[david austin]

The funds, it added, cannot show that four Justices will vote to hear their challenge on the TARP issue, which involves an issue of how to interpret the federal economic recovery law — an issue that neither the bankruptcy court nor the Second Circuit ruled upon because of the funds’ lack of standing If that is so, Kagan wrote, “no federal court has jurisdiction to decide the merits of the challenge.” Moreover, she said, the law is only eight months old, and has not been interpreted by any federal court, so that, too, would indicate it is not ready for the Supreme Court’s attention.

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