Goldman Sachs

Ladies, Ryan Gosling feels your pain.

* Apparently, it is illegal to father a second illegitimate child in Mississippi. I guess the first one is a freebie or a Mulligan, or whatever. If for some reason I ever have a personal need to know this tidbit, please shoot me in the face immediately. [Legal Juice]

* A class-action lawsuit will be filed tomorrow against the producers of The Bachelor, alleging race discrimination. I’m more concerned about the show’s overall crimes against good taste. (Zing!) [Legal Blog Watch]

* Just like a certain Biglaw firm, Goldman Sachs is dealing with a large number of partner defections. Goldman has a pretty good PR spin though: jumping ship is actually a sign of loyalty to the company. Right, just like the crew of the Titanic. [Dealbreaker]

* Today is #EqualPayDay. If you’re like me and didn’t know what that means, all you need to know is that the fairer sex is still not paid as much as big dumb oafs like myself. If you want to do something to fix this, Ms. JD has some ideas. [Ms. JD]

* Bigotry and prejudice are never okay. UNLESS you want to hate on a new-ish (yet exceedingly popular) religion that is also conveniently in opposition to your liberal political motives. In that case, right this way, sir… [Instapundit]

* If you don’t pay your taxes, the government wants to be able to take away your passport. So, hypothetically, if I were planning to flee the U.S. for, say, Spain, to avoid paying my taxes… I should leave, well, now. Umm, IwillseeyoulaterIhavetorunOKbye. [The Atlantic]

We don’t usually make predictions about the longevity of the marriages we cover. It just seems excessively harsh to say, “This couple is going to get divorced.”

But… this couple is going to get divorced. The 32-year-old grandson of Richard Nixon marries the 21-year-old daughter of a Greek billionaire in front of 700 guests, including Hillary Clinton and Henry Kissinger. At the Waldorf-Astoria reception, George Pataki grooves to a 24-piece orchestra playing AC/DC’s “You Shook Me All Night Long.” We give it two years.

But on to some more promising unions. Here are your latest Legal Eagle Wedding Watch finalists:

Elizabeth Smith and Richard Cotton

Chelsea Purvis and Alnawaz Jiwa

Chloë Schama and Michael Pyle

Read all about these wildly impressive couples, after the jump.

double red triangle arrows Continue reading “Legal Eagle Wedding Watch: Out of Africa”

If you are lawyer who is looking for a career change, you really might want to give blogging a try. You won’t make as much money as you would in a Biglaw job. You probably won’t make as much as you would working for a well-respected small law firm.

But money isn’t everything. Take it from me. Or Lat. Or Staci. For instance, right now I’m sitting in my backyard, my dog is curled up by my feet, and I have a fresh pot of coffee. Once I turn the ringer off on my phone (so I can’t hear my creditors calling), it’s a pretty good life. Beat that with a stick.

And it is with that in mind that we welcome another former lawyer to the Breaking Media fold. Check below to meet the new writer for our sister site, Dealbreaker

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Running from the law (firm)?

* He might be a “litigious little man,” but I still dig Prince. Patterson Belknap just wants his billable time and his [insert guitar riff here] kiss. [New York Daily News]

* Star Magazine says that Katie Holmes is a drug addict. Which drug? Scientology. She might win the libel lawsuit, but her ultimate judge will be Xenu. [Reuters]

* A judge in Illinois won’t let a defendant who looks like the Crazy Cat Lady from the Simpsons get her hair done or wear makeup at trial. [Chicago Sun-Times]

* A judge in New York, on the other hand, will give a defendant the tie off his neck and the Brooks Brothers shirt off his back just so he can look stylish in court. [New York Post]

* Just because your kid went to the prom with a Muslim doesn’t mean that you’re down with Islam — especially not when you want to make it a felony to follow Shariah law. [Washington Post]

* Christina Aguilera got arrested for being drunk in public. Someone needs to put that genie back in her bottle before she heads the way of other infamous Mouseketeers. [ABC News]

* How desperate do you have to be to molest your kid in exchange for a date? How stupid do you have to be to think child porn therapy is real? The answer to both questions is VERY. [Detroit Free Press]

* The SEC has accused Goldman Sachs’s ex-director of insider trading. The next insider trading he’ll probably be doing is for cigarettes in the pokey. [Wall Street Journal]

The fantastically successful firm of Goldman Sachs isn’t just “a great vampire squid wrapped around the face of humanity.” It also discriminates against women, according to the allegations in a lawsuit filed earlier today.

Three female ex-employees of Goldman Sachs accuse the venerable bank of maintaining an “outdated corporate culture” that discriminates against women in terms of pay and promotions. The Goldman Girls — not to be confused with Betty White et al. — seek class-action certification for a class consisting of all female managing directors, vice presidents and associates in the last six years.

The lawsuit alleges that women are underrepresented in GS management, making up just 14 percent of partners, 17 percent of managing directors, and 29 percent of vice presidents. Given what it means to be a partner at Goldman — the New York Times recently described it as “the equivalent of winning the lottery,” in an interesting article about some GS partners being stripped of partnership (law firms aren’t the only ones who can play that game) — the stakes are high.

That’s the straightforward stuff. Other claims in the lawsuit, as noted by Nathan Koppel of the Wall Street Journal, are “a bit more salacious”….

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Last November, we scrutinized the compensation of one of America’s best-paid in-house lawyers: Gregory Palm, general counsel of Goldman Sachs. There was some nit-picking from readers about the precise size of his (pay) package, reflected in the various updates appended to the post, but there was unanimity on the main point: serving as Goldman’s top lawyer is a path to riches.

Over the weekend, the New York Times published a long, interesting, behind-the-scenes look at the negotiations between Goldman and the SEC that culminated in the bank’s $550 million settlement — negotiations in which Greg Palm played a leading role. For some good commentary on Louise Story’s article, check out Larry Ribstein (who sees the case as a strike suit that just happened to be brought by the SEC).

What we found most intriguing about the NYT piece — which weighed in at a hefty 3,200 words, as noted by the WSJ Law Blog — was the delicious dish about Gregory Palm’s pay….

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Carte Goodwin

* Studying for the bar? Here are the top 10 people you want to kill. [Legally Noted]

* Are the Mel Gibson tapes admissible in court? Here is one lawyer’s opinion. [Blogonaut]

* Goldman Sachs won’t take a tax deduction on its $550 million settlement with the SEC. [TaxProf Blog]

* Holy Hotties, Batman! West Virginia Governor Joe Manchin will appoint his hunky ex-GC, Carte Goodwin, 36, to the Senate seat formerly held by the late Senator Robert Byrd. [WSJ Law Blog]

* Rod Blagojevich’s crassness has been established beyond a reasonable doubt — but what about his alleged corruption? [Chicago News Cooperative]

* The courthouse is not a boxing ring. Except maybe in Scranton. [Allentown Morning Call]

If you missed the Goldman Sachs Congressional hearing today, you missed the height of unintentional comedy. There are too many highlights to mention. Senator Carl Levin using a dirty word, the ongoing train wreck that is Senator Tom Coburn, it was the kind of hearing that makes you laugh out loud at Congress (and secretly weep for our country). I’ll let Bess Levin of our sister site, Dealbreaker, describe a particularly lively twenty minute exchange:

* 10:09: Carl [Levin]: “Goldman Sachs treats clients like objects (of profit).” Jackie Treehorn, a former prop trader, was the first to pioneer this model at the firm.

* 10:16: Goldman made money off its shorts. Dun Dun Dun.

* 10:26: Apparently Goldman didn’t just hurt its clients, it hurt everyone in the world. Take a moment right now to show us on the doll where Goldman touched you.

If you missed the hearings, you should check out Dealbreaker’s live blog. Just wait until Coburn starts talking.

Live-Blogging The Goldman Flogging: There’s Gonna Be A Showdown [Dealbreaker]

Joe Shenker Sullivan Managing Partner.JPGToday H. Rodgin Cohen officially moves his Subaru into the right-hand lane, making way for Joseph C. Shenker to take the pole position as Sullivan & Cromwell’s new managing partner. Rodge will still be around, but leadership of the firm shifts to Shenker. Both the New York Times and Am Law Daily have marked this momentous occasion with write-ups on Shenker today.
Reading about Shenker reveals that there are three kinds of people in life: people who work for Goldman Sachs, people who work with Goldman Sachs, and people who lose:

Mr. Shenker, whose practice ranges from mergers and acquisitions to real estate to tax and estate planning, may not be the highly connected banking lawyer that Mr. Cohen is. But he maintains a sterling reputation of his own, maintaining close relationships with real estate magnates and one of the firm’s most significant clients: Goldman Sachs.

It appears that becoming managing partner of S&C is just the latest in a long list of accomplishments in Shenker’s career.

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Meet Joseph Shenker, S&C’s New Managing Partner”

goldman sachs.gifOver the weekend, the New York Times had an interesting article about compensation for Wall Street bankers. The article explained how, due to criticism from the public and from Congress, banks shifted employee comp away from cash and towards stocks and options. This shift was supposed to align pay with performance, averting an AIG situation of rewarding failure.

Now, thanks to the recovery in bank shares — fueled in part by generous government bailouts, and not necessarily the brilliant performance of bank employees — these stock and option grants are turning out to be super-lucrative. Here’s an interesting excerpt:

Goldman Sachs, for instance, sharply cut nearly all bonuses it paid last year but gave some executives more options than usual.

The company gave its general counsel, for example, 104,868 stock options and 14,117 shares in December, when the bank’s stock was around $78.

Now the bank’s shares have more than doubled in value, making that stock and option award worth nearly $12 million, according to Equilar, an executive compensation research firm in Redwood Shores, Calif.

Sullivan & Cromwell partners, eat your hearts out. Not only does Goldman GC Gregory Palm get to boss you around, he also makes more money than you do.

Way more. Get a hint of how much, after the jump.

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