Post by unlawflcombatnt on Mar 23, 2006 16:39:11 GMT -6
An article in yesterday's Washington Post demonstrated even further commitment by the U.S. Supreme Court to protect Corporate criminals from prosecution. Tuesday's ruling made it harder for investors to file class action law suits against dishonest companies.
In an 8-0 vote, the Supreme Court decision blocks state class-action lawsuits by stockholders who contend they were tricked into holding onto declining shares.
Apparently the court believes such deception is "good" for the economy and the country as a whole. Lying is perfectly acceptable as long as it increases Corporate profits.
It warms my heart that the Supreme Court doesn't let the wellbeing of the American people interfere with the wellbeing of Corporate America. They're just "protecting" the rest of us from all of those "frivolous" law suits filed by Americans whining about losing their life savings. We're such big crybabies. It's nice to know the Supreme Court recognizes us as such. After all it's "only" a person's life savings that can be lost. Savings, shmavings. What's the big deal, anyway. It's not a real "heinous" crime, like having oral sex with a White House intern.
The Washington Post article can be found at Court Makes It Harder
I think the gist of the article can be best summarized by quoting the brokers' attorney Federman, who said "It sends a signal to investors this court is seeking to continue what Congress started, to protect big business".
This kind of ruling may well backfire on Corporate America. If investors think they're going to be cheated and lied to at every step, without any legal protection, they'll stop investing. (I know I'm never investing in a stock again, unless it's in a gold mine.)
This is the kind of thing that can cause a lot of ordinary citizens to lose their life savings by investing in IRAs and 401Ks. Now they have essentially no recourse when they're lied to, and lose their investment as a result. And this rightfully should discourage a lot of people from investing.
In economics there are many factors that influence investment, security being one of them. In order for "investment" to take place, there needs to be a stable monetary and economic system, as well as some assurance to investors that investment companies aren't going to misuse or steal their money. Without such (assumed ) assurance, the stock market would collapse because no one would risk investing in it.
The ability to obtain honest and accurate investment information is one of the biggest of these assurances. And now that assurance has been greatly reduced, thanks to our Corporatocracy-serving Supreme Court.
In an 8-0 vote, the Supreme Court decision blocks state class-action lawsuits by stockholders who contend they were tricked into holding onto declining shares.
Apparently the court believes such deception is "good" for the economy and the country as a whole. Lying is perfectly acceptable as long as it increases Corporate profits.
It warms my heart that the Supreme Court doesn't let the wellbeing of the American people interfere with the wellbeing of Corporate America. They're just "protecting" the rest of us from all of those "frivolous" law suits filed by Americans whining about losing their life savings. We're such big crybabies. It's nice to know the Supreme Court recognizes us as such. After all it's "only" a person's life savings that can be lost. Savings, shmavings. What's the big deal, anyway. It's not a real "heinous" crime, like having oral sex with a White House intern.
The Washington Post article can be found at Court Makes It Harder
I think the gist of the article can be best summarized by quoting the brokers' attorney Federman, who said "It sends a signal to investors this court is seeking to continue what Congress started, to protect big business".
This kind of ruling may well backfire on Corporate America. If investors think they're going to be cheated and lied to at every step, without any legal protection, they'll stop investing. (I know I'm never investing in a stock again, unless it's in a gold mine.)
This is the kind of thing that can cause a lot of ordinary citizens to lose their life savings by investing in IRAs and 401Ks. Now they have essentially no recourse when they're lied to, and lose their investment as a result. And this rightfully should discourage a lot of people from investing.
In economics there are many factors that influence investment, security being one of them. In order for "investment" to take place, there needs to be a stable monetary and economic system, as well as some assurance to investors that investment companies aren't going to misuse or steal their money. Without such (assumed ) assurance, the stock market would collapse because no one would risk investing in it.
The ability to obtain honest and accurate investment information is one of the biggest of these assurances. And now that assurance has been greatly reduced, thanks to our Corporatocracy-serving Supreme Court.