Former Senator Arlen Specter, who is now a lawyer in private practice, recently argued a hearing before Judge Sullivan in an attempt to prevent NASDAQ from delisting his client. A state court had issued a TRO against the delisting, and, in a transcript made public today, Judge Sullivan was skeptical that Congress intended the state courts to have that power. Sen. Specter took the opportunity to observe that Congress sometimes made mistakes, as with judicial pay:

THE COURT: Look, I don’t think we really want everybody doing end runs around the SEC and running in to state court for stays and for TROs when the scheme that Congress enacted allows for a stay and allows for federal review of the administrative decision at the Court of Appeals level. You could cut straight to the Court of Appeals. It strikes me as what Congress decided to do. They could have decided to do something different, but they didn’t.
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