Insider Trading

* The fiscal impasse in our nation’s capital is over! The government shutdown is over! Obamaphones for everyone!!!!! [Washington Post]

* Tim Geithner was recently deposed as part of a lawsuit alleging that the government bailout of AIG was unconstitutional. Muammar Gaddafi was less recently deposed as part of a coup alleging that his female bodyguards were unconstitutionally sexy. [Fox Business]

* Berkeley Bird Beheader begins boot bivouac. [Fox5 Vegas via Las Vegas Law Blog]

* Cory Booker (Yale Law ’97) won a Senate seat last night, promptly bumping Lat from the cover of the next Yale Law alumni magazine. It was the Halloween issue — the annual Boo Haven edition. [ABC News]

* Mark Cuban was acquitted of insider trading charges yesterday. In related news, this basset hound loves fans. [CBS News]

* Brooklyn Law faces a possible debt downgrade from Standard & Poor’s. The school’s unemployed graduates, substandard and poor, have yet to weigh in. [Crain's New York Business]

* In other law school news, Chicago-Kent announces an interesting new initiative (with a Whopper of a name). [IIT Chicago-Kent College of Law (press release)]

Mark Cuban

* If the government shuts down and then defaults on its debt, Wall Street worries that it would “shake the foundations of the global financial system.” Hooray for political asshattery! [DealBook / New York Times]

* At least six of the Supreme Court’s judicial precedents are up for reconsideration in the upcoming Term, and high court commentators think the resulting decisions could be a mixed bag. [National Law Journal]

* Apparently low-income New Yorkers’ legal problems are “not worthy of a ‘real lawyer,’” or at least that’s the message that will be given if non-lawyers are allowed to provide legal services. [New York Law Journal]

* Sorry, lady, not enough prestige. A Brazilian journalist was allegedly on the receiving end of some “extremely violent” police behavior at Yale Law School after attempting to interview Justice Joaquim Barbosa at a private event. [The Guardian]

* Mark Cuban’s insider trading case is heading to trial today, but we genuinely wonder how he’ll be able to convince a jury that he’s “humble and affable,” rather than the “master of the universe.” [Boston Herald]

In vino veritas — about unannounced transactions.

Here’s some friendly advice: when you’re drunk, try to keep your mouth shut. Or at least keep your work-related thoughts to yourself. This is certainly true for junior lawyers, but it goes for partners as well.

According to a complaint just filed by the Securities and Exchange Commission, an IP partner at a leading law firm had a few too many drinks, then got a little “TMII” — “too much (inside) information” — with his investment adviser. That adviser then traded on the material, nonpublic information, the SEC alleges….

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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….

Professor Nina Pillard

* It’s just business as usual: Amid accusations of liberal court-packing, D.C. Circuit nominee Nina Pillard faced questions on abortion and religion during her testimony before the Senate Judiciary Committee. [USA Today]

* Biglaw isn’t as dead as we’ve been told and made to believe. Some of the largest firms are actually doing quite well, says American Lawyer’s editor-in-chief, who’d like her job to retain some meaning for now. [Am Law Daily]

* Fried Frank knew that it’d take a banker to pull the firm from its monetary funk, so it picked up David Greenwald, deputy general counsel of Goldman Sachs, to act as co-chair through 2015. [New York Law Journal]

* With the change in SEC policy, from allowing companies to use neither-admit-nor-deny language, to forcing them to admit guilt in “egregious” cases, lawyers may soon be very busy. [Corporate Counsel]

* Raj Rajaratnam is a firm believer in the “three strikes and you’re out” theory of law. A month after the Second Circuit affirmed his insider trading conviction, he’s asking for a rehearing en banc. [Bloomberg]

* The D.C. Circuit has banned the import of Sodium Thiopental, putting a crimp in the plans of any state looking to administer lethal injections. This is where Delaware has it right… no one is going to outlaw rope. [The Volokh Conspiracy]

* Steve Cohen didn’t read 89 percent of his emails. In his defense, “I think I’m guilty of insider trading” and “I am a Nigerian Prince” are probably both getting caught by the spam filter. [DealBreaker]

* Sequestration has put the pinch on the rights of indigent federal defendants to receive legal representation. But at least our airlines are shielded from hardship. [PrawfsBlawg]

* “Just as Justice Scalia predicted in his animated dissent, by virtue of the present lawsuit, “the state-law shoe” has now dropped in Ohio.” [USA Today]

* Wire Lawyer is running a competition among law school alumni to see which schools are the most technologically progressive. What do you know, people from Seattle and California are winning a technology competition. [Wire Lawyer]

* Hall of Famers Art Monk and Darrell Green have joined the movement to get Washington to stop using the ‘Redskins’ name. [ESPN]

* Bloomberg takes a look at the legal controversy brewing around unpaid internships. Video after the jump… [Bloomberg Law via YouTube]

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* “Can you imagine if a law firm had a breach? We wouldn’t work with them again.” In-house counsel are pissed that outside counsel CHECK THEY EMAILS on cellphones. [Am Law Daily]

* Matt Kluger’s 12-year insider trading sentence was upheld by the Third Circuit. All of the Biglaw firms he’s worked at, most recently Wilson Sonsini, must be so proud. [WSJ Law Blog (sub. req.)]

* Shots fired: a tax law professor decimates Seton Hall in prose over its decision to possibly kick untenured junior professors to the curb due to budget considerations. [DealBook / New York Times]

* Do yourselves a favor, and don’t worry about how to “demystify the LSAT experimental section” during the test — unless you want a crappy score. [Law Admissions Lowdown / U.S. News & World Report]

* Pass the ammunition? After facing a court-mandated deadline from the Seventh Circuit, Illinois is now the last state in the country to have legalized the concealed carrying of firearms. [Chicago Tribune]

* Now that SCOTUS has punted on the question of gay marriage, other plaintiffs are stepping forward to sue for the right to wed. Next up, a challenge to Pennsylvania’s ban on equality. [Legal Intelligencer]

* James “Whitey” Bulger let f-bombs fly across the courtroom during his trial yesterday when his former partner took the stand to testify against the mob boss. Once a Masshole, always a Masshole. [CNN]

Raj Rajaratnam

Rajaratnam’s arguments are not persuasive.

– Judge José A. Cabranes, writing for a three-judge panel of the Second Circuit in upholding the insider trading convictions of former hedge fund manager Raj Rajaratnam. On appeal, Rajaratnam unsuccessfully argued that federal prosecutors obtained a wiretap warrant with a “reckless disregard for the truth.” Rajaratnam will serve the remainder of his 11-year sentence.

(If you’re interested, continue reading for the Second Circuit’s opinion.)

double red triangle arrows Continue reading “A Big House For A Big Man: A Raj Rajaratnam Ruling”

* I’ll get into this more tomorrow (unless Fisher drops), but Washington & Lee’s third year “experiential learning” program has met with underwhelming results in terms of job placement. Theories abound as to why, but this is basically why I say (a) the third year is useless, and (b) stop telling me what your law professors can do, and start telling me what your career services officers are doing. [Law School Cafe via Tax Prof Blog]

* I guess they didn’t like the way they looked. [Yahoo Finance]

* Hey, it’s another article beating up on Don Verrilli. I’m going to be really happy for him when he leaves, makes a ton of money, and sticks it all in his ears. [Forbes]

* An insider trading loophole big enough to drive a material non-public truck through it. [Dealbreaker]

* Husch Blackwell gets bigger in Texas. [Kansas City Star]

* Roy Cho, the Kirkland & Ellis associate currently running for Congress, gets a coveted endorsement — from the Wu-Tang Clan. [NJ.com]

* A nice review for Marcia Coyle’s new book, The Roberts Court (affiliate link). It’ll be fun to see how the Court looks at this moment in time, before what will surely be viewed as legacy-defining decisions on race and gay rights coming any minute now. [Seattle Times]

* Justice Ginsburg is optimistic about the future of women on the court. She’s also optimistic about the future of skeletons on the court, and she’s super-excited about the possibility of downloading her brain into a robotic body so that she can keep her job forever. [Blog of the Legal Times]

* The first rule of Insider Trading Club is, you do not send discoverable e-mails about Insider Trading Club. [Dealbreaker]

* Arnold & Porter staged a mock Olympics last time around. Now we’re just waiting for the other shoe to drop and we learn that the antitrust group was doping. [Washington Post]

* Georgetown Law student Bindhu Parmathi crowned Miss District of Columbia! She will go on this September to participate in the Miss America pageant (aka “The pageant that Donald Trump doesn’t own). [The Examiner]

* To recap: TSA took the stance that knives should be allowed on planes, but balked at fictional Jedi weapons. Yay America! [Lowering the Bar]

* Illinois passes some of the strictest fracking regulations in the country. That’s a reference to hydraulic fracturing. Not just dropping Battlestar Galactica references. [Breaking Energy]

* Indiana thinks it can discipline lawyers for criticizing a judge via private email. I would say that’s an insane misreading of the law, but I don’t want to get disciplined in Indiana, which sounds like the terrible prequel to Fifty Shades of Grey (affiliate link). [The Indiana Lawyer]

* Five businessmen take off their pants to protest taxes. This is a bad precedent. I don’t want to see any of these Tea Party folks take off their pants. [TaxProf Blog]

* Congrats to ATL reader Alicia Long, as well as co-author Jayne Jones, on publishing their new book Capitol Hell. [Amazon (affiliate links)]

* The Judge Edith Jones incident should raise the national concern to improve diversity on the bench. But it won’t. [Judicial Clerk Review]

* More follow-up on CBS’s improper campaign ad totally objective news documentary “Brooklyn D.A.” [New York Daily News]

* If fans in the front row of your concert start holding out papers for you to grab, DON’T DO IT! Unless you want to get sued. Video after the jump, courtesy of Gawker

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