There are good points on both sides of this issue. Although I must confess that in my experience I have found trade review/approval at times to seem arbitrary. Nevertheless I guess some system is necessary to prevent complete abuse.

I propose the following automated system. For each league a panel of 5 owners (that are not in the league) will be identified. Each time two teams agree on a trade these 5 owners will receive an e-mail with a link to a trade approval page. Each of the 5 members of the review panel will have 48 hours (or 36?) to vote "Approve" or "Further Review" on the trade. Those trades that receive 3 "Approve" votes will automatically be approved. Those trades that do not receive 3 "Approve" votes will be sent to Mike for further review. Note that I am requiring 3 "Approve" votes even if two of the committee member do not vote for some reason (on vacation).

This automated system will greatly reduce the number of trades Mike has to look at. Furthermore, if the process is automated then it does not introduce significant delay in trade approval process (except when trades are signed on a Wednesday). Finally, I believe that any trade that three knowledgeable owners would approve is a good enough trade that Mike doesn't need to look at it.

Further note that the committee would not be vetoing trades, they would only be referring them to Mike for further review.