Cite as: 508 U. S. 286 (1993)
Thomas, J., dissenting
Moreover, contribution is inconsistent with our established views of the 10b-5 action. In Blue Chip Stamps, supra, we held that only actual purchasers and sellers of securities are entitled to press private 10b-5 suits. We based this conclusion largely on the language of § 10(b) and Rule 10b-5, which by their terms govern only "the purchase or sale of any security." See 421 U. S., at 731-732; id., at 756-757 (Powell, J., concurring). The merits of a contribution action in this case would turn on whether "the attorneys and accountants involved in [a] public offering" bore "joint responsibility for . . . securities violations." Ante, at 288-289. Even if a court were to acknowledge respondents' status as the subrogees of securities sellers, the contribution action would be at least one level removed from the underlying exchange of securities. Blue Chip Stamps' requirement of actual purchase or sale would virtually evaporate in a contribution dispute embroiling only separate groups of professionals who had merely advised or facilitated a tainted securities transaction. The rule adopted today thus undermines not only the discernible intent of Congress and the SEC, but also our own elaboration of this regulatory scheme. Such are the risks that inhere in the "hazardous enterprise" of recognizing a private right of action despite congressional silence. Touche Ross, 442 U. S., at 571.
III
Once again we have been invited to join a "vigorous debate over the advantages and disadvantages of contribution and various contribution schemes." Texas Industries, 451 U. S., at 638. Consistent with our prior practice, I would adhere to the task of resolving the "dispositive threshold question: whether courts have the power to create . . . a cause of action absent legislation." Ibid. Whether the answer to that question is "most unfair" to those who litigate private 10b-5 actions, ante, at 292, is irrelevant. Courts should not treat legislative and administrative silence as a tacit license to accomplish what Congress and the SEC are unable or unwill-
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