Every time I turn around…
I truly wasn’t aware of this one, but I don’t play in the market, so I never thought about it.
A long-running battle over the Securities and Exchange Commission’s policy of muzzling defendants in enforcement cases is gaining new momentum in the courts, thanks to one of the biggest critics of federal regulatory power.
The New Civil Liberties Alliance, a conservative legal group that has been at the forefront in the clash over regulatory reach, is leading a pair of long-shot challenges looking to knock down the SEC’s half-century-old policy of barring most defendants who settle with the agency from speaking out against the charges.
Full article, HERE.
Kinda sounds like a violation of the 1st Amendment to me, but what do I know?
I always ‘thought’ that once the trials/etc. were over, people were free to speak.
I know there is an ongoing move afoot to silence anyone who doesn’t toe the line on the left’s agenda/utopian dreams as spewed by the MSM, but that is one of the benefits of the Intarwebz, there are plenty of choices out there to listen to.
The problem I see, is that few actually DO any real research, tending to go with whatever the sound bite from whatever side they believe is the only answer. And people are no longer willing or able to actually engage in dialog where both sides get their chance to speak.
That really bothers me, because I’ve always believed in/been willing to exchange ideas freely without being ‘forced’ to accept things I do not believe in.
The SEC has a history of rules and laws that violate the constitution and everything else in this country.
Back when I was working for a large corp, part of in-processing was all of us being told that if someone eavesdrops on a private conversation of ours, invests based on what they overheard (or thought they overhead) and then lost money – we, all of us – were financially liable for the loss and would have to pay the eavesdropper’s losses and make him whole.
That was the law by SEC.
Now how the hell is that legal?
Or that you NEED their permission if you’re going to buy over a few percent ownership in a company?
Yeah, and of course, all of their laws and punishments are always based on who you are and what party you belong to. Just as much as that article was.
If I go to a doctor and tell him I don’t have insurance but will pay cash,and I have Medicare, it’s insurance Fraud.
Makes as much sense.
If I bend my car and go get it fixed and pay out of pocket, that is not fraud,,, yet.
Not defending the process, just observing, settlements are a voluntary agreement. You always have the option to refuse the settlement terms, which often include (not just with the SEC) a confidentiality agreement. In the case of the SEC I’d say the big problem is that there is a lot of pressure to settle and the SEC holds most of the cards, so whether it is truly voluntary is another matter.
It’s like reaching a settlement with the IRS. And they have the ability to say “Settle or lose everything and end up in jail and still have to pay what we were settling for.”
The SEC, like the FedReserve or the aforementioned IRS, is a world of rules unto itself.
You just thought gun rules and the BATFE were convoluted and Byzantine. It’s nothing compared to the SEC.
Where congresscritters who set contracts and make big bucks off of definite insider trading and other illegal things are never (mostly) ever prosecuted for their actions. Like how else has AOC become a multi-millionaire (and still owes student loans)?
It was even covered in the movie “Pretty Woman” where the sleazy investment broker uses his connections to a senator to delay the awarding of a contract to a company so he could buy out said company.
Rules for thee and not for me (if me is one of the okay elite jackwagons…)
1st amendment protects the rights of citizens, but does that pass on to corporations? Do corporations have constitutionally protected rights?
Often corporations are treated as ‘people’ by the law, so, depending on what agency/law is being applied, yes, the corporation does have rights.
Doesn’t stop the SEC or other federal bureaucracies from violating said rights. And the tricky thing is… you have to file with the fedbureau to determine if said fedbureau violated your (or your corporation’s) rights. Which, for some reason, usually results in you or yours not succeeding in petitioning to have any negative action taken against you or yours stopped.
The house always wins. Especially when dealing with a federal bureau or division or agency.
All- Thanks for ‘filling in’ those blanks for me. I don’t think I’ll ever have them after me, but…
The SEC decides whether or not they will ALLOW you access to the markets. Refuse to play by their rules and you are out….out of business. Is it right? No. Is it fair? No. Is it legal? Probably not. But it’s how they play the game…and it IS their game. And don’t expect either Congress or the courts to interfere. Too much money and power at stake.