[Hague-jur-commercial-law] Who's regulating the regulators?

[Michael Sondow]

For the latest in a never-ending series of scandals regarding
self-regulation, see the below-linked article on the SEC's investigation
of exhorbitant executive pay, conflict of interest, and failure to
regulate effectively at the New York Stock Exchange.

This comes at a time when the NYSE is being accused of overlooking - if
not outright complicity in - the illegal dealings of banks and mutual
funds, under investigation by the New York Attorney General, Elliot
Spitzer.

Self-regulation, which is neither more nor less than an abdication by
government of its most intrinsec function: the oversight of commerce, is
intimately associated with arbitration, the method by which
self-regulation avoids the law by escaping the courts. Note that most
non-negotiated contracts that affect consumers, and which form the
subject of the primary unfairness that will be perpetrated by the Hague
Convention, contain a clause requiring consumers to submit to
arbitration rather than taking their grievance to a court.

Self-regulation - arbitration - non-negotiated contracts. That is the
scheme, or should we say scam, by which corporate America intends to
deprive individual citizens of their right to redress.

http://www.nypost.com/business/4781.htm