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Forum Post: Did You Know That Antonin Scalia's Son Is Sabotaging Wall Street Reform?

Posted 5 months ago on July 9, 2014, 11:33 p.m. EST by GirlFriday (17435)
This content is user submitted and not an official statement

Ambrose Bierce once quipped that a lawyer is one skilled in the circumvention of the law. By that definition, Eugene Scalia is a lawyer of extraordinary skill. In less than five years, the 50-year-old son of Supreme Court Justice Antonin Scalia has become a one-man scourge to the reformers who won a hard-fought battle to pass the 2010 Dodd-Frank Act to rein in the out-of-control financial sector. So far, he's prevailed in three of the six suits he's filed against the law, single-handedly slowing its rollout to a snail's pace. As of May, a little more than half of the nearly four-year-old law's rules had been finalized and another 25 percent hadn't even been drafted. Much of that breathing room for Wall Street is thanks to Scalia, who has deployed a hyperliteral, almost absurdist series of procedural challenges to unnerve the bureaucrats charged with giving the legislation teeth.

Scalia has "created this sense that we're paralyzed, because if we write a rule we're just going to be reversed," says Lisa Donner, executive director of the watchdog group Americans for Financial Reform. The threat of more suits, she says, has "cast a real chill" over Wall Street regulators, particularly at the Securities and Exchange Commission (SEC).

Scalia's legal challenges hinge on a simple, two-decade-old rule: Federal agencies monitoring financial markets must conduct a cost-benefit analysis whenever they write a new regulation. The idea is to weigh "efficiency, competition, and capital formation" so that businesses and investors can anticipate how their bottom line might be affected. Sounds reasonable. But by recognizing that the assumptions behind these hypothetical projections can be endlessly picked apart, Scalia has found a remarkably effective way to delay key parts of the law from going into effect. http://www.motherjones.com/politics/2014/07/eugene-scalia-court-antonin-financial-reform-dodd-frank

He's going after the Volker Rule.

16 Comments

16 Comments


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[-] 3 points by turbocharger (1718) 5 months ago

A Supreme Court member's son is fighting the regulations that the central bankers decided to impose on themselves... What a world. Around and around we go.

Sometimes I wonder if they all do this stuff simply because they are bored.

[-] 2 points by turbocharger (1718) 5 months ago

Right, because Reagan's Federal Reserve Chairman is clearly about helping the people to begin with.

An entire life of living with the highest of elites and all of a sudden Paul wakes up and brings meaningful reform to the table.

A Federal Reserve Chairman and a guy who helped to repeal Glass Steagall. Barney Frank is probably the most clueless out of the three, so I can honestly believe he really just doesnt get it.

Two of the leading corrupters in society the last 35 years having their "legislation" picked apart by another horribly corrupt individual who is the son of one of the most corrupted people currently to have any power.

Politicians and lawyers. Gotta love em.

[-] 1 points by GirlFriday (17435) 5 months ago

What is it, specifically, that you don't like about the Volker rule?

[-] 3 points by turbocharger (1718) 5 months ago

That its typical weasel legalese that does nothing to reverse what happened, whats going on or anything that is possible into the future. Specifically that I don't like?

That, and its written by a criminal so no matter how nice it seems, you think they aren't five steps ahead of the population as usual? I'm sure the Fed all got together and thought this really going to hammer down on the financiers, so lets pass it. Come on...

Gutless rules enacted by the people who profit off of it. Same nonsense as usual. Dark pools anyone?

Here ya go, dive in. Its only 1000 pages:

http://www.sec.gov/rules/final/2013/bhca-1.pdf

Most of this stuff is over my head, and your's too. Heres a decent breakdown of why its nothing but fluff to make us all feel safer:

http://fortune.com/2013/12/10/volcker-loopholes-here-are-all-the-crazy-trades-big-banks-can-still-make/

[-] -2 points by GirlFriday (17435) 5 months ago

I know where to find it. Thanks. I am not looking for emotional content, I am looking for specifics.

[-] -2 points by GirlFriday (17435) 5 months ago

Again. I know where to find it. Thanks.

[-] 2 points by turbocharger (1718) 5 months ago

You asked for specifics, so there it is. Sorry you thought it was real reform.

http://fortune.com/2013/12/10/volcker-loopholes-here-are-all-the-crazy-trades-big-banks-can-still-make/

[-] 0 points by GirlFriday (17435) 5 months ago

If you are reliant on someone else to formulate your opinions then you leave yourself wide open. How do you know that you aren't being taken for a ride? You don't. It's one thing to link to articles to back up your position or say...........this is how I arrived to my thought process. It's another thing to say, I don't have any idea what it actually says or how it works but this guy over here says so and there it is. It's funny in a way because if it was so out of whack then why spend that much money and time trying to get rid of it? There must be something of value then, yes?

[-] 1 points by turbocharger (1718) 5 months ago

Sometimes I think these power freaks just do this shit to keep themselves busy. Maybe this son is involved in types of deals that this is affecting, maybe he's not big enough to do his own thing so he's making his own little stand, who knows. Its all just more of the parade of the criminals writing legislation for themselves.

I openly admit that the financials in this country are over my head, its insanely complicated on purpose, lawyers love that.

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[-] 1 points by 99nproud (2697) 5 months ago

Re instate Glass Steagall

http://www.valuewalk.com/2014/07/21st-century-glass-steagall-ac/

It's the only way (but only one of many efforts)

[-] 2 points by turbocharger (1718) 5 months ago

I would have say that should be priority #1 for any banking reform.

All of this other stuff is pretty meaningless without it, in a global financial marketplace.

[-] 0 points by 99nproud (2697) 5 months ago

Agree on the priority, not on your description that "All of this other stuff is pretty meaningless"

There are many financial reform changes (some passed but not written/implemented as the post indicates) that must be passed/implemented.

Gotta fight for as many as possible. Find/create momentum & build on every small success.

It's the only way

[-] 1 points by DKAtoday (23968) from Coon Rapids, MN 5 months ago

Making Papa proud?

[-] 0 points by GirlFriday (17435) 5 months ago

More than likely.

[-] 0 points by DKAtoday (23968) from Coon Rapids, MN 5 months ago

Sad - honestly & truly - SAD