Commodity Futures Trading Commission

Amanda Knox

* “The multimillion dollar question is: Is it going to happen and for how long?” Surprisingly, health care attorneys from large firms are being quite blasé about the Congressional battle over Obamacare. [Blog of Legal Times]

* The 2013 Global 100 is out, and with an 8.6 percent growth in revenue, DLA Piper was able to really show the world the benefits of churning that bill, baby! We’ll have more on this news later today. [American Lawyer]

* This is getting exhausting: Dentons, the three-way merger product of SNR Denton (a merger product itself), Salans, and Fraser Milner Casgrain, is in talks with McKenna Long & Aldridge for yet another merger. [Am Law Daily]

* The director of the Commodity Futures Trading Commission’s enforcement unit will be stepping down to spend time more with family. The countdown until he returns to Skadden Arps starts now. [DealBook / New York Times]

* Ted Olson and David Boies, perhaps more commonly known these days as the gay marriage dream team, will be working together to challenge Virginia’s ban on marriage equality. [National Law Journal]

* Should law school be two years long? Kyle McEntee of Law School Transparency (3 points) is beating the pants off Northwestern’s dean (-4 points) in this debate. [Debate Club / U.S. News & World Report]

* If you’re still considering applying for law school despite all of the warnings seen here and elsewhere, then you’ll probably want to follow this advice. [Law Admissions Lowdown / U.S. News & World Report]

* The Italian Court of Appeal is retrying Amanda Knox of a crime she’s already been convicted and acquitted of, and the chances she’ll be extradited if convicted again are slim to none. Buon lavoro. [CNN]

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….

Do federal employees know how to use all the items in this picture?

The federal government hasn’t exactly been covering itself in glory. This weekend, the IRS was caught line dancing. I had to go on The Mike Huckabee Show where I was allegedly “destroyed” by a conservative screaming about Holder and his association with… Covington & Burling. The right wing is whipped up into a frenzy, and I’m sure if they want to keep focusing on this stuff instead of passing, say, comprehensive immigration reform, Hillary Clinton or Joe Biden will thank them for it in 2016.

But the bottom line is that when you habitually starve the government of the resources needed to hire quality people, you end up with less than stellar government services. The IRS probably doesn’t end up looking this incompetent if it isn’t staffed by glorified toll booth employees.

That’s some big picture stuff. Elsewhere in the regulatory firmament, on the small scale, we’ve got federal regulators who are being investigated for their inability to blow their nose properly…

double red triangle arrows Continue reading “Federal Regulators Don’t Even Know How To Blow Their Noses”


* 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.”

double red triangle arrows Continue reading “Non-Sequiturs: 05.31.13″

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”

DVF: ‘You must be kidding me.’

* “This is a total victory not just for the C.F.T.C., but also for financial reform.” Regulators, mount up, because you basically just got a free pass to do your jobs and keep a more watchful and vigilant eye on Wall Street. [DealBook / New York Times]

* Last year, China officially surpassed the United States in terms of the number of patent applications filed. China’s probably surpassed the United States in terms of patents infringed, but that’s neither here nor there. [National Law Journal]

* And now we see why St. Louis University School of Law’s interim dean said he’d be donating his salary to the school. He’s no “butt boy” — he’s settled $25M worth of cases since the fall. [Madison-St. Clair Record]

* “Help me, I’m poor”: the Huffington Post’s army of unpaid bloggers will continue to be unpaid, because the Second Circuit recently affirmed the S.D.N.Y.’s decision to toss out their case. [WSJ Law Blog (sub. req.)]

* Diane von Furstenberg, the fashion designer behind luxury brand DVF, is suing an ex-distributor for selling her wares on the cheap to the likes of TJ Maxx and Marshalls. Ugh, cringe… that’s très déclassé. [Bloomberg]