Posts Tagged ‘Supreme Court

07
Aug
10

A New Supreme Court Justice

NEWS
A New Supreme Court Justice
Honoring Elena Kagan

Saturday, August 07, 2010

“This is a good day,” said the President this afternoon. And it was, especially for Elena Kagan, who was being congratulated on her on confirmation as the next Supreme Court Justice. He thanked the other Justices in attendance for coming, and thanked the Senate – in particular Judiciary Chairman Leahy – for their work in the process.

The President noted the bipartisanship in the final vote and recounted the broad support her nomination received across the ideological spectrum:

These folks may not agree on much, but they’ve all been impressed, as I have, by Elena’s formidable intellect and path-breaking career – as an acclaimed scholar and presidential advisor, as the first woman to serve as Dean of the Harvard Law School, and most recently as Solicitor General. They admire how, while she could easily have settled into a comfortable practice in corporate law, she chose instead to devote her life to public service. They appreciate her even-handedness and open-mindedness, and her excellent – and often irreverent – sense of humor.

These are traits that she happens to share with the last Solicitor General who went on to become a Supreme Court Justice – one for whom Elena clerked, and whom she considers one of her heroes – Justice Thurgood Marshall. And we are very proud to have Justice Marshall’s widow here today joining us. (Applause.)

In a tribute she wrote after Justice Marshall’s death, Elena recalled how she and her fellow clerks took turns standing guard when his casket lay in state at the Supreme Court – and how 20,000 people stood in a line that stretched around the block to pay their respects. They were people from every background and every walk of life: black, white, rich and poor, young and old. Many brought their children, hoping to impress upon them the lessons of Justice Marshall’s extraordinary life. Some left notes, some left flowers. One mourner left a worn slip opinion of Brown v. Board of Education.

It is, to this day, a moving reminder that the work of our highest Court shapes not just the character of our democracy, but the most fundamental aspects of our daily lives – how we work, how we worship, whether we can speak freely and live fully, whether those words put to paper more than two centuries ago will truly mean something for each of us in our time.

For her part, Kagan echoed the gratitude for those who worked so hard in the process, and gave a special note of thanks to her family:

Finally, I want to thank my family and friends. I have a lot of family here today – my brothers and sister-in-law, a nephew, a niece, aunts, uncles, cousins – and I have a great many friends here as well. You came from all over the country as soon as you heard the Senate had approved my nomination. And I’m moved and deeply grateful for your support.

And all around me in this room, I feel the presence of my parents. I wouldn’t be standing here today if not for their love and sacrifice and devotion. And although my parents didn’t live to see this day, what I can almost hear them saying – and I think I can hear Justice Marshall saying this to me right now as well – is that this appointment is not just an honor. Much more importantly, it is an obligation – an obligation to protect and preserve the rule of law in this country; an obligation to uphold the rights and liberties afforded by our remarkable Constitution; and an obligation to provide what the inscription on the Supreme Court building promises: equal justice under law.

Tomorrow, I will take two oaths to uphold this solemn obligation: one, to support and defend the Constitution; and the other, to administer justice without respect to persons, to the rich and poor alike.

Today, Mr. President, I will simply say to you and to everyone here and across the nation that I will work my hardest and try my best to fulfill these commitments and to serve this country I love as well as I am able.

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06
Aug
10

Senate confirms Kagan as 112th justice

NEWS
Senate confirms Kagan as 112th justice
Senate confirms Elena Kagan as 112th justice of the Supreme Court

Friday, August 6, 2010

The U.S. Senate confirmed Elena Kagan Thursday as the Supreme Court’s 112th justice and the fourth woman in its history, granting a lifetime term to a lawyer and academic with a reputation for brilliance, a dry sense of humour and a liberal bent.

The vote was 63-37 for President Barack Obama’s nominee to succeed retired Justice John Paul Stevens.

Five Republicans joined all but one Democrat and the Senate’s two independents to support Kagan. In a rarely practiced ritual reserved for the most historic votes, senators sat at their desks and stood to cast their votes with “ayes” and “nays.”

Kagan watched on television in the conference room at the solicitor general’s office, with her Justice Department colleagues looking on. She is to be sworn in Saturday afternoon at the court by Chief Justice John Roberts.

Obama, travelling in Chicago, said Kagan will make an outstanding justice who understands that her rulings affect people and called the addition of another woman to the court a sign of progress for the country. He invited Kagan to the White House for a ceremony Friday marking her confirmation.

The vote, Obama said, was “an affirmation of her character and her temperament; her open-mindedness and evenhandedness; her determination to hear all sides of every story and consider all possible arguments.”

Kagan is not expected to alter the ideological balance of the court, where Stevens was considered a leader of the liberal wing. But the two parties clashed over her nomination and the court itself. Republicans argued that Kagan was a politically motivated activist who would be unable to put aside her opinions and rule impartially. Democrats defended her as a highly qualified trailblazer for women who could bring a note of moderation and real-world experience to a polarized court they said was dominated by just the kind of activists the GOP denounced.

Kagan is the first Supreme Court nominee in nearly 40 years with no experience as a judge, and her swearing-in will mark the first time in history that three women will serve on the nine-member court together.

Her lack of judicial experience was the stated reason for one fence-sitting Republican, Sen. Scott Brown, to announce his opposition to Kagan’s confirmation Thursday, just hours before the vote.

Though calling her “brilliant,” Brown, who had been seen as a potential supporter from the minority party, said she was missing the necessary background to serve as a justice.

“The best umpires, to use the popular analogy, must not only call balls and strikes, but also have spent enough time on the playing field to know the strike zone,” Brown said.

Democrats said they hoped Kagan would act as a counterweight to the conservative majority that has dominated the Supreme Court in recent years.

“I believe she understands that judges and justices must realize how the law affects Americans each and every day. That understanding is fundamental,” said Democratic Sen. Patrick Leahy, the Judiciary Committee’s chairman. With her confirmation, he said, “the Supreme Court will better reflect the diversity that made our country great.”

Most Republicans portrayed Kagan as a partisan who will use her post from the bench to push the Democratic agenda.

Kagan “is truly a person of the political left – now they call themselves progressives – one who has a history of working to advance the values of the left wing of the Democratic Party, and whose philosophy of judging allows a judge to utilize the power of their office to advance their vision for what America should be,” said Sen. Jeff Sessions of Alabama, the top Republican on the Judiciary Committee.

Just one Democrat – centrist Sen. Ben Nelson – crossed party lines to oppose Kagan.

A handful of mostly moderate Republicans broke with their party to back her: Maine Sens. Susan Collins and Olympia Snowe, South Carolina’s Sen. Lindsey Graham, retiring Sen. Judd Gregg of New Hampshire, and Indiana Sen. Richard Lugar.

They argued that partisanship should play no role in debates over the Supreme Court and have called Obama’s nominee qualified.
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05
Aug
10

Proposition 8, California’s ban on gay marriage, overturned by judge

NEWS
Proposition 8, California’s ban on gay marriage, overturned by judge

Thursday, August 05, 2010

••• Actress Portia de Rossi and her TV talk show wife Ellen DeGeneres have joined the celebration in the U.S. after a judge overturned California’s gay marriage ban.

Geelong-born de Rossi and DeGeneres married legally in 2008, shortly before Californians voted for Proposition 8, which ended gay marriage in the state and sparked furious public debate and a legal challenge.

Two gay couples launched the federal lawsuit challenging Proposition 8, claiming it violated their civil rights and, in San Francisco on Wednesday, Chief U.S. District Judge Vaughn Walker ruled the voter-approved ban violated California’s constitution.
‘I am ecstatic that Proposition 8 has been overturned in the state of California. This is an incredibly exciting and historical day and a big step towards equal rights for all,’ de Rossi, the former star of U.S. TV series Ally McBeal and Arrested Development, wrote in a Tweet to fans.

DeGeneres wrote: ‘This just in: Equality won!’

Judge Vaughn’s ruling will not be the end of the debate or court battles, with the matter likely to be fought all the way to America’s highest court, the Supreme Court.

Gay couples would not immediately be allowed to marry in California.
Judge Vaughn temporarily stayed his order until Friday, giving Proposition 8 backers time to file appeals and seek a long-term stay.

Protect Marriage, a coalition of religious and conservative groups that sponsored the ban, confirmed it would appeal the ruling to the 9th U.S. Circuit Court of Appeals, which would likely be a preview to the final Supreme Court showdown.

In his ruling, Judge Vaughn wrote there was no rational basis for excluding gays and lesbians from marriage and Proposition 8 failed to ‘advance any rational basis in singling out gay men and lesbians for denial of a marriage license’.

‘The evidence shows conclusively that moral and religious views form the only basis for a belief that same-sex couples are different from opposite-sex couples,’ Walker wrote.
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20
Jul
10

Goldman Sachs’s Fabrice Tourre Disputes SEC’s Fraud Allegations in Filing

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Goldman Sachs’s Fabrice Tourre Disputes SEC’s Fraud Allegations in Filing

Tuesday, July 20, 2010

Fabrice Tourre, the Goldman Sachs Group Inc. executive and co-defendant in the U.S. Securities and Exchange Commission’s charges that the bank defrauded investors, on Monday asked the court to dismiss the case filed against him by the U.S. Regulators.

Tourre, whose emails about a collateralized debt obligation were at the heart of the Securities and Exchange Commission or SEC’s complaint, denied that he made any materially misleading statements or omissions, or behaved wrongly in connection to complex mortgage-linked securities called collateralized debt obligations or CDO.

In a filing with the U.S. District Court in the Southern District of New York Tourre “specifically denies he made any materially misleading statements or omissions or otherwise engaged in any actionable or wrongful conduct” stemming from the CDO known as Abacus.
Tourre also argued that neither he nor his employer had a “duty to disclose any allegedly omitted information” in the marketing and sale of the CDO.

In April, the Securities and Exchange Commission accused the investment bank that it did not reveal that one of its clients, Paulson & Co, played a significant role in the selection of securities contained in the Abacus mortgage portfolio and which was later sold to investors.

Following the collapse of the housing market, the securities in that mortgage portfolio – Abacus – lost more than $1 billion.
Goldman said it was a “mistake” to state that the loans contained in the CDO had been selected by a third party without mentioning the role of Paulson & Co, a hedge fund that bet against the security.

Last week, in a settlement, Goldman agreed to pay $550 million to settle civil fraud charges brought in by the SEC. This is reportedly the largest ever for a financial institution and is less than the $1 billion fraud that the Commission alleged.

Tourre, who is the only Goldman Sachs executive named as a defendant in the SEC’s fraud lawsuit, has yet to settle with the regulator. Goldman also agreed to co-operate with the SEC in its case against Tourre.

Goldman Sachs declined $0.49 or 0.34 percent and closed Monday’s regular trading at $145.68. After hours, Goldman Sachs declined further $1.68 or 1.15 percent and traded at $144.00
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12
Jun
10

Goldman Sachs Crime watch – SEC Launches 2nd Major Investigation

NEWS
Goldman Sachs Crime watch – SEC Launches 2nd Major Investigation

Saturday, June 12, 2010

US securities regulators are hunting for fresh dirt on Goldman Sachs Group, hoping to bolster their lawsuit against the bank and perhaps force it to settle on terms more to the regulators’ liking.

Two months ago the Securities and Exchange Commission charged Wall Street’s most powerful bank with civil fraud in connection with a subprime mortgage-linked security.

The case hinges on whether Goldman misled investors when it marketed Abacus 2007, a mortgage-linked security that turned toxic during the mortgage crisis.

Now, the SEC is also looking at other collateralized debt obligations that turned toxic, including Hudson Mezzanine Funding, a source familiar with the investigation said on Thursday.

“You put a number of things together and then it becomes harder to defend against all of them,” said Annemarie McAvoy, a Fordham University School of Law professor and a former federal prosecutor

“So you finally cry uncle and say, ‘Fine, I’ll settle.'”

The expanding investigation of Goldman’s CDOs comes as federal prosecutors probe some of the complex mortgage-linked transactions that Wall Street firms cobbled together and which helped spark the worst financial crisis in decades.

Even the Financial Industry Regulatory Authority is getting into the act.

Reuters has learned the securities industry’s self-regulatory agency recently began its own investigation into whether Wall Street banks violated customary sales practices in hawking CDOs to institutional investors.

A document reviewed by Reuters reveals FINRA is looking into potential improprieties in the structuring of the deals and the relationship between the CDO underwriters and mortgage lenders.

Former Goldman customers also are putting pressure on the bank and its chief executive, Lloyd Blankfein.

Reuters previously reported that SEC lawyers had looked at the $1 billion Timberwolf deal before filing the Abacus lawsuit in April.

The SEC’s interest in the $2 billion Hudson CDO was first reported by the Financial Times.

U.S. Senator Carl Levin, during a hearing in April of the Senate’s Permanent Subcommittee on Investigations, raised Abacus, Timberwolf and Hudson while questioning a cast of past and present Goldman employees, including Blankfein.

In a Senate floor speech in May introducing legislation to curb conflicts of interest in Wall Street deals, Levin zeroed in on Hudson Mezzanine 2006-1.

“When Goldman first sold the securities to its clients, more than 70 percent of Hudson Mezzanine had AAA ratings,” he said. “But … within 18 months Hudson was downgraded to junk status, and Goldman cashed in at the expense of its clients.”

The Hudson deal closed in November 2006 and went into liquidation in May 2008.

The myriad investigations, coupled with the Timberwolf litigation, could create a tipping point at which Blankfein and other Goldman executives decide they have no choice but to reach some sort of comprehensive settlement, according to legal experts.

“Will there be more stuff? At this point, it certainly wouldn’t surprise me,” said White.

At the least, the SEC could be looking to bolster its Abacus case, which some saw as weak. SEC commissioners voted to bring the lawsuit in a split decision.

Fordham’s McAvoy said the SEC’s strategy could be to strengthen the initial case by adding new material from other deals.

“A lot of folks don’t think the initial case is as strong as the SEC made it out to be,” McAvoy said.

Goldman shares are down more than 25 percent since the SEC filed its lawsuit on April 16. The shares were off 2.4 percent to $133.49 in Thursday morning trading.
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11
May
10

Elena Kagan Confirmation Fight Heads To Senate

NEWS
Elena Kagan Confirmation Fight Heads To Senate
Elena Kagan’s confirmation will distract the Senate for months

Tuesday, May 11, 2010

Supreme Court nominee Elena Kagan is slated to meet with several top senators Wednesday as she begins to prepare for her confirmation hearings this summer.

Kagan, whose nomination was announced Monday, will meet with Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.), as well as the top two members of the Judiciary Committee Patrick Leahy (D-Vt.) and Jeff Sessions (R-Ala.). The nominee also will meet with Senate Majority Whip Dick Durbin (D-Ill.) on Wednesday afternoon.

Supreme Court nominees typically make the rounds to all the top senators during the runup to their confirmation hearings – Justice Sonia Sotomayor visited nearly every Senate office during her confirmation process last summer.

President Barack Obama’s second high court nominee will likely arrive on Capitol Hill around 10 a.m., when she will meet with Reid, according to a leadership aide. McConnell’s office announced Tuesday that Kagan then will meet with the minority leader at 11. Both the Democratic and Republican leaders will hold photo opportunities with Kagan before she has sit-downs with Leahy and Sessions.

Though questions have been raised about Kagan’s lack of judicial experience – particularly from the Senate GOP – Leahy said Monday immediately following Obama’s announcement that he was confident Kagan would be seated.

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10
May
10

Elena Kagan Is Obama’s Supreme Court Nominee

NEWS
Elena Kagan Is Obama’s Supreme Court Nominee

Monday, May 10, 2010

Elena Kagan
Age: 50 (Born: April 28, 1960; NYC)
Current job: Solicitor General (confirmed by a 61-31 vote in March 2009)
Education: Princeton University, 1981; Harvard Law School, 1986

••• President Barack Obama has picked Solicitor General Elena Kagan as nominee to become next Supreme Court justice, NBC news reported Sunday night.

If confirmed by Senate, the 50-year-old Kagan will replace John Paul Stevens, who announced his retirement last month.

Obama was reported to have interviewed four people to take over 90-year-old Stevens’ seat in the high court. The other three were Diane Wood, Merrick Garland and Sidney Thomas, all federal appeals court judges.

Obama said earlier he would make his selection by end of May. Attorney General Eric Holder, earlier on Sunday, told NBC’s “Meet the Press” that Obama will “have an announcement very soon.”

Kagan is a relatively moderate choice for Obama, as she does not have a track record on hot button issues such as abortion and gay marriage. Her job as Solicitor General is to represent the United States in the Supreme Court, and also to determine the legal position that the United States takes in the court.

Formerly dean of the prestigious Harvard Law School, Kagan taught law at Harvard and University of Chicago Law School, where Obama also taught. She became an Associate White House legal counsel under former president Bill Clinton. She was the favored pick for Obama rumored in the media, and went through a Senate confirmation process last year to become the first female solicitor general, winning 61 votes.

Kagan is likely to be tested on the issue of gays in military. Republicans have voiced concern about her opposition to on-campus military recruiting at Harvard because of U.S. policy barring homosexual service members from revealing their sexuality, also known as “Don’t Ask, Don’t Tell” policy.

If Kagan was confirmed by the Senate, the Supreme Court would have three female justices. The other two are Ruth Ginsburg and Sonia Sotomayor, who was also nominated by Obama.

» Related: Supreme Court: The Contenders

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