Banking Law

With nothing else to rank at the moment, U.S. News decided to try its hand at “news” and put out an article analyzing the expected fallout from the new mortgage lending rules coming down from the Consumer Financial Protection Bureau. The new rules are intended to stem the tide of future foreclosures by clamping down on profligate lending.

But all clampdowns leave people out in the cold.

To put this more directly: if you thought being a lawyer with good credit would put you in a position to buy your own home, you’re probably wrong….

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Marni ‘Money Bunny’ Halasa

If anyone needs career advice on what they can do with a law degree, send them my way. They too can fight for social justice while wearing a gold spandex onesie and bunny ears!

Marni Halasa, social justice activist, in remarks made yesterday after a successful protest against HSBC. As we recently discovered, Halasa is a graduate of the U. Pitt. School of Law and an ex-journalist for the New York Law Journal.

(Keep reading to see what else she had to say, and to see more pictures.)

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Marni Halasa

* Is Justice Ginsburg, our favorite judicial diva, foiling her own jurisprudential legacy by refusing to retire from the Supreme Court before another president takes office? [Daily Beast]

* Year-over-year, there’s been a double-digit drop in demand for legal services, so now is a great time to start speculating about which firm will be the next to conduct layoffs. [Am Law Daily]

* Don’t despair, the results of the Am Law Midlevel Survey are out, and associates are more satisfied than ever — except for the women. They’re “leaning out,” so to speak. [Am Law Daily]

* New York City (d/b/a Mayor Michael Bloomberg) wants Judge Shira Scheindlin to stay her stop-and-frisk rulings pending appeal, because racial profiling is an effective crime fighting tool. [New York Law Journal]

* If you want to know why law school is three years long instead of two, it’s because back in the day, the T14s of the world were convinced it’d “stop the proles from sullying the image of the bar.” [The Economist]

* In an effort to keep law school deans’ listserv drama and email scandals to a minimum, the American Bar Association just doled out some rules to keep their ivory tower talk in check. [WSJ Law Blog (sub. req.)]

* “[I]f I die because of this, my life will have been worthwhile.” The HSBC whistleblower would face death to talk about the big bank’s money laundering — and to see the lovely Marni Halasa. [Huffington Post]


Who is this woman? Over at our sister site Dealbreaker, they’ve been talking about her for months and months on end.

She emerged on the banking protest scene back in April, when she dressed as a dominatrix (and later as a police officer) and promised to offer Citi execs a spanking as the “Bank Reform Bitch.” In early May, she reemerged as the “Ethical Fiscal Fairy” to fight the good fight against Bank of America. At the end of the month, “Bank Reform Bitch” came back to stick her stiletto straight up Jamie Dimon’s ass. On the last day of May, she became “Darla, the Desperate for Justice Housewife,” hoping to bring attention to the laundering of HSBC’s money. In July, she emerged from her cocoon and transformed into the “Better Banking Butterfly” to weigh in on derivative reform. Tomorrow, she’ll be at a press conference with the HSBC whistleblower to bitch about the bank’s blood money, all while waving a money fan.

Again, we’ve got to ask: who is this woman? Well, for starters, she’s a lawyer….

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* The speed (or lack thereof) of justice: The DOJ filed suit against Bank of America, alleging that the bank defrauded mortgage-backed securities investors in 2008. [DealBook / New York Times]

* Sri Srinivasan, the newest member of the D.C. Circuit’s bench, is getting ready to hear his first arguments, while litigants try to commit the spelling of his last name to memory. [Legal Times]

* The LSAT is not to blame for the dearth of minority enrollment in law schools, said a UVA Law professor, and then a Cooley Law professor had to swoop in to slap him down. [National Law Journal]

* After teaming up with Touro, the University of Central Florida is working with Barry on an accelerated degree program. The dean of FAMU is upset. Don’t worry, you’ll get your turn, too. [Orlando Sentinel]

* New Jersey is in no rush to legalize gay marriage. To support their views, officials point out that people with civil unions are just like married couples — except for the married part. [New Jersey Law Journal]

* Meanwhile, a judge in Illinois will decide whether she’ll dismiss a challenge to the state’s gay marriage ban by the end of September. In her defense, early fall is a great time for a wedding. [Daily Herald]

* Belvin Perry, the judge who presided over the Casey Anthony murder trial, may be getting his own Judge Judy-esque television show. Oh, Flori-duh, you never, ever cease to entertain us. [MSN News]

Ed. note: We are having an Above the Law retreat this afternoon, so we may be less prolific than usual today. We will return to our regularly scheduled programming tomorrow.

* “I think I am now the hardest-working justice. I wasn’t until David Souter left us.” Justice Ginsburg celebrates her twentieth year on the high bench in true diva style. [USA Today]

* Sorry, EA, the Ninth Circuit thought your First Amendment free expression defense to allegedly stealing college sports players’ likenesses was a load of hooey. [Wall Street Journal]

* “It’s a decision that clearly favors the merchants.” A federal judge gave the Fed a spanking in a ruling on its cap for debit card fees earned by banks after consumer swipes. [DealBook / New York Times]

* “What makes this discriminatory? I don’t think there’s anything in Title 7 that says an employer has to be consistent.” Ropes & Gray’s “token black associate” had his day in court. [National Law Journal]

* The firm that outed J.K. Rowling as author of “The Cuckoo’s Calling” will make a charitable donation as an apology — getting the book to the bestseller’s list wasn’t charitable enough. [New York Times]

* As the bar exam draws to a close today, here’s something to consider: 12,250 people signed up to take the test in New York alone. Are there jobs out there for them? Best of luck! [New York Law Journal]

* The feds want to make a better return on their investment on law student loans. Perhaps it’s time for those good old gainful employment regulations. [Student Loan Ranger / U.S. News & World Report]

* Cleveland kidnapper Ariel Castro is expected to speak at his sentencing hearing today, where a judge will decide if a term of life in prison plus 1,000 years is appropriate punishment for him. [CBS News]

* “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]

* Based on the justices’ reactions during oral arguments in Windsor v. U.S., there was no defending the Defense of Marriage Act. Not even Paul Clement, the patron saint of conservative causes, could save the day. [New York Times]

* Alas, the David Boies and Ted Olson Dream Team stole much of the spotlight from Roberta Kaplan, the Paul Weiss partner who argued on behalf of Edith Windsor in an effort to overturn DOMA. Seriously, you go girl! [WSJ Law Blog (sub. req.)]

* Dude, you’re getting a Dell! Alston & Bird and Kirkland & Ellis are the latest firms to join the Biglaw sharks (including Ho-Love, Debevoise, Wachtell, SullCrom, and Simpson Thacher) circling this major tech buyout. [Am Law Daily]

* It looks like it’s time for JPMorgan to face the music for its investments in Lehman Brothers, because a federal judge just ruled that the bank cannot “dispatch plaintiff’s claims to the waste bin.” [Reuters]

* An alleged killer’s sense of mortality: James Holmes, the suspect in the Colorado movie theater shooting, offered to plead guilty and spend life in prison in order to avoid the death penalty. [CNN]

Not pictured: Wall Street Journal.

[The article] lays it out. It gives motive, it gives you methodology, it reflects experts who think it’s valid. This is not the only piece. This article takes the same kind of approach that you have taken in this case.

I mean, frankly, I am totally puzzled, given that plaintiffs’ bar in this area uses the Wall Street Journal as their source of clients and cases, right? You guys read it every day, looking for scandal, right? Other people read People Magazine, but you read the Wall Street Journal.

– Judge Naomi Reice Buchwald (S.D.N.Y.), discussing inquiry notice of plaintiff’s claims with David Kovel of Kirby McInerney, counsel for plaintiffs in the Libor lawsuits, during Tuesday’s hearing.

(The article Judge Buchwald mentions ran in the Wall Street Journal in 2008 and raised serious questions about Libor’s integrity.)

In Apocalypse Now, while winding his way up river to kill Marlon Brando for war crimes, Martin Sheen’s character muses that “charging a man with murder in this place was like handing out speeding tickets in the Indy 500.” Well, the racing world should be very thankful that Indianapolis isn’t in Manhattan DA Cyrus Vance’s jurisdiction.

Vance’s office is prosecuting a bank for its alleged role in the housing market meltdown. Note “a” bank, as in singular. While the entire financial world crashed, Vance is going after a small, family-run bank that serves New York’s Chinese immigrant community.

Yeah, that’s totally who I’d blame for the crisis too.

But this case does, perhaps unwittingly, expose the fantasy guiding prosecutors in the aftermath of the crisis. And suggests that the Manhattan DA’s office needs to look up the word “epitomizes”….

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