This is the worst piece of whoring journalism I have read in a long time. How long are you going to suck [U.S. Attorney Preet Bharara]’s teat? All to hurt a decent, honest witness, [whom assistant U.S. attorney Reed] Brodsky could not lay a glove on. It did not work. The jury was not impressed by the worst cross examination ever delivered. So in the style of Preet, try to smear him by working the sycophants in the back of the Courtroom. He learned from Schumer in the Senate… Preet is scared sh[**]less he is going to lose this case so he feeds his whores at the WSJ. What a disgrace for an otherwise great paper.
- Akin Gump, Email Scandals, Insider Trading, John Dowd, Media and Journalism, Quote of the Day, Rudeness, S.D.N.Y., Trials, U.S. Attorneys Offices
- Columbia Law School, Crime, Federal Government, S.D.N.Y., U.S. Attorneys Offices, Wall Street, White-Collar Crime
Last week I attended an interesting talk by Preet Bharara, currently serving as the U.S. Attorney for the (extremely powerful and prestigious) Southern District of New York. I had heard great things about Bharara from many people, including current and former colleagues in the U.S. Attorney’s office and people who previously worked with him on Capitol Hill, where he served as chief counsel to Senator Chuck Schumer. So I was eager to hear his remarks, which he delivered to the New York Financial Writers Association, a group of business and finance journalists here in New York.
Here’s my report on what he had to say — including, for those of you who aspire to be assistant U.S. attorneys, what he expects from the prosecutors who work for him….
That’s very impressive support. Off the top of my head, I don’t think I’ve ever seen anything quite like it. Washington is a small place, and informal channels will generally get word back to the relevant folks in the Senate without a public letter…. But the fact that so many conservative former clerks publicly support [Alison] Nathan’s nomination [to the S.D.N.Y.] is quite impressive.
– Professor Orin Kerr, commenting on a letter signed by 27 former Supreme Court clerks in support of the nomination of Alison J. Nathan, a former law clerk to Justice John Paul Stevens who has been nominated to a judgeship on the Southern District of New York.
- Antitrust, Biglaw, Cravath, Department of Justice, Fabulosity, Federal Judges, Judicial Nominations, Lawyerly Lairs, Litigatrix, Money, Partner Issues, Partner Profits, Real Estate, S.D.N.Y., Senate Judiciary Committee
I recently wrote about Katherine B. Forrest, the celebrated litigatrix nominated to a federal judgeship on the breathtakingly prestigious Southern District of New York. Forrest currently serves as a deputy assistant attorney general in the Department of Justice’s antitrust division, but before joining the DOJ she was a longtime partner at Cravath, Swaine & Moore — a premier, if not the premier, American law firm. Forrest was one of CSM’s most popular (and most powerful) young partners.
Katherine Forrest has a reputation as an incredible attorney, and she has the awards to prove it (see question 8). Not surprisingly, the ABA deemed her “unanimously well-qualified” as an S.D.N.Y. nominee.
So here’s what I wondered: Why did the amazingly accomplished Forrest, a partner at super-lucrative Cravath for over a dozen years, declare a mere $4.3 million on her net worth statement? Granted, $4.3 million is nothing to scoff at; KBF is rich (even by Elie’s standards). But it seemed to me that a lawyer of her distinction, who was a partner at a top firm for such a long time, should be even richer.
Way richer, in fact. Let’s find out….
- Antitrust, Biglaw, Cravath, Department of Justice, Eric Holder, Federal Judges, Judicial Nominations, Litigatrix, Money, Partner Issues, Partner Profits, S.D.N.Y., Senate Judiciary Committee
As I’ve previously mentioned, one of my favorite parts of the judicial nomination process is the attendant financial voyeurism. Judicial nominees are required to make detailed disclosures about their finances, allowing us to learn about their income and net worth. For example, thanks to her nomination to the Supreme Court last year, we got to learn about Elena Kagan’s net worth.
Last week, the Senate Judiciary Committee released financial disclosure reports for several of President Obama’s recent judicial nominees — including antitrust litigatrix Katherine B. Forrest. Forrest has been nominated to the mind-blowingly prestigious Southern District of New York, perhaps the nation’s finest federal trial court. As a highly regarded lawyer who has won numerous awards and accolades (listed in her SJC questionnaire), Forrest will fit right in if confirmed to the S.D.N.Y. — a superstar among superstars.
The fabulous Forrest currently serves as a deputy assistant attorney general in the Department of Justice’s antitrust division. She joined the DOJ last October — a commendable public-service commitment that required her to relinquish her partnership in one of America’s mightiest and most prestigious law firms, Cravath, Swaine & Moore. When she left to pursue government service, Forrest had been a Cravath partner for over 12 years (since 1998), and had been with the firm for about 20 years in all (since 1990).
At the time of her departure for the Justice Department, Katherine Forrest had been taking home hefty paychecks for decades. First she was an associate at Cravath, which pays its people quite well, in case you hadn’t heard. Then she was a partner at the firm (reportedly one of the most well-liked and most powerful younger partners) — from 1998 to 2010, a period in which average profits per partner at CSM routinely topped $2 million and occasionally exceeded $3 million. And remember that Cravath is a lockstep partnership with a reported 3:1 spread, meaning that the highest-paid partners make no more than three times as much as the lowest-paid partners. So it’s not possible that she was earning, say, $400,000, while other partners were earning millions (which can be the case at firms with higher spreads).
In light of the foregoing, what is Katherine Forrest’s net worth, according to her Senate Judiciary Committee financial disclosures? Not as much as you might expect….
(According to the Wall Street Journal, Rajaratnam “is estimated to have paid as much as $40 million for his defense… about two-thirds of the amount prosecutors said [his Galleon Group hedge fund] made from the insider trading addressed in the charges.”)
Raj Rajaratnam, the billionaire leader of the Galleon Group, has been found guilty.
The jury returned a verdict of guilty on all 14 counts Rajaratnam was facing — nine counts of insider trading and five of conspiracy. Rajaratnam could get a sentence of up to 19 and a half years under the federal sentencing guidelines, according to prosecutors.
Check out our sister site Dealbreaker for continuing coverage.
After seven days of deliberations, one juror in the insider trading trial of Raj Rajaratnam has been dismissed, for unspecified medical reasons. An alternate has been seated, but this means the jury has to begin its deliberations anew. The original jurors must be thrilled.
Let’s hope that the dismissed juror was a holdout (either way). The suspense is killing us!
Readers: Any predictions on how this will turn out? Will celebrated criminal defense lawyer John Dowd — who successfully represented the fabulous Monica Goodling, among others — pull this off? Or will the prosecutors of the legendary S.D.N.Y. get their man?
Did Raj Rajaratnam Rub His Athlete’s Foot All Over A Just Dismissed Juror? [Dealbreaker]
Rajaratnam Trial, Take 2 [WSJ Law Blog]
- Asians, Fashion, Federal Judges, Feldsuk, Gay, Harvard Law School, Judicial Nominations, Law Professors, Law School Deans, Law Schools, Noah Feldman, Non-Sequiturs, NYU Law School, S.D.N.Y.
* The Southern District of New York: gay bench, or the gayest bench? Like fellow S.D.N.Y. nominee Paul Oetken, Alison Nathan is an openly gay lawyer who clerked for SCOTUS and served as an associate White House counsel. [Poliglot / Metro Weekly; Main Justice]
* Speaking of the Harvard-bound hottie, if you’re waiting for her to fail at anything, don’t hold your breath. [Disgrasian]
* Dolce & Gabbana say “Ciao!” to Italian tax evasion charges. [Fashionista]
* A cute April Fool’s joke from UT Law: check out the offerings in Dean Larry Sager’s Law Bodega. [Etsy]
* Elsewhere in April Fool’s news, “Dear SCOTUS FOIA Officer”…. [Law Librarian Blog]
* This is not a prank: a full ride to NYU Law. [Vault]
* These lawyerly lovebirds met as 1Ls at Georgetown Law and would love the support of ATL readers in Crate & Barrel’s “ultimate wedding” contest. [Ultimate Wedding Contest / Crate & Barrel]
- 9th Circuit, Gay, Gay Marriage, Georgetown Law School, Law Schools, Musical Chairs, Non-Sequiturs, S.D.N.Y., U.S. Attorneys Offices
* Were you skeptical of all the law schools reporting to U.S. News that the median private-sector starting salary for their graduates is $160,000? Forbes explains why your skepticism is warranted. [Forbes via Constitutional Daily]
* On a related note, if you want to be a millionaire, you should definitely go to college. Law school? Not so much. [CNNMoney.com]
* Ninth Circuit to LGBT community: no gay marriage for you — yet. Request to vacate stay DENIED. [Poliglot / Metro Weekly]
* Former Qwest CEO Joseph Nacchio is suing his former defense lawyers, claiming that he was improperly charged for expenses like attorney underwear. If I had a client like Nacchio, I’d need new boxers too. [Bloomberg]
* Georgetown Law’s outgoing SBA president, William Broderick-Villa, is worried about GULC’s U.S. News ranking: “I do not like sharing the #14 spot with Texas one bit…. I’ve heard students tell me for awhile they fear that Texas will overtake us. And Texas is hungry.” [Georgetown Law Weekly (Google Cache)]
* An update on the partner who, when called out for blowing a deadline, threw his secretary and former associate under the bus (previously discussed here). SFL asks: “What happened to old-fashioned groveling?” [South Florida Lawyers]
* Congrats to my friend and law school classmate, Dan Stein, who has left the S.D.N.Y. U.S. Attorney’s Office (where he headed the public corruption unit) and joined Richards Kibbe & Orbe. [Richards Kibbe & Orbe]