It isn't easy to lose 9-0 on the current ideologically divided Supreme Court. So ironic congratulations are in order for the Securities and Exchange Commission, which managed the feat in a unanimous ruling on Wednesday.There's more:
As if financial regulators don't enjoy enough authority, the government argued in Gabelli v. SEC that the SEC has the power to rewrite the statute of limitations to assist its civil prosecutions. Congress long ago said the government has five years after alleged wrongdoing occurs to file a case seeking monetary penalties. But in 2008 the SEC sued investors Marc J. Gabelli and Bruce Alpert for practices that had ended by 2002. (The defendants have denied wrongdoing on the underlying charges.)An editorial well worth your time.