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Politics : Actual left/right wing discussion
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To: c.hinton who wrote (7191)6/24/2007 6:06:10 PM
From: TimF   of 10087
 
The author would like people to be held responsible. That's a commendable goal. OTOH just because the goal is commendable does not mean that the court should always act to further it. The courts job is to interpret the law, not try to create their vision of the ideal situation. Lower courts are normally supposed to follow the precedents of higher courts. A quick scan of the precedent seems to indicate that the 5th circuit properly followed the Supreme Court's precedent. The author of the article doesn't really make any attempt to argue otherwise other than the simple statement that the facts where different. Instead the author spends his words on statements that are irrelevant to the law, or the justice of the situation such as a paragraph about how much wall street insiders can make.

Beyond that, there is a problem with holding any one who assisted at all in the financial transaction liable to class actions suits. It would open up our country to more costs and damage from lawsuits, many of which might be far less justified then this one. It might be appropriate to allow suits for certain types of assistance in certain situations, that might possible include this situation, but if the history of regulation and a supreme court decision doesn't allow for class actions suits, then the proper response is either some other way to try to obtain justice, perhaps combined with congress revisiting the law on class actions lawsuits against wall street advisers, auditors and investment bankers, explicitly allowing lawsuits in certain situations, while perhaps at the same time providing some general tort reform to keep both these lawsuits and other types from getting out of hand.
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