Roe v. Wade was a red herring. These cases were the objective.

We are in a class war, and we are losing.

How could they expect a republican supreme court to hold the corrupt greedy rich people accountable? What were we thinking?

More corporate welfare in Bush’s America…no surprise there.

Minor clarification needed. The Supremes only refused to hear the appeal. This is not nearly as damaging as if they had heard the case and agreed with the lower decision.

How are the Pobre Citos going to retire with huge bonuses if we insist on any such kind of accountability?

So what the Supremes are saying is that the Mafia should incorporate so they will avoid prosecution for RICO violations. Sweet!

The funny thing is, they probably think it’s GOOD for business, but good faith is the linchpin of confidence and growth.

Any believe Ken Lay really died?

they will crew us every chance they get and then wonder why they aren’t loved

I’d be outraged, but I’m pretty sure I’m coming down with Scandal Fatigue.

L.A. Confidential @ 8:

Any believe Ken Lay really died?

Just in name. Probably in the Caymans laughing his ass off.

Typical. This was to be expected. No surprise here. Those pesky activist judges, hoo haw hee hee, such a wacky bunch of mauraders.

If the partisan and corrupt Rethuglican majority had wanted to really help this country, they would have voted to restore confidence in the integrity of the capitalist system. It would have held the criminals liable.

But no, they were only acting FOR the criminals, in two investment cases in a row. From the appointment of Bush to the undermining of the largest economy in the world, the Supreme Bastards (you know the ones, the infamous five) have set the country on the road to ruin.

IIRC, there used to be NINE Supremes, but this was a 5-3 decision. Is somebody on vacation, or was there a *gasp* r-e-c-u-s-a-l? (:>

Figures, given the bush (mal)administration! As to ken lay - laughing his ass off somewhere, and likely to be joined by bush et al after bush flees war crime charges…

Dammit! Just when we thought we’d finally found patronage jobs for all of Antonin Scalia’s deadbeat relatives, now we’ve got to find jobs for all of ROBERTS’ relatives???

Be on the lookout for some law school drop out named Bubba Roberts to be appointed Chief Legal Advisor to the Federal Bureau of Looking at the Moon sometime in the near future. (Either that, or Special Assistant to Elizabeth Cheney Perry in the State Department.) Then we’ll know the circle is complete.

redman @ 6:

So what the Supremes are saying is that the Mafia should incorporate so they will avoid prosecution for RICO violations. Sweet!

I thought they were ALREADY incorporated, under the name of BLACKWATER?

And guess how this will affect investor confidence in the weeks ahead ……

fiver @ 4:

Minor clarification needed. The Supremes only refused to hear the appeal. This is not nearly as damaging as if they had heard the case and agreed with the lower decision.

Sorry, I’m still not sure. The linked article is poorly worded, and I haven’t found another source yet.

This is EXACTLY what Fascism look like. Get used to it.

Ron @ 11:

L.A. Confidential @ 8:

Any believe Ken Lay really died?

Just in name. Probably in the Caymans laughing his ass off.

Enjoying his Umbrella Drink

Our fictitious economy is so fragile, so incredibly sensitive to shocks, that now even the courts do not want to upset it because of the fall-out that would ensue. It’s like they want to create a “nothing to see here” kind of country where everyone walks around like everything is OK because their leaders say everything is OK. Nevermind the little guy, he can’t afford to go to court, so screw him.

Of course, the fall-out that would ensue IF the courts found the banks liable would be huge. Because logic would say that if the banks are guilty because they did business with Enron, then all of a sudden millions of more people will become implicated. Enron was financed not only by US banks, but also directly and indirectly with banks all over the globe. This means that if the courts found the US banks guilty, then what about the banks of the world? Does this mean that they are innocent? If they are guilty, how do we punish them?

Also, if the US banks were found guilty, then this would create losses for the international bankers who actually indirectly own the courts. Moreover, the shareholders of the banks who elected the board that hired the managers that manage the banks that did business with Enron would be liable as well. It’s pretty scary how far the slippery slope goes on this one.

I would say that the banks are not the ones who made the decisions for Enron. Enron made Enron decisions.

It’s too bad that we live in a time of socialized financing, because in any other system, uninformed investors (the ones who got screwed by Enron) would not have to invest in risky equity in order to avoid a loss of purchasing power. They could place their money in a savings account that pays interest and be safe.

Investing in a business should only be for those who know exactly what it is they are investing in. A huge fraction of Enron investors are people the bank managers convinced to invest their money. In another monetary system they would have invested in bonds or money market. The losses sustained by Enron investors would have been minimized to those who truly understand the risks.

It may sound like a broken record, but as long as we have socialized financing, there will be more risk then there should be, and thus more losses.

Uhhhhhhhhhhh…….. WOW! I am the most jaded person you’ve never met and I am literally floored by this.

It seriously is time to start marching in the streets, and I am SO not the marching type.

At this point, if we don’t fight back we almost deserve what we get.. almost.

*wipes Supreme Court poo off cheek*

cg @ 10:

I’d be outraged, but I’m pretty sure I’m coming down with Scandal Fatigue.

Mission Accomplished.

That’s why THIS story will get more headlines than the Padilla story, which is actually a lot more serious.

Lie.Steal.Pillage.Lay off Tens of thousands and get a bonus.Outsourse jobs.Foul the water.Pollute the air.Pay no taxes. Hire no one over 50. And they say Edwards has no message.

Simple solution…Completely divest the BILLIONS that they have invested in U.S. companies. Tomorrow. That should shock the markets a little bit.
Then go reinvest in Chinese companies that might even make a profit in the coming decade.

Supreme Court?! hahaha! Please people there is no Supreme Court in the US of A. What we have here is a political tool.

Drew @ 22:

Our fictitious economy is so fragile, so incredibly sensitive to shocks, that now even the courts do not want to upset it because of the fall-out that would ensue. It’s like they want to create a “nothing to see here” kind of country where everyone walks around like everything is OK because their leaders say everything is OK. Nevermind the little guy, he can’t afford to go to court, so screw him.

Of course, the fall-out that would ensue IF the courts found the banks liable would be huge. Because logic would say that if the banks are guilty because they did business with Enron, then all of a sudden millions of more people will become implicated. Enron was financed not only by US banks, but also directly and indirectly with banks all over the globe. This means that if the courts found the US banks guilty, then what about the banks of the world? Does this mean that they are innocent? If they are guilty, how do we punish them?

Also, if the US banks were found guilty, then this would create losses for the international bankers who actually indirectly own the courts. Moreover, the shareholders of the banks who elected the board that hired the managers that manage the banks that did business with Enron would be liable as well. It’s pretty scary how far the slippery slope goes on this one.

I would say that the banks are not the ones who made the decisions for Enron. Enron made Enron decisions.

It’s too bad that we live in a time of socialized financing, because in any other system, uninformed investors (the ones who got screwed by Enron) would not have to invest in risky equity in order to avoid a loss of purchasing power. They could place their money in a savings account that pays interest and be safe.

Investing in a business should only be for those who know exactly what it is they are investing in. A huge fraction of Enron investors are people the bank managers convinced to invest their money. In another monetary system they would have invested in bonds or money market. The losses sustained by Enron investors would have been minimized to those who truly understand the risks.

It may sound like a broken record, but as long as we have socialized financing, there will be more risk then there should be, and thus more losses.

Indeed. Good post. And another thing is this Sub Prime scam thats been driving the real estate bubble and debt derivatives makes Enron look like a kid’s biggy bank.

Merrill Lynch

From 2002:

ALBANY, N.Y. (AP) — A Merrill Lynch official said the brokerage has agreed to a “framework” to settle the New York attorney general’s investigation of alleged conflicts of interest at the nation’s largest brokerage firm.

From 1995:

Merrill Lynch & Company, Coopers & Lybrand and a law firm have agreed to pay the State of Florida $100 million to settle charges involving the biggest failure of an insurance company in Florida’s history.

From Wikipedia:

[edit] Business groups
GWM: Global Wealth Management
GMI: Global Markets & Investment Banking Group
As of September 29, 2006 Merrill Lynch Investment Managers, which was absorbed by BlackRock, Inc.. Merrill Lynch became BlackRock’s largest stockholder in the transaction, with a 49 percent stake.
Corporate Resources
Global Securities Research and Economics Group (Research)
GIS: Global Infrastructure Solutions
OGC: Office of General Counsel
C&PA: Communications and Public Affairs
CFO: Chief Financial Office
LTM: Leadership & Talent Management (formerly Human Resources)

[edit] Subsidiaries
Financial Data Services, Inc., transfer agency
Merrill Lynch Europe PLC, soon to be rolled up into Merrill Lynch International
Merrill Lynch, Pierce, Fenner & Smith Incorporated (PFS)
Merrill Lynch Bank USA
Merrill Lynch Bank & Trust Co., FSB
Merrill Lynch International (MLI)
Merrill Lynch Government Securities, Inc (GSI)
Merill Lynch Japan (MLJ), soon to be rolled up into Merrill Lynch International
Merrill Lynch Canada (MLC), soon to be rolled up into Merrill Lynch International
Merrill Lynch (India) Technology Services (MLITS)

One huge well connected company that gets in trouble and pays its way out time and time again.

Drew @ 22:

Our fictitious economy is so fragile, so incredibly sensitive to shocks, that now even the courts do not want to upset it because of the fall-out that would ensue. It’s like they want to create a “nothing to see here” kind of country where everyone walks around like everything is OK because their leaders say everything is OK. Nevermind the little guy, he can’t afford to go to court, so screw him.

Of course, the fall-out that would ensue IF the courts found the banks liable would be huge. Because logic would say that if the banks are guilty because they did business with Enron, then all of a sudden millions of more people will become implicated. Enron was financed not only by US banks, but also directly and indirectly with banks all over the globe. This means that if the courts found the US banks guilty, then what about the banks of the world? Does this mean that they are innocent? If they are guilty, how do we punish them?

Also, if the US banks were found guilty, then this would create losses for the international bankers who actually indirectly own the courts. Moreover, the shareholders of the banks who elected the board that hired the managers that manage the banks that did business with Enron would be liable as well. It’s pretty scary how far the slippery slope goes on this one.

I would say that the banks are not the ones who made the decisions for Enron. Enron made Enron decisions.

It’s too bad that we live in a time of socialized financing, because in any other system, uninformed investors (the ones who got screwed by Enron) would not have to invest in risky equity in order to avoid a loss of purchasing power. They could place their money in a savings account that pays interest and be safe.

Investing in a business should only be for those who know exactly what it is they are investing in. A huge fraction of Enron investors are people the bank managers convinced to invest their money. In another monetary system they would have invested in bonds or money market. The losses sustained by Enron investors would have been minimized to those who truly understand the risks.

It may sound like a broken record, but as long as we have socialized financing, there will be more risk then there should be, and thus more losses.

You are so full of shit.’Uninformed investors’? Lay and his thugs LIED about the strength of ENRON while they knew it was tanking. Get informed moron.

I believe people should invest, and gamble, whether with stocks or in Las Vegas AT THEIR OWN RISK. Stock investing should be done with the understand that SOMEONE will almost always have an INSIDE advantage over “the little people”. So invest/gamble at your OWN risk. Taxpayers shouldn’t have to bail anyone out.

David Hawes @ 30:

Drew @ 22:

Our fictitious economy is so fragile, so incredibly sensitive to shocks, that now even the courts do not want to upset it because of the fall-out that would ensue. It’s like they want to create a “nothing to see here” kind of country where everyone walks around like everything is OK because their leaders say everything is OK. Nevermind the little guy, he can’t afford to go to court, so screw him.

Of course, the fall-out that would ensue IF the courts found the banks liable would be huge. Because logic would say that if the banks are guilty because they did business with Enron, then all of a sudden millions of more people will become implicated. Enron was financed not only by US banks, but also directly and indirectly with banks all over the globe. This means that if the courts found the US banks guilty, then what about the banks of the world? Does this mean that they are innocent? If they are guilty, how do we punish them?

Also, if the US banks were found guilty, then this would create losses for the international bankers who actually indirectly own the courts. Moreover, the shareholders of the banks who elected the board that hired the managers that manage the banks that did business with Enron would be liable as well. It’s pretty scary how far the slippery slope goes on this one.

I would say that the banks are not the ones who made the decisions for Enron. Enron made Enron decisions.

It’s too bad that we live in a time of socialized financing, because in any other system, uninformed investors (the ones who got screwed by Enron) would not have to invest in risky equity in order to avoid a loss of purchasing power. They could place their money in a savings account that pays interest and be safe.

Investing in a business should only be for those who know exactly what it is they are investing in. A huge fraction of Enron investors are people the bank managers convinced to invest their money. In another monetary system they would have invested in bonds or money market. The losses sustained by Enron investors would have been minimized to those who truly understand the risks.

It may sound like a broken record, but as long as we have socialized financing, there will be more risk then there should be, and thus more losses.

You are so full of shit.’Uninformed investors’? Lay and his thugs LIED about the strength of ENRON while they knew it was tanking. Get informed moron.

I might add that almost all (if not all) of the employees were investors.

David Hawes @ 30:

Drew @ 22:

Our fictitious economy is so fragile, so incredibly sensitive to shocks, that now even the courts do not want to upset it because of the fall-out that would ensue.

You are so full of shit.’Uninformed investors’? Lay and his thugs LIED about the strength of ENRON while they knew it was tanking. Get informed moron.

He is correct about the first part. As you are with the Dumbest Asses in The Room lying.

Remember this the next time someone speaks of this administration’s incredible incompetence.

They are only incompetent about what they don’t care about; look at the Iraq invasion, occupation and Reconstruction, for example. All that money gone only looks incompetent until you realize that most of it went diectly into their pockets and the pockets of their friends. That’s criminal, not incompetent.

How incompetent were they in profiting from massive scams against Middle America that funded buying the election in 2000? Enron was one of Bush’s biggest donors, where did the money to donate come from? Same with Worldcom. This decision today will help ensure that the money spigot will stay wide open for the GOP, because, God knows, they can’t win an election unless they fraudulently buy it.

For Pete’s Sake, they did it in the 80’s too - where do you think the money from the Savings and Loan debacle ended up? How many millions from that did the Bush family walk away with? There’s always plenty of money for them to take down any election.

I’m waiting for someone to add up how much of our money ended up in the GOP’s coffers from these corporations, with their Bush Ranger/Pioneer CEO’s, that have collapsed in scandal as their CEO’s have walked away with billions, throwing millions of it to the GOP as they go.

Drew @ 22:

Our fictitious economy is so fragile, so incredibly sensitive to shocks, that now even the courts do not want to upset it because of the fall-out that would ensue. It’s like they want to create a “nothing to see here” kind of country where everyone walks around like everything is OK because their leaders say everything is OK. Nevermind the little guy, he can’t afford to go to court, so screw him.

Of course, the fall-out that would ensue IF the courts found the banks liable would be huge. Because logic would say that if the banks are guilty because they did business with Enron, then all of a sudden millions of more people will become implicated. Enron was financed not only by US banks, but also directly and indirectly with banks all over the globe. This means that if the courts found the US banks guilty, then what about the banks of the world? Does this mean that they are innocent? If they are guilty, how do we punish them?

Also, if the US banks were found guilty, then this would create losses for the international bankers who actually indirectly own the courts. Moreover, the shareholders of the banks who elected the board that hired the managers that manage the banks that did business with Enron would be liable as well. It’s pretty scary how far the slippery slope goes on this one.

I would say that the banks are not the ones who made the decisions for Enron. Enron made Enron decisions.

It’s too bad that we live in a time of socialized financing, because in any other system, uninformed investors (the ones who got screwed by Enron) would not have to invest in risky equity in order to avoid a loss of purchasing power. They could place their money in a savings account that pays interest and be safe.

Investing in a business should only be for those who know exactly what it is they are investing in. A huge fraction of Enron investors are people the bank managers convinced to invest their money. In another monetary system they would have invested in bonds or money market. The losses sustained by Enron investors would have been minimized to those who truly understand the risks.

It may sound like a broken record, but as long as we have socialized financing, there will be more risk then there should be, and thus more losses.

Drew,

I think your post, in part, misses the essence of the Enron scandal. The difference between informed and uninformed investors is essentially irrelevant when applied to Enron as the essence of the scandal is lying. Even the “informed” investors were suckered. In fact, one would have had to cross the line from “informed investor” to “insider trader” to have had an accurate picture of Enron at the time.

L.A. Confidential @ 8:

Any believe Ken Lay really died?

Ya, he died and went to Dubai. It’s close enough to heaven, isn’t it?

I never play with stocks or the stock market… There is never any justice or compensation for the little guy investor when the feces hits the ocillator due to some con in a $1000.00 armani selling snake oil and calling it the deal of a lifetime… And this story perfectly illustrates why…

Given this court decision and the overall smell of this scandal.. A scandal that apparently will never touch the perps directly responsible… And the ha ha stability of the stock market now… I’m buying a mattress. One has to choose their poison… At least with a mattress I’m the one controlling the Benjamins.. Not that they will be worth all that much very soon.. Weimar Republic… here we come…..JD

Pericles @ 16:

Be on the lookout for some law school drop out named Bubba Roberts to be appointed Chief Legal Advisor to the Federal Bureau of Looking at the Moon sometime in the near future.

I’m waiting for the unveiling of Prsecott Bush as a presidential candidate. They’re hiding him until he’s too old to field questions about why he didn’t go to Iraq.

L.A. Confidential @ 28:

Drew @ 22:

Our fictitious economy is so fragile, so incredibly sensitive to shocks, that now even the courts do not want to upset it because of the fall-out that would ensue. It’s like they want to create a “nothing to see here” kind of country where everyone walks around like everything is OK because their leaders say everything is OK. Nevermind the little guy, he can’t afford to go to court, so screw him.

Of course, the fall-out that would ensue IF the courts found the banks liable would be huge. Because logic would say that if the banks are guilty because they did business with Enron, then all of a sudden millions of more people will become implicated. Enron was financed not only by US banks, but also directly and indirectly with banks all over the globe. This means that if the courts found the US banks guilty, then what about the banks of the world? Does this mean that they are innocent? If they are guilty, how do we punish them?

Also, if the US banks were found guilty, then this would create losses for the international bankers who actually indirectly own the courts. Moreover, the shareholders of the banks who elected the board that hired the managers that manage the banks that did business with Enron would be liable as well. It’s pretty scary how far the slippery slope goes on this one.

I would say that the banks are not the ones who made the decisions for Enron. Enron made Enron decisions.

It’s too bad that we live in a time of socialized financing, because in any other system, uninformed investors (the ones who got screwed by Enron) would not have to invest in risky equity in order to avoid a loss of purchasing power. They could place their money in a savings account that pays interest and be safe.

Investing in a business should only be for those who know exactly what it is they are investing in. A huge fraction of Enron investors are people the bank managers convinced to invest their money. In another monetary system they would have invested in bonds or money market. The losses sustained by Enron investors would have been minimized to those who truly understand the risks.

It may sound like a broken record, but as long as we have socialized financing, there will be more risk then there should be, and thus more losses.

Indeed. Good post. And another thing is this Sub Prime scam thats been driving the real estate bubble and debt derivatives makes Enron look like a kid’s biggy bank.

On top of the sub-prime, the government’s current bankruptcy and fiscal irresponsibility is more massive than a hundred Enrons and all of the bubbles in the history of tracking them.

The head of the GAO has said that the government has totally bankrupted the country. It’s hard to take anyone’s advice nowadays let alone another official because of all the misuse of words like double speak and superlatives for the sake of attention, but I trust this guy’s judgment. He is doing what no other high ranking official is doing.

I don’t know of any Enrons or JPMs that can maintain such large deficits (and that’s just what the government reports, meaning there is an even bigger deficit) and still stay in business. The market would have PUNISHED such irresponsibility.

On a side note, have you noticed an unusual amount of cops, security guards, and other law enforcement people in your city/town? Where I live, there has been a huge influx of cops. I know some people around the country and they are saying the same thing. Maybe its nothing, but something seems fishy. Maybe something big is going to happen?