January 1

Supreme Court strikes down key Sarbanes-Oxley provision

first_imgThe Supreme Court today issued a ruling in Free Enterprise Fund v. Public Company Accounting Oversight Board. In a 5 to 4 decision, the Court found unconstitutional a key provision of the Sarbanes-Oxley Act, the anti-fraud law Congress enacted in the aftermath of the Enron and WorldCom accounting scandals. Overturning decisions by the DC District Court and the DC Circuit Court, the Supreme Court held that the Public Company Accounting Oversight Board violated the Appointments Clause of the Constitution because its members are not under the direct control of the President.  Senator Leahy (D-VT) was a co-sponsor of the Sarbanes-Oxley Act of 2002 and a principle author of the whistleblower protections established by the Act.‘I am very disappointed by today’s decision in which a bare majority of the Supreme Court found a key provision of the Sarbanes-Oxley Act unconstitutional.  This important anti-fraud legislation has been a critical tool for protecting American taxpayers from fraud and corruption. In overturning the lower courts’ decision, the Supreme Court has once again turned its back on its own precedents and disregarded the longstanding judgments of Congress and our efforts to protect Americans from abuses by powerful corporate interests. ‘A key reform enacted by the Sarbanes-Oxley Act was the establishment of the independent Public Company Accounting Oversight Board to regulate accounting firms whose use of convoluted, often fraudulent, accounting schemes misled investors and rocked the financial world.  Their deception and greed cost Americans hundreds of billions of dollars.  Corporate conservatives attacked this Board as unconstitutional because its members are not under the direct control of the President.  A slim majority of the Supreme Court agreed with these corporate interests that the law violates the Constitution’s Appointments Clause, and their decision today guts many of the critical accountability provisions of the Sarbanes-Oxley Act intended to protect the public.  ‘Unfortunately, this case is bigger than just the Sarbanes-Oxley Act.  As Justice Breyer noted in a vigorous dissent today, this decision may call into question the constitutionality of various mechanisms fashioned by Congress to combat inefficiency and fraud in both the public and business sectors and ‘threatens to disrupt severely the fair and efficient administration of the laws.’  Congress has established dozens of agencies which serve as indispensible corporate watchdogs and whose oversight provides a check on the power of Wall Street. I am very concerned that the Court’s decision today will call into question the ability of these agencies to adequately protect the public.  ‘By continuing to issue decisions that benefit corporate risk-takers at the expense of hardworking Americans, the Court has once again undermined the government’s effort to reign in corruption on Wall Street. Congress must take swift action to respond to this disappointing decision, and I look forward to working with Senators from both sides of the aisle to pass legislation that will reinstate the Public Company Accounting Oversight Board and the important protections it provides our citizens.’Source: Leahy’s office. 6.28.2010# # # # # #last_img read more

September 16

Syracuse gets ‘whooped’ by No. 2 Virginia, 79-53, in last home game of season

first_img Comments Published on March 4, 2019 at 8:56 pm Contact Charlie: [email protected] | @charliedisturco It was strangely a similar situation for Syracuse. For the third time in just over a week, the halftime buzzer sounded, and the Orange entered the break with a lead over a Top-5 opponent.In the previous two games, Syracuse’s first-half lead withered away, and the opposition took control. It happened at home against then-No. 1 Duke in front of the largest on-campus crowd in NCAA history. Then again three days later at then-No. 5 North Carolina. On Monday night inside the Carrier Dome, No. 2 Virginia (27-2, 15-2 Atlantic Coast) quickly regained its footing in the second half and dismantled Syracuse (19-11, 10-7), which scored just 19 second-half points in a 79-53 loss. The Cavaliers shot 72 percent from beyond the arc, showing no signs of weakness against the 2-3 zone that had been a strong suit in recent weeks. “We got whooped, simple as that,” senior point guard Frank Howard said. “They hit some tough shots, got going. It was pretty simple, they dominated.”Virginia entered the matchup with a significant advantage. The 2-3 zone allows opponents to take 3s, and the Cavaliers entered as the fourth-best 3-point shooting team in the country. To make matters worse for Syracuse, Virginia rarely turned the ball over, and its defense was even stronger: first in 3-point defense and second in adjusted defensive efficiency.AdvertisementThis is placeholder textOn the first possession of the game, however, Syracuse forced a turnover from the Cavaliers. A few plays later, junior guard Ty Jerome lost the ball driving toward the hoop. Virginia uncharacteristically turned the ball over eight times in the first half and struggled to work the ball down inside the paint.Instead, Virginia was forced to settle for outside shots. As seen throughout the season, Syracuse’s 2-3 zone and the length the Orange boast, makes or breaks a team. Louisville was blown out because it couldn’t make a shot, while Virginia Tech and Florida State dominated the Orange because its shooters became comfortable and didn’t miss.That’s exactly what happened on Monday. The Cavaliers’ three-headed monster of Jerome, Kyle Guy and De’Andre Hunter worked together to create open looks beyond the arc. It was their specialty: All three shoot the ball above 40 percent from 3 and Hunter, who finished with 21 points and five 3s, said they knew they’d get constant open looks entering the game. “We went into the game wanting to make them drive, get them off the 3-point line, and we didn’t do that,” SU head coach Jim Boeheim said. “… The second half, our defense broke down, and we allowed them to shoot. And they’re going to make shots.”Alexandra Moreo | Senior Staff PhotographerThe end result was the trio combining for 30 of UVA’s 32 points in the opening half. The Orange held a two-point lead in large part because of the pressure once Hunter received the ball in the high post. He had three turnovers and Jerome added a pair, too. To adjust for their first-half mishaps, Virginia moved Jerome to the high post and Hunter on the perimeter. Because of Jerome’s move toward the free throw line, in the middle of the 2-3 zone, senior center Paschal Chukwu was forced to rotate toward the 6-foot-5 guard. It “always left a man open,” junior guard Tyus Battle said, whether it was down low or for 3. Oftentimes, it was beyond the arc where UVA would make the Orange pay. “We’ve never seen something like that this whole year,” freshman Buddy Boeheim said. “When you have three guys out there who can all shoot no matter where you are, it’s hard to guard them … They had a good game plan, and we can’t really adjust.”The Cavaliers would still flash plays with Hunter, who stretched out the floor with his shot — he leads the team shooting 54.7 percent from the field and 46 percent from 3 — which in turn opened up shots for Guy or Jerome. Jerome added a pair of 3s in the second half, finishing 5-of-6 from 3 in the win, but his biggest contribution came on the passing end. It was a difference between him and Hunter being at the free throw line, Howard said. The junior racked up 11 assists in the final 20 minutes, and 14 total. The end result was a 62-point, 20-assist showing from UVA’s top-three options. “He was just feeding me and kept trying to find little gaps in the zone,” Guy said. “(Hunter) did a phenomenal job stretching out the zone and when he got in the middle. They just didn’t have an answer for him, and that just got me open.”With just over five minutes left, Guy drilled a left wing 3 before jogging back down the court to boos. But they weren’t directed toward the junior guard that finished with an 80-percent clip from beyond the arc, rather it was toward the Orange defense that had collapsed in the second half. The fans clad in orange that were once screaming because Syracuse had once been in control got up from their seats and filed for the exits. Guy’s 3 was Virginia’s 17th, the most Syracuse had ever given up in program history. They’d add another one later to finish with 18 on the game. Guy’s 3 wasn’t the dagger, but an exclamation point on the night the Cavaliers were having. A night where they could not miss.“They shot the ball as good as I’ve ever seen it shot,” Boeheim said. “Put it that way.”center_img Facebook Twitter Google+last_img read more