Monday, November 27, 2006

The Ultimate Showdown: Spitzer vrs. Bush Spitzer Battles Wachovia's Dream Team in State-Power Court Case

"Nov. 27 (Bloomberg) -- A lineup of legal heavyweights unusual even by Supreme Court standards is doing battle in a case pitting Wachovia Corp. against Michigan banking regulators.
Wachovia's side includes Walter Dellinger, Seth Waxman and Theodore Olson, all of whom served as solicitor general of the United States -- the government's top courtroom lawyer. Backing Michigan in its arguments to the court Nov. 29 are the other 49 states, led by New York Attorney General Eliot Spitzer, the state's governor-elect."

"At stake is what Dellinger, 65, calls ``the single most important legal doctrine'' for many U.S. industries: how free states are to impose stricter regulations than those set by the federal government. If Michigan and Spitzer prevail, says Dellinger, who served under President Bill Clinton, ``we're in danger of switching roles, where Europe has the great common market and we have the Balkanized economy.''
The dispute also has implications beyond the banking industry, testing federal regulators' power to block more aggressive state oversight. A broad court ruling might affect the regulation of prescription drugs, autos and other consumer products -- all fields governed by federal agencies that have sought to curtail suits by individuals under state laws.
``It has potentially broad ramifications for the ability of state attorneys general to enforce consumer-protection laws,'' says Stephen D. Houck, executive director of the Center for State Enforcement of Antitrust and Consumer Protection Laws in New York.

Backed by Bush
Also lining up behind Wachovia is the Bush administration, which is urging the high court to give federal agencies wide latitude to override their state counterparts"

Why am I not surprised??? yeah..lets give our corporate friends free reign over consumer issues...the heck with the little guy.....thank God the Sheriff is still defending us...Eliot needs to be President someday...Our Country really needs him click here for the rest of this article..andy

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