In his famous White House Correspondents Dinner speech in 2006, Stephen Colbert offered this advice to journalists: “Here's how it works: the president makes decisions … The press secretary announces those decisions, and you people of the press type those decisions down. Make, announce, type. Just put 'em through a spell check and go home.”
The Second Circuit Court of Appeals gave similar advice to Judge Jed Rakoff today.
In effect, they said the Securities and Exchange Commission (SEC) makes decisions, then announces them, and you judges should just approve them. Make, announce, approve. Just put 'em through a spell check and go home.
In other words, even though judges have to rule on some SEC settlement agreements, that ruling should be less of an opinion and more of a rubber stamp.