June and the Supremes

    No, not the musical group, but our own Supreme Court justices.   June is a month when decisions are pumped out and yesterday there were a number of decisions rendered, a couple worth a comment or two.
    In finance, the Court decided that Argentina has to pay its debts.  Now this case stems from the default on debt that occurred in 2001 when Argentina failed to make payments on its bonds.  Creditors were forced to negotiate a settlement for a reduction in the amount due.  All except a few holdouts who sued; and they won yesterday.  The Court said that Argentina cannot pay other debts without making these bond holders whole.   And now the ball, literally, is in Argentina's court.  They have the money, but it amounts to a significant portion of the cash reserve of the state.  Mrs. Kristina Kirchner, sitting president, will finally have to face up to her own mismanagement of sovereign debt.  Other bond holders must be a little nervous, as are Argentinians themselves who are currently focused on the World Cup Games in neighboring Brazil.
      What now Mrs. President?
Gun Sales
     The Supremes also ruled that the "straw sale" of a gun is illegal.   An individual cannot purchase a gun for another even if the buyer is a legitimate legal buyer.  Justices in the majority ruling 5-4, stated that the intent of Congress was to keep the guns out of the hands of those who cannot legally possess a weapon.
        Makes sense to me, but 4 of 9 justices thought it was Ok if the straw sale went through, reasoning that the actual buyer at the transaction was a legitimate buyer.  Hmmmmm.....