Reform bill could make “incoherent” SEC irrelevant
By Reynolds Holding
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
NEW YORK — At least one U.S. lawmaker seems to want the “incoherent” Securities and Exchange Commission to become irrelevant. The regulator has had its problems. But a Republican bid to reshape it seems designed to hinder, not help. There’s room for improvement, but with its duties growing, the self-funding watchdog needs more staff, more money and a buffer against Congress.
Loss of bankruptcy card would weaken cities’ hands
By Reynolds Holding
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
Taking away the bankruptcy card would weaken the hand of U.S. cities and counties. In high-stakes negotiations with unions and bondholders, the threat to file for protection from creditors in federal court gives local officials leverage. But states are blocking that option, fearing it spooks credit markets. For teetering local governments, that leaves as alternatives costly defaults or even bailouts.
News Corp’s UK static could yet hit U.S. airwaves
By Reynolds Holding
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
NEW YORK — News Corp’s UK static could yet hit U.S. airwaves. Phone-hacking and bribery charges already threaten Rupert Murdoch’s stake in pay-TV firm British Sky Broadcasting. But his ownership of 27 Fox Broadcasting stations in America, home to hit shows like “The Simpsons” and “American Idol,” could also be in jeopardy if the accusations prove true.
Strauss-Kahn case may also vindicate U.S. justice
By Reynolds Holding
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
The latest developments in the sexual assault case against Dominique Strauss-Kahn have not only eased the terms of his detainment but may also vindicate the U.S. justice system. New York cops took heat from far and wide for quickly and publicly detaining the ex-International Monetary Fund boss, helping feed a broad rush to judgment. But it sounds as if prosecutors were the ones to uncover some holes in the case against him. That suggests Strauss-Kahn was treated without fear or favor.
U.S. agencies could use better debt collectors
By Reynolds Holding
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
Uncle Sam could use better debt collectors. Fraudsters, polluters and other corporate and white-collar miscreants owe government agencies more than $65 billion in fines. Only pennies on the dollar are ever paid. With private firms like Contrarian Capital making millions buying claims from creditors, maybe they and the feds should do business.
Default not an option under U.S. Constitution
By Reynolds Holding
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
A federal default is no option under the U.S. Constitution. Rating-agency warnings and budget-talk walkouts aside, America’s founding document probably won’t let the government stiff its creditors. That’s no reason to derail a deal on the debt ceiling. But if push comes to shove, the White House may have the greater legal leverage.
Wal-Mart’s win puts nail in group suits’ coffin
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
By Reynolds Holding
Wal-Mart’s win at the U.S. Supreme Court puts a nail in the coffin of big group lawsuits. The justices rightly blocked some 1.5 million female employees from banding together to sue the nation’s largest retailer. But while the ruling squares with existing law, an April decision broke new ground in an apparent effort to stop such class-action grievances.
Amid global cybercrime, accidental hacks risk jail
By Reynolds Holding
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
Amid a global blitz of cybercrime, accidental hackers risk going to prison. A U.S. anti-hacking law is so broad that it may make any breach of an employer’s computer policy a crime. Recent attacks against Citigroup, Sony, the International Monetary Fund and others understandably feed demand for stiffer penalties. But prosecutors should avoid overkill with fat-fingered users of PCs and Macs.
Supremes show fund bosses how to skirt fraud suits
By Reynolds Holding
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
The U.S. Supreme Court has shown mutual fund bosses an easy way to skirt class-action lawsuits. All it requires is keeping their big pots of invested money legally separate from management. But the ruling involving Janus Capital Group appears to have even broader implications for aggrieved investors. Exchange-traded funds, money-market funds and other listed firms might be able to follow the same blueprint to avoid liability.
Picard aims for triple-word score in Madoff case
By Reynolds Holding
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
Irving Picard is aiming for a triple-word score in the Bernard Madoff case. He’s not playing Scrabble, but the trustee for the Ponzi schemer’s victims is trying for treble damages of $59 billion by suing Madoff’s Italian and Austrian banks for racketeering. Though the novel tack raises issues that a judge on June 6 agreed to resolve, Picard has again shown a creative touch in beating the bushes for cash.
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