Bernie Madoff

Judge Jed Rakoff appreciates a man who doesn't know what he's doing.

Don’t worry about investing in a Ponzi scheme as long as you are smart or lucky enough to recoup your money before the whole thing falls apart. That is the upshot of U.S. District Judge Jed Rakoff’s decision to significantly limit the amount of money trustee Irving Picard can seek from New York Mets owner Fred Wilpon.

It’s a huge decision. Because a professional sports franchise is involved (and I’m using the term “professional” very loosely when talking about the Mets), how this impacts Wilpon and the team on the field will dominate most of the headlines and discussions about the ruling.

But make no mistake, Judge Rakoff’s ruling will have a major effect on how much money is ever recovered for victims of Madoff’s shenanigans, and could have an effect on the future liability for all investors in Ponzi schemes….

double red triangle arrows Continue reading “Mets’ Madoff Victory Is Bad News For Everybody Else”

* Not a wardrobe malfunction, my ass. Nancy Grace would sooner allow Casey Anthony to babysit her kids than admit that she had a nip slip on live television. [New York Post]

* When you have a “superior legal mind,” it’s easier for your feelings to get hurt. Gregory Berry now claims that Kasowitz Benson was “extraordinarily vindictive.” [Thomson Reuters News & Insight]

* Irving Picard’s suit against Fred Wilpon and Saul Katz has been dismissed (for the most part). This is the best thing to happen to the Mets since Bill Buckner. [Bloomberg]

* In the past, when a wife cried in Massachusetts, a judge would wipe her tears with her husband’s checkbook, but alimony just ain’t what it used to be. [New York Times]

* Apparently judges in San Luis Obispo, California have banged one gavel too many. They’ve been reaching verdicts outside the courtroom to pad their own benefits packages. [Legal Newsline]

* Florida International isn’t just dominating the University of Miami in football this year. FIU schooled Miami when it came to Florida’s bar exam results, too. [Miami New Times]

Watch my fat wallet devour its prey.

* Should we allow circuit judges to sit by designation on the U.S. Supreme Court? Here’s an interesting idea from Professor Gerard Magliocca. [Concurring Opinions]

* Hey Yalies: Did your alma mater accidentally make your name and Social Security number available to the public? (I got a letter about this; I guess it was legit.) [Gawker]

* You’ve got mail! It looks like a bill — from Wachtell Lipton. [Adweek]

* My morbidly obese, George Costanza monstrosity gets a shout-out in an article about oversized wallets. [Smart Money]

Bernie Madoff

* Is Harvard developing a course on business ethics based on the career of Bernie Madoff? Madoff apparently thinks so. [Dealbreaker]

* To all of you who say that my home state of New Jersey is good for nothing, read this. [DNA Info]

* Employment lawyers, any thoughts on this type of workplace behavior? [Fashionista]

* To those of you who want us to moderate comments more aggressively — we do moderate, but only in extreme cases, when brought to our attention — consider these wise words from Professor Paul Campos (aka ScamProf): “Law in general and law school in particular is already too full of fake politeness, fear-induced groveling, craven appeasement of dubious authority figures, unappetizing obsessions with hierarchical status, and other forms of soul-crushing inauthenticity.” So there. [Inside the Law School Scam]

Fortunately, you gave me so much paper. Otherwise, I would have had to watch a Mets game, which would have been a very painful process.

– the eminently quotable Judge Jed Rakoff (S.D.N.Y.), praising the thorough briefing by lawyers involved in the legal battle between the Bernard Madoff trustee, Irving Picard, and the owners of the New York Mets, Fred Wilpon and Saul Katz.

* The tried and true accounting method of finders keepers, losers weepers prevailed in an appeals court win for Irving Picard in the Madoff case. [Bloomberg]

* Why in the world did you think it would be a good idea to file a $77M lawsuit against Kasowitz Benson? Are you out of your “superior legal mind”? [Thomson Reuters News & Insight]

* Apparently racism still exists, even at prestigious university like NYU. Skip the damn banana, I’ll take $210K instead, thanks. [New York Daily News]

* First they came for the eggs, and I didn’t speak out because I don’t like breakfast. Then they came for the turkey, and I flipped out because my freezer is full of it. [Los Angeles Times]

* Imitation may be the highest form of flattery, but Christian Louboutin plans to appeal last week’s ruling on his red-soled shoes. You go girl, because I don’t want to pay for an imitation. [Daily Mail]

* What kind of a neighbor goes after Girl Scouts for selling cookies in their own driveway? Apparently the kind you don’t want to live next to anymore. [Daily RFT / Riverfront Times]

* Drowning in loan debt? There’s a niche for that! A Connecticut lawyer is paying off his $160K of law school loans with a client base comprised of — you guessed it — lawyers. [Hartford Business Journal via ABA Journal]

* In New York, new “while black” violations seem to pop up every few months. Apparently, riding in a taxi is now a friskable offense. [Metropolis / Wall Street Journal]

* Madoff investors aren’t happy about the fact that that Irving Picard charges $5,803.00 a day. Don’t hate the playa, hate the game. He can’t help it that every day he’s hustlin’. [Bloomberg]

* More and more women are climbing the law school deanship ladder, but what I really want to know is why all of these successful women are trying to make themselves look so butch. [National Law Journal]

* Those of you who are trying to lawyer-proof your rapey behavior taking the New York bar exam may want to check out this article about DSK’s sexy past for a refresher on the rules of evidence. [Reuters]

* “An inveterate scam artist whose misconduct extends across decades and borders.” Facebook’s answer in the Ceglia case makes it sound as if this dude is a movie villain. That would sound great in a trailer. [Not-So Private Parts / Forbes]

Maria Shriver

* A former Ropes & Gray attorney caught up in the Galleon Group insider trading scandal, Brien Santarlas, testified yesterday that he was paid thousands of dollars for tips. Then, he was told “to dispose of the phone — break it in half, submerge it in water and put it in a garbage can.” He was also told to “Fart on it, dredge it in panko bread crumbs, and talk mess about its momma.” [Bloomberg]

* A candidate to succeed Dominique Strauss-Kahn as head of the IMF, former Baker & McKenzie chairman Christine Lagarde, may have a legal problem of her own. A less rapey one, but still. [Reuters]

* Maria Shriver has retained prominent divorce attorney Laura Wasser, but has not decided whether to divorce Ahnuld or not. Every decent Arnold Schwarzenegger joke has been done, so here’s Jean-Claude Van Damme dancing. [CBS News]

* An Oregon woman has won her fight to get high and carry a handgun. A three-episode arc on Cops is still being negotiated. [WSJ Law Blog]

* Vivia Chen continues her impeccable trolling with a post on lawyers who were voted “most likely to succeed” in high school. Money quote: “If you’re in law, odds are slim that you came within breathing distance of cheerleaders or star athletes.” [The Careerist]

* The owners of the Mets considered buying fraud insurance for their Madoff money in 2001. Instead, they traded for Mo Vaughn. Bad Idea Jeans. [New York Times]

* The Supreme Court heard arguments yesterday in a lawsuit asking courts to force major companies to reduce greenhouse gas emissions. Sotomayor spent the entire oral argument asking attorneys how she could fit more Miami Sound Machine on her Zune. [New York Times]

* Louisiana Governor Bobby Jindal, who can be seen every Thursday night on 30 Rock playing Kenneth the Page, shares none of Jan Brewer’s qualms about a “birther bill.” [Politico]

* The Ecuadorean Slapfight (also the name of my ska band in high school) between Patton Boggs, Gibson Dunn, and Chevron was squashed by a judge yesterday. [Reuters]

* Baker Hostetler is balling out of control on L’Affaire Madoff. [WSJ Law Blog]

Judge Vaughn Walker

* Tiger Blogger Vivia Chen wants white guys to be hunted like animals. [The Careerist]

* A copyright troll has found a way to exact a toll without actually owning any copyrights. No word yet on whether anyone has gained entrance into the boy’s hole. [Wired via ABA Journal]

* Alleged Wikileaker Bradley Manning is being transferred to another prison. Julian Assange celebrated the news by going dancing. [Fox News]

* Sponsors of Proposition 8 are mad that retired judge Vaughn Walker, who presided over Prop 8′s defeat in court, is giving lectures around the country that feature a three-minute clip of the trial. They say the video should remain in the closet. Or a desk drawer of some sort. [Los Angeles Times]

Jeff Skilling

* Former Enron CEO Jeffrey Skilling’s appeal was denied by the Fifth Circuit. While he remains the smartest guy in the room, the room consists of him and a half-wit cellmate whose only discernible talent is making Prune-o. [WSJ Law Blog]

* Bruce Fein, an attorney who worked on Clinton’s impeachment and called for Bush’s impeachment as well, has drafted articles of impeachment for Barack Obama. His high crime and misdemeanor? Time theft. [Politico]

* An Ohio man has been charged with a misdemeanor for barking at a police dog. When asked why he was barking at the female dog, the man calmly replied, “Bitch owes me money.” [CBS News]

Raj Rajaratnam

* The government rested its case in the Raj Rajaratnam trial yesterday. Of additional note is the fact that Rajabba sits ten feet behind his defense table, partially obstructed from the jury box. You can’t completely block Rajabba from view. You can only wish to contain him. [New York Times]

* The government has warned attorneys for former Madoff employees not to use money that might be associated with Madoff’s Ponzi scheme. That includes, for their own health, any ass pennies. [ABA Journal]

* The Fourth Circuit rules in favor of a pundit-professor, in a case about the free speech rights of faculty members at public universities. [Chronicle of Higher Education]

* Charlie Sheen is trying to trademark his catchphrases now. He’s overexposed like a frostbitten penis — is there anything funny left to say about him at this point? (We might try; check in later.) [Forbes]

* Sammy Alito and the roots of a compassionate constitutional conservatism. By Emily Bazelon. Foreblurb by Juggalo Law. [New York Times]

* A U.S. vulture fund is having problems collecting a certain debt from the Democratic Republic of Congo via certain chinamen. Yes, I know that’s not the preferred nomenclature. But these men actually do build railroads. [Bloomberg]

* This business professor thinks law firms should start acting like real businesses. Somewhere, a theater professor thinks law firms should just start acting. [Washington Post]

* This fascinating story’s many intimations about State Senator Carl Kruger make it difficult to discern who is doinking who. Sorry, doinking whom. Whom is doinking whom. [New York Times]

* It is spring, which means the New York Mets are feisty. Silly Mets. [New York Post]

* The FDA is weighing whether to ban menthol cigarettes. Good thing Elie already quit. What’s that? You didn’t smoke menthols, Elie? Wow, this is awkward… [Chicago Tribune]

* The Barry Bonds trial is going to be a heavyweight fight. However, most of that weight will be located in Bonds’s head. [San Francisco Chronicle]

Page 3 of 512345