Department of Justice

One hopes “black edge” wasn’t on the list. Anyway, today’s indictment against SAC, for wire fraud and securities fraud, is something to behold:

“For example, on or about July 29, 2009, a recently hired SAC PM (the ‘New PM’) sent an instant message to [Steve Cohen] and relayed that, due to some ‘recent research,’ the New PM planned to short Nokia when he started work 10 days later. The New PM apologized for being ‘cryptic’ but noted that the head of SAC compliance ‘was giving me Rules 101 yesterday – so I won’t be saying much[.] [T]oo scary.’”

Possibly the weirdest part here is that new hires got compliance lectures two weeks before they showed up at the firm? But maybe not; the DOJ takes a pretty dim view of SAC’s hiring process generally, and if you believe the DOJ that SAC’s main hiring criterion was “is good at insider trading,” then you could imagine the need for a little pre-start-date warning in email etiquette:

Continue reading over at DealBreaker….

Sarah Jones

* Akin Gump partner Patricia Millett is willing to take a whopping pay cut to serve on the D.C. Circuit — from $1MM to $184K — and for that alone she should be confirmed ASAP. [National Law Journal]

* With the number of law firm mergers in the last six months alone, we’re on a “potentially record-setting pace” for 2013. Hey, look at it this way: it’s cheaper than hiring and firing laterals. [Am Law Daily]

* Three years later, the epic litigation between Debevoise & Plimpton and a former client continues to rage on. Now, allegations are being tossed around about a partner’s behavior. [New York Law Journal]

* According to the Bureau of Labor Statistics, in June, the legal industry lost more jobs than it has in a single month since June 2011. Congrats, Class of 2013! welcome to the real world. [Am Law Daily]

* In its defense, Standard & Poor’s claims its ratings were puffery, and that no reasonable investor would rely on them. Aww, poor widdle “sophisticated consumers of [investment information].” [Bloomberg]

* For those of you practicing personal injury law in New York, this case is a bombshell. If you want to put the whole insurance industry on trial, follow the action here. [New York Personal Injury Law Blog]

* Sarah Jones, the ex-cheerleader who sued TheDirty.com for defamation, was back in federal court yesterday for the beginning of her case’s retrial. What a way to start an engagement. [ABC News]

‘So I says to Mabel, I says, ‘How do I avoid the Rule Against Perpetuities?”

* Half-Law office, Half-Barbershop. That makes sense, I’ve seen some haircuts that should be crimes. We hear they even have a $5 haircut special called “The Misdemeanor.” [New Britain Herald]

* The editors of Ramblings on Appeal give their takes on Shelby County. Rarely has truer legal analysis been offered than characterizing Roberts’s decision as, “Oh and I have five people on my side, you only have four, so take that.” [Ramblings on Appeal]

* UVA law professor Chris Sprigman has co-authored an op-ed calling out the NSA. Oh, that guy’s phone is getting tapped. [New York Times]

* The Expert Institute continues to draw from popular culture to coach expert testimony. This time it’s Game of Thrones. It’s a handy set of lessons, but “Never Trust a Frey” deserved mention. [The Expert Institute]

* The Justice Department is bringing on unpaid attorneys because slave labor is awesome and unpaid internships are never elitist and discriminatory. [Pro Publica]

* On that note, Bar President calls for an end to unpaid 3L internships. Video after the jump…

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* With a sharp focus on the Supreme Court and the legal definition of equality, only one thing’s for sure with respect to this week’s anticipated rulings: at least one group of people is probably going to get screwed. [New York Times]

* And lest we forget, thanks to our society’s near slavish obsession with social media and knowledge on demand, we’ll salivate uncontrollably as we wait for those opinions while the justices blissfully ignore new technology. [New York Times]

* The Justice Department charged NSA leaker Edward Snowden with espionage, and now he’s pursuing political asylum in Ecuador with the assistance of legal counsel representing WikiLeaks. [NBC News]

* Biglaw firms are trying to strengthen their pricing power in a post-recession world, with average rate increases of 4.8% in 2012, and hourly rates soaring in New York City. [Wall Street Journal (sub. req.)]

* There were some bright spots in the otherwise dismal NALP job numbers for the class of 2012. Biglaw hiring is up, and so are median starting salaries. Sallie Mae is pleased as punch. [National Law Journal]

* If you’re considering law school, ask yourself these questions before applying. You should also ask yourself if you’re cool with unemployment. [Law Admissions Lowdown / U.S. News & World Report]

* Richard Trenk, author of the “ham-fisted” cease-and-desist letter that’s been read around the world, has been honored as the New Jersey Star-Ledger’s “Knucklehead of the Week.” Congrats! [Star-Ledger]

* There’s no solace for people who have had to pay to have their mug shot “depublished” from the internet. Sorry, the First Amendment allows people to turn a profit off your misery. [Washington Post]

* This lawsuit over unpaid internships filed against Gawker will sting any gossip girl’s heart to the core. But really, isn’t the privilege of working for Gawker enough? This fangirl thinks so. [New York Post]

The NYPD really loves its stop and frisk policy. The prospect of randomly stopping exclusively minorities a random selection of New Yorkers really excites the department. And why not? The practice has done wonders to prevent crime in the city. Well, if you define “crime” as pot possession. Because the policy hasn’t accomplished much of anything else.

Now the constitutionality of the policy is in jeopardy, awaiting a decision from Judge Shira “Don’t Call Me Judy” Scheindlin, the judge the City decided to embarrass by commissioning a report accusing her of bias because the City is incredibly stupid.

When and if (OK, “when”) Judge Scheindlin strikes down the current iteration of the policy, Eric Holder has a suggestion for how to remedy the violation. And Mayor Mike Bloomberg is none too pleased…

double red triangle arrows Continue reading “Eric Holder Wants to Stop and Frisk the NYPD”

I don’t really feel the need to slap a “hero” or “villain” label onto Edward Snowden, the former Booz Allen Hamilton contractor who blew the lid off of the secret government email spying program now known as Prism. I mean, if I have to choose, I go “hero” because I basically don’t trust any program the government won’t even explain to its own people. And I certainly don’t trust anything that’s every come out of a FISA court, because how can I?

But I don’t know that this was the right or only way to bring this important information to light. I believe, I kind of need to believe, that the public’s ability to know and stop potentially massive government overreach rests on more than the good conscious of high school dropouts living in Hawaii. Perhaps so-called “small government” types will join together with progressives in saying that non-public courts issuing secret warrants is probably a bad thing.

With that in mind, I would love to see Snowden evade prosecution. It’s not his fault that he wasn’t able to forge alliance between Ron Paul supporters like himself and progressives who wish that politicians were as afraid of Fourth Amendment as the Second.

But how can he stay free? The Justice Department is loading up charges and Hong Kong just wants what’s good for business. Snowden is already on the move, where should he go? Come on people who went to law school for “international law” get your head out of complex cross border transactions and help this brother out…

double red triangle arrows Continue reading “Where Can Edward Snowden Go To Stay Above the Law?”

Apple’s had a rough go of it since the untimely death of Founder, CEO, and Inventor of the Tactical Turtleneck Steve Jobs. Not even Siri (especially not Siri) could answer where the awesome had gone.

The Onion captured the general sense of malaise emanating from Cupertino both here and here.

Tech observers might point to today’s unveiling of a new operating system that looks decidedly unterrible as the turning point for the company.

But the real turning point was probably when Apple got its own Clarence Darrow…

double red triangle arrows Continue reading “Hiring Biglaw Partner Is the First Thing Apple’s Done Right Since the iPad”

Not impressed.

* A case of Supreme Court techciting gone wild: What happens when your book is cited in a SCOTUS opinion, but to express an opinion you’ve never endorsed before? A whole lot of irony. [New York Times]

* The Justice Department is dropping its appeal over a federal order that would allow promiscuous prosti-tots minors to access the morning-after pill. Hooray, over-the-counter emergency contraception for all! [CNN]

* The National Law Journal just released the most recent edition of the NLJ 350. As we saw in the Am Law 100 and 200, “economic wariness” was pervasive throughout Biglaw in 2012. [National Law Journal]

* More women are “bringing home the bacon,” but it’s the cheap store brand because they can’t afford better. It’s been 50 years since the Equal Pay Act was signed into law, and women are still earning less money than men. [ABC News]

* When it came time for the ABA to change the time frame for law schools to submit jobs data, it pushed the decision back till August. Adopting the wait-and-see method already, huh? [ABA Journal]

* Jury selection has begun in the Trayvon Martin murder trial, where the verdict will hinge upon George Zimmerman’s credibility. It’s like we’re learning about trials for the first time, you guys. [Bloomberg]

Attorney General Eric Holder

The tipping point might be fatigue. You get to a point where you just get tired.

– Attorney General Eric Holder, responding to a question about his possible departure from the Justice Department that was posed yesterday by Senator Richard Shelby of the Senate Appropriations Committee.

Erika Harold

* AG Eric Holder sat down and had a little chat about what’s been going on at the Justice Department. He’s not impressed with his agency’s work, but he claims he’s not stepping down just yet. [NBC News]

* “Can you hear me now?” Oh, Verizon, what an apropos slogan you’ve got considering the latest government scandal. The NSA has been spying on you through your phone records since late April. [Guardian]

* Lawyers for Matthew Martoma still want more time to comb through millions upon millions of documents in their client’s insider trading case, but it seems rather pointless after a judge’s kiss of death. [Reuters]

* Looks like she got her wish: thanks to Judge Michael Baylson, a little girl with terminal cystic fibrosis may have a better chance at getting a longer lease on life in this donor lung transplant case. [CNN]

* Being a politician didn’t really work out so well for him, so John Edwards is going to try his hand at being a lawyer again. Just think of all of the lovely ladies he’ll be able to pick up as clients. [USA Today]

* Speaking of former public servants who are getting back into the law, Ken Salazar will be opening the Denver office of WilmerHale — and when it comes to pay, he’s got a “very good package.” [Denver Post]

* And not to be forgotten, famous flip-flopper Joe Lieberman will be taking his services to Kasowitz Benson. We certainly hope the firm will appreciate his superior legal mind. [WSJ Law Blog (sub. req.)]

* The ABA is considering law school job data collection 10 months after graduation, instead of nine, because bar exam results come out so late. Like that extra month will help… [National Law Journal]

* Erika Harold, a Harvard Law grad and ex-Sidley associate known for her reign as Miss America, is running for Congress in Illinois. What will she she do for the talent portion of the competition? [Politico]

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