Eugene Scalia, Justice Antonin Scalia's Son, Hired By Wall Street To Fight Dodd-Frank Rule
It's got all the ingredients of a high-stakes courtroom thriller: billions of dollars on the line, intense Wall Street deal-making, and highly profitable oil speculation. But the big banks aren't taking any chances in this drama. They've hired the son of Supreme Court justice Antonin Scalia to help them fight regulations which might crimp their profits.
In one of the highest-profile challenges to the sweeping Dodd-Frank financial industry overhaul, two financial industry groups sued the Commodity Futures Trading Commission in federal court to toss a rule that limits speculation by banks.
On Monday, a federal judge turned down Eugene Scalia's request to immediately stop the CFTC's enforcement of the rule, which would scale back excessive speculation in the trading of oil contracts. But U.S. District Court Judge Robert Wilkins seemed inclined to side with Wall Street and Scalia, going so far as to express his doubts about the CFTC's need for such a rule. "I'm kind of skeptical about their position of Congress mandating position limits," Wilkins said.
Scalia argued that the agency never determined whether the rule was "necessary and appropriate," claiming that it would end up costing big Wall Street firms, such as Barclays and JPMorgan. CFTC deputy general counsel Jonathan Marcus countered by stating that the banks' costs will be "miniscule."
Read more: http://www.huffingtonpost.com/2012/02/28/wall-street-lobbying-eugene-scalia_n_1307511.html
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Silly me I thought justice was blind... My stupid.
