by valadon on Thu Jan 24, 2008 at 01:16:29 AM PST

            [ Parent ]

      •  I know, I know. Trust me, I know....WORDS (0+ / 0-)

        Based on what I hear, just words while some of his biggest donors are Enron-bank defendants, banks, banks, and more banks.

        As the Chair of the banking committee, I would think he could correct his own legislation or at least make a pledge to do so with a timeline.

        Has he done that? No. That begs a serious question.

        There are a lot of people looking into Dodd on the plaintiff victims side right now. I don't hear anything good. I hear they want to organize and test Dodd's democratic credentials on this single issue.

        I'd like good news, if you have it.

        •  I wish I had better news for you (0+ / 0-)

          But it may be a case to directly address to the Senator and specifically ask what he may do as a result of this decision. We (the people) are certainly not doing very well with the Supremes lately...and one could argue not with the rest of government either. It appears his agenda is full and I fear he will spend an inordinate amount of time on the mortgage debacle, and economic stimulus packages...we are in a world of hurt and in almost every direction SJ.  

          I like a little rebellion now and then. It is like a storm in the atmosphere ~ Thomas Jefferson

          by valadon on Thu Jan 24, 2008 at 12:55:36 AM PST

          [ Parent ]

          •  Everyone I know, including me can't get (1+ / 0-)
            Recommended by:

            a straight answer from his office. We figure he's voting with the banks quietly, issuing PR, playing the Telco up for pub and will not do a thing. The banks are celebrating. He knows it. If he doesn't fix it, I really hope these deep pocket plaintiff funds, like CAL REGENT and other progressive groups lay it on him hard. You can't have a DEM like that chairing that committee. That is the most important slot in the Senate dealing with the same banks that caused ALL of these recent problems. Dodd knows this (all his prior flawed legilation) is coming home to roost. It's the biggest financial issue of the generation. A few professors are drafting an article sqaurely blaming Dodd for his banking leadership for the past decade. I'll post when it's out.

            If you know anyone in his office or hear anything, let me know! thx

            •  I'll be happy to keep an eye (0+ / 0-)

              on this and let you know if I find anything...

              I like a little rebellion now and then. It is like a storm in the atmosphere ~ Thomas Jefferson

              by valadon on Thu Jan 24, 2008 at 01:18:19 AM PST

              [ Parent ]

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