CFTC

The thing is that when you run a brokerage company and it goes and loses $1bn of customer money, the CFTC really ought to charge you with “fail[ing] to supervise diligently the activities of [your] officers, employees, and agents,” no? At least? There are various views of Jon Corzine’s role in MF Global’s efforts to misplace a billion dollars – did he intentionally misuse customer funds? was he aggressive but above-board? just confused? – but no one is going around saying “oh, yeah, Corzine was really on the ball there protecting customer money.” You’re just irreducibly not supposed to lose a billion dollars in customer money, and if you do, “failure to supervise diligently” is pretty much the kindest possible description…

Continue reading over at DealBreaker….

* The new meme sweeping the Intertubes is “Old Economy Steve.” While not strictly law-related, it is a fitting meme for trolling recent law school grads entering the market. [The Atlantic]

* After talking about the Atlanta battle of the (legal) bands, we learned that San Francisco is also getting into the act. [Law Rocks]

* Speculating on George Washington’s approach to drone strikes. [Washington Times]

* A look at how regulatory and tax policy changes affect the value of energy companies. [Breaking Energy]

* E. Gordon Gee, Columbia Law ’71 and President of THE Ohio State University got in a little trouble for saying, “You tell the SEC when they can learn to read and write, then they can figure out what we’re doing.” So another guy gets in trouble for being honest. Gee also said that you can’t trust Catholic priests, which segues nicely into the next item. [Yahoo! Sports]

* The Catholic Church’s top exorcist claims to have performed 160,000 exorcisms. After the jump, Professor Mark Kightlinger from the University of Kentucky College of Law eviscerates this claim with “math.”

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* America, you won’t have Michele Bachmann to kick around anymore! The political equivalent of comic relief announced that she will not seek another term. [CNN]

* Eric Holder testified that he would support reform of the ECPA. Apparently this newfound love of electronic privacy doesn’t extend to the Associated Press. [IT-Lex]

* Atlanta is soon to host its Battle of the (Lawyer) Bands. LawJam 2013 is set to rock Atlanta like a litigious hurricane on June 8. Last year featured bands like Mikey Mel & the JDs, so you have a sense of what you’re getting here. [Atlanta Bar Association]

* The CFTC had no idea how to do its job? Say it ain’t so! [Breaking Energy]

* So the sequester has an advantage! Cocaine is going to get cheaper! [Breaking Defense]

* Paul Caron has acquired a 100 percent ownership share of the Law Professor Blogs Network. Congrats! [TaxProf Blog]

* Woman acquitted of manslaughter responds in the best way ever. Video after the jump…

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While most of you are busily reading about the latest effort from U.S. News to calculate with the incalculable, applying its formula to tease out razor-thin distinctions between law schools, you’re missing the demise of the once lauded Internet prediction site, InTrade. What were the odds?

Over the weekend, the Irish-based website shuttered itself completely, noting in a statement to customers that there may be “financial irregularities.” Uh-oh.

All this comes at the worst possible time for InTrade customers, who were looking to cash in on that sweet, sweet Conclave action…

double red triangle arrows Continue reading “Go Ahead and Short Your ‘InTrade Will Come Back’ Contract”