Leave it to lawyers to be worried about judicial oversight.
Young lawyers serving as judicial clerks dominated the audience waiting for oral argument in a Sarbanes-Oxley case this morning in the 4th U.S. Circuit Court of Appeals in Richmond.
Overheard from one of the courtroom benches:
“I’m trying to find someone who will nationalize my debt.”
“What about Paulson?”
“Have you seen that three-page statute?” asks the first, referring to the draft act for a Wall-Street bailout that looks like a blank check with a $700 billion down payment.
There’s no judicial review, one lawyer said, noting the provision that says action by the Secretary of the Treasury under the statute “may not be reviewed by any court of law.”
“It’s like a financial Patriot Act.”
By Deborah Elkins