The 5th Circuit has never been in the top 10 circuits in terms of not being insane, but now it has gone even more off the rails. Andrew takes us through the deep dive on a terrible decision that will decimate the SEC's ability to do anything, and why the logic will be applied elsewhere. Before that, a quick update on how much Elon Musk sucks and has completely blown it with the Twitter deal. And a quick word on primaries. Links: Twitter says it will 'enforce' Elon Musk's $44 billion acquisition deal, 28Patriot” v. SEC, 15 US Code § 78u–2 - Civil remedies in administrative proceedings, Jellum & Tincher, “The Shadow of Free Enterprise”, Are the SEC's Administrative Law Judges Biased? An Empirical Investigation, Oil States Energy Services, LLC v. Greene’s Energy Group, LLC, 138 S.Ct. 1365 (2018), Summary of Administrative Law Judge Responsibilities