Rakoff ruling a victory, but it’s not pepper spray

Metaphor fail:

This time it is the Wall Street bankers and not the Occupiers who are getting hit with pepper spray.

The spray comes straight from the laser printer in the chambers of a federal judge, Jed Rakoff, in New York. The victory that Rakoff gave to the Occupy Wall Street movement Monday came from the federal courthouse — not far from Zucotti Park, the lower Manhattan headquarters of OWS.

I agree with Jonathan Macey that Judge Rakoff’s rejection of the piddling SEC settlement with Citigroup was a big victory. But it wasn’t a physical assault on Citigroup. It didn’t violate their rights nor did it violate due process. It was done entirely within the confines of the law.

Macey goes on to write:

It is a significant victory for the ideals of the Occupy Wall Street Movement. And it just might be the first step on to restoring accountability to both Wall Street and the SEC.

I think this could be the case, though while Rakoff and the Occupy movement have expressed shared values, I would not attribute Rakoff’s anger at being treated like a dunce by the SEC and Citigroup to be caused by Occupy. No, Rakoff is an actual sheriff on the beat, who still cares about the rule of law and making sure that government regulators aren’t working for the company’s they are tasked to regulate.

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