Securities and Exchange Commission

Fabrice Tourre

At the end of the day, he probably could have done the right thing. But he chose to play the game. It didn’t leave me feeling good about Wall Street.

– Evelyn Linares, a 61-year-old principal who served as a juror in the Fabrice Tourre civil fraud trial, sharing her feelings about Fabulous Fab — he “disappointed” her — after the verdict was announced.

This is what you could call a slow news week. It’s kind of the exact opposite of the week that inspired me to start writing these missives. Back then, the Supreme Court was handing down rulings and the Zimmerman trial was getting off to a disastrous start for the defense. It all seems so long ago.

The latter days of the summer are always slow in law as partners and judges go on vacation and students await the return to school. The bar exam provides some light entertainment and OCI generally provides a gem or two, but otherwise it’s a slow period.

And that’s when people can get tripped up by satire masquerading as news.

Here’s a short round-up of a few key stories from the week including how satire fooled a lot of the ATL-verse and some high profile cases that had milestone moments…

double red triangle arrows Continue reading “Slow News Week of Satire and Ho-Hum Courtroom ‘Drama’”

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]

Anthony Weiner, surprisingly not nude.

* Bernard Knight Jr., general counsel of the U.S. Patent and Trademark Office, will be taking his intellectual property talents to McDermott Will & Emery as a new — and rather cute — partner. Congratulations! [Corporate Counsel]

* The Securities and Exchange Commission has charged a Texas man in a Monopoly money Bitcoin-related Ponzi scheme. Unfortunately for him, the associated jail time for the crime isn’t virtual. [Wall Street Journal (sub. req.)]

* When applying to law school, it’s wise to have a unique personal statement topic. But considering the application cycle, you could probably get away with writing “LOL” and still get into the school of your choice. [Law Admissions Lowdown / U.S. News]

* Russia has granted NSA leaker Edward Snowden a pass to leave the Moscow airport’s transit zone. Be prepared to welcome borscht into your life, and be sure to always say spasibo. [Associated Press]

* Sorry folks, but Carlos Danger, more popularly known as Anthony Weiner, won’t be pulling out of the New York City mayoral race. I, for one, would love to see his AMAs on Reddit. [New York Times]

* It looks like Aaron Hernandez shot himself in the foot when lawyering up for a civil suit where he’s accused of shooting someone in the eye. His attorney specializes in banking litigation. [USA Today]

This is the moment we’ve been waiting for ever since Robert Khuzami left his gig as the Director of the SEC’s Division of Enforcement earlier this year. Now a Biglaw firm has signed him for big bucks (reportedly “more than $5 million a year”).

It’s like NFL Free Agency with less Deer Antler Spray and more lamentations over the revolving door between the government and the private sector…

double red triangle arrows Continue reading “Which Biglaw Firm Won the Robert Khuzami Lottery?”

* Though she be but little, she is fierce! Under Mary Jo White’s guidance, the Securities and Exchange Committee is now cracking down on financial fraud with a vengeance. [DealBook / New York Times]

* When a Biglaw firm’s chairman skeptically says, “Uh, OK, I mean, maybe,” with regard to a future increased demand for legal work, you know things are bad. We’ll have more on this later today. [New Republic]

* With Detroit’s downfall, vultures are swooping in left and right to snag clients. Firms retained thus far include Weil Gosthal, Arent Fox, Kirkland & Ellis, Winston & Strawn, and Sidley Austin. [Reuters]

* “I’m not a 100% sure this is legal.” Two law professors have come up with a revolutionary way for law students to finance legal education that sounds like it just might work. [WSJ Law Blog (sub. req.)]

* Normally when Biglaw firms and legal departments go to court over contested litigation, something’s gone wrong, but this summer, they’re trying to do some good in the world. [National Law Journal]

* Soon, it’ll be known as Western Michigan University Thomas M. Cooley Law School, but even with a new name, you’re still going to be Cooley, and there’s no recovery from that. [Lansing State Journal]

* In Greenwich, Connecticut, the fact that people buy homes where they want their kids to go to school isn’t a “complicated concept.” The schools’ racial diversity, on the other hand, is. [New York Times]

* How often are you sitting around wondering about all the legal ins-and-outs of the assassination of James Garfield? Wonder no more. [The Legal Geeks]

* A love poem with citations to the U.C.C. You know, if you never plan on getting laid again. [Law Poetry]

* Justice Kagan dials 867-5309. [Slate]

* Underage models in New York are now covered by child labor laws. In related news, American Apparel stops making any ads whatsoever. [Fashionista]

* When a bank nixes your merger, just go ahead and do it another way and bury the bank’s opinion. There’s not much the SEC can do about it anyway. [Dealbreaker]

* Pepper Hamilton’s Nina Gussack is making it rain. [The Careerist]

* Eric Posner has no beef with the NSA. [Constitutional Daily]

* States: The New (Patent) Troll Slayers [Slate]

Bernie Madoff

The SEC needs more resources to protect investors. It’s grossly undercapitalized and it doesn’t have money to hire the right people. Basically it’s a training ground, by the time people are qualified they leave and work for private firms.

They didn’t catch me because the whistleblower, Harry Markopolos, was leading them down the wrong alley. He was an idiot.

– Infamous Ponzi schemer Bernie Madoff, offering his thoughts on why the Securities and Exchange Commission is unable to effectively police financial markets, during a two-hour long interview with the WSJ’s MarketWatch.

* Obama nominates a Bush Republican to head the FBI. James Comey was on all sorts of Bush short lists. Kumbaya. [New York Times]

* A nice summer reminder: this woman didn’t recover damages from Great Adventure water ride injury. Here’s another reminder: Six Flags destroys Disney. [New Jersey Law Journal]

* NASDAQ gets BTCHSLAPD. [National Law Journal]

* Meanwhile, Total Oil is also getting slapped by the SEC. Looks like somebody over there ate their Total. [Breaking Energy]

* The “elitist white boy” approach to law enforcement gets called out. Bobby Rush is now my hero. [Talking Points Memo]

* Darius Kingsley, a former Treasury official, is the new co-general counsel of JPMorgan’s commercial bank. [Corporate Counsel]

* Florida Governor Rick Scott can’t randomly drug test all state workers. I’d be in favor of random drug testing for Rick Scott voters. [Reuters]

Casey Anthony

* “Is there a public interest in unwanted pregnancies … that can often result in abortions?” The judge who ordered that Plan B be made available to all women regardless of age is pissed at the DOJ. [The Caucus / New York Times]

* Mary Jo White, the littlest litigatrix, will “review” the Securities and Exchange Commission’s policy of allowing financial firms to settle civil suits without affirming or denying culpability, but for now, she’s defending it. [Reuters]

* Dewey know what this failed firm is supposed to pay its advisers for work done during the first nine months of its bankruptcy proceedings? We certainly do, and it’s quite the pretty penny. [Am Law Daily]

* In a round of musical chairs that started at Weil Gotshal, Cadwalader just lost the co-chairs of its bankruptcy practice and another bankruptcy partner to O’Melveny. [DealBook / New York Times]

* Another day, another law school comparison website. Take a look at Law Jobs: By the Numbers, which includes a formula from the laughable National Jurist rankings system. [National Law Journal]

* In a move that shocked absolutely no one, attorneys for Colorado movie theater shooting suspect James Holmes announced they will enter a plea of not guilty by reason of insanity for their client. [CNN]

* From the “hindsight is 20/20″ file: the judge who presided over the Casey Anthony trial thinks there was enough evidence to convict the ex-MILF. He also likened Jose Baez to a used car salesman. [AP]

* Check out Logan Beirne’s book (affiliate link). Even when sensationalizing George Washington’s rise from general to president, attention must be paid to the rule of law. [Wall Street Journal (sub. req.)]

Page 4 of 1112345678...11