Wall Street’s investment banks just got another one step closer to making defrauding investors an accepted line of business. And Enron’s employees who lost their pensions and the small investors who got fleeced in the Enron frauds just got shafted again – this time at the urging of President George W. Bush.
Wall Street’s most powerful investment banks and their friends in high places lobbied the U.S. Solicitor General Paul Clement to reject the recommendation of the Securities and Exchange Commission that the Justice Department support defrauded investors in their appeal to the Supreme Court.
The case before the Supreme Court is called Stoneridge v. Scientific-Atlanta, but the Court decision will directly impact the millions of victims of Enron’s collapse — and say much about the honesty of U.S. markets.