Feds

This is the 10th of a series of posts about the year’s major business stories:

SEC

The Republican-led Securities and Exchange Commission adopted in 2007 a number of very important rules.

Chief among the new rules is one that essentially gives corporations carte blanche authority over proxy materials for corporate elections. That rule was supported by conservative business interests and vehemently opposed by liberal special interests. It passed along party lines.

DOJ

Brass-knuckled law and order hawk Michael Mukasey was confirmed in 2007 along party lines to be Attorney General of the United States.

That’s good news for the Justice Department and for honest businesses. It’s bad news for crooked businesses. It’s also bad news for terrorists, assorted other miscreants and the liberal media. Mukasey is the anti-Reno.

DOJ successfully completed its prosecution of sleazebag plaintiffs’ class action attorney Bill Lerach. Lerach has cost the economy untold numbers of jobs over three decades by filing shakedown lawsuits against corporate America. Now he’ll do a year in jail, he’ll pay a big fine along with suffering a major forfeiture. Next year his former partner in crime, Mel Weiss, also will be heading up the river. With any luck more plaintiffs’ lawyers will follow.

Meanwhile former AG Alberto Gonzales, having resigned from DOJ under media/Democrat pressure, is receiving $40,000 a pop to get booed and heckled on his national speaking tour by spoiled-brat liberal college students. All of us should be so lucky, eh?

FCC

It was a mixed year for the Republican-led FCC.

On the one hand, the Commission handed down several pro-business decisions regarding media mergers and acquisitions, e.g., Tribune, Dow Jones + News Corp. On the other hand, FCC Chairman Kevin Martin engaged in a bizarre and baffling crusade against the cable industry. Mr. Martin has turned out arguably to be the worst Bush nominee since the dog daze of Norm Mineta.

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