Sunday, April 30, 2006
Ken Starr has a New Bag of Tricks
Just when you thought you would never have to hear his name again, Ken Starr goes and files a legal motion.
NewsMax.com reports that Starr is challenging the constitutiality of the Sarbanes-Oxley Act of 2002, an anti-fraud bill that was signed into law by President Bush after the Enron and corporate scandals. Consumer groups strongly supported the bill.
The law raised the annual budget for the Security and Exchange Commission, and created a 5-member government board to oversee accountants, stock sales, and so on; and the law also gave the board the authority to investigate any suspected wrongdoing.
I guess, it's the investigating part that has the good barrister all up in arms!
Starr, along with a few of his buddies and funding by the "pro-business conservative group, the Free Enterprise Fund," hope to take their lawsuit all the way to the Supreme Court.
Hmmm, whatever happened to the sacred rule of law?!? And leaving law making to lawmakers, not activitist judges? Is Ken Starr and his GOP cronies now hoping some run-away judge overturns the will of the people as expressed by the rule of law?!?
They are arguing that the makeup of the accounting oversight board violates the separation of powers doctrine because its members aren't appointed by the resident and cannot be removed by him, and Congress cannot control its budget. The chairman of the oversight board and the other four directors are appointed by the SEC, which is an independent federal agency; the accounting board is funded by fees on publicly traded companies according to their size.
The Sarbanes-Oxley law - which, among other things, mandated greater financial disclosures and increased the criminal penalties for securities fraud - could be invalidated if any of its sections, such as that related to the accounting board, is found unconstitutional. Opponents want it sent back to Congress for a revision.
Waah, waah, waah. What a bunch of phony, whiny cry babies.
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