Goldman Sachs

Facebook went public less than a week ago. But, not unexpectedly, a lot has happened in the few days since. As with many highly anticipated events (e.g., the Star Wars reboot and Barack Obama’s presidency) a lot of the reaction to Facebook’s IPO has been negative and filled with disappointment.

We’ve already got shareholder lawsuits against Facebook and the NASDAQ stock exchange, a privacy lawsuit settlement, and questions about how the IPO may have revealed broader problems about the way the system works. On the upside, the company’s GC, Ted Ullyot, has been making headlines in a more positive way, which is to say the dude is making mad bank for someone working in-house.

Let’s dig in….

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It has been quite a while since we have covered a grand mal discovery screw-up here at Above the Law. For a while, we almost started to believe the legal industry as a whole had finally caught up to technology — or at least had figured out how to keep major mistakes under the radar.

Well, our dry spell has ended. As we mentioned yesterday in Non-Sequiturs, the California office of a Biglaw firm handling some high-profile litigation for Goldman Sachs accidentally released an unredacted version of some files that the firm and its clients have spent years trying to keep secret.

Oopsies…

Keep reading to learn more about the case and see which firm reportedly disseminated evidence of the bank’s “naked” short selling…

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Ladies, Ryan Gosling feels your pain.

* Apparently, it is illegal to father a second illegitimate child in Mississippi. I guess the first one is a freebie or a Mulligan, or whatever. If for some reason I ever have a personal need to know this tidbit, please shoot me in the face immediately. [Legal Juice]

* A class-action lawsuit will be filed tomorrow against the producers of The Bachelor, alleging race discrimination. I’m more concerned about the show’s overall crimes against good taste. (Zing!) [Legal Blog Watch]

* Just like a certain Biglaw firm, Goldman Sachs is dealing with a large number of partner defections. Goldman has a pretty good PR spin though: jumping ship is actually a sign of loyalty to the company. Right, just like the crew of the Titanic. [Dealbreaker]

* Today is #EqualPayDay. If you’re like me and didn’t know what that means, all you need to know is that the fairer sex is still not paid as much as big dumb oafs like myself. If you want to do something to fix this, Ms. JD has some ideas. [Ms. JD]

* Bigotry and prejudice are never okay. UNLESS you want to hate on a new-ish (yet exceedingly popular) religion that is also conveniently in opposition to your liberal political motives. In that case, right this way, sir… [Instapundit]

* If you don’t pay your taxes, the government wants to be able to take away your passport. So, hypothetically, if I were planning to flee the U.S. for, say, Spain, to avoid paying my taxes… I should leave, well, now. Umm, IwillseeyoulaterIhavetorunOKbye. [The Atlantic]

The law is for muppets!

– Ninth Circuit Chief Judge Alex Kozinski, at a Fordham Law moot court competition. According to a tipster, Judge Kozinski was alluding to the very public resignation of Greg Smith from Goldman Sachs last week, in the course of dismissing a student’s point that the panel should rely solely on the law to decide the case.

We don’t usually make predictions about the longevity of the marriages we cover. It just seems excessively harsh to say, “This couple is going to get divorced.”

But… this couple is going to get divorced. The 32-year-old grandson of Richard Nixon marries the 21-year-old daughter of a Greek billionaire in front of 700 guests, including Hillary Clinton and Henry Kissinger. At the Waldorf-Astoria reception, George Pataki grooves to a 24-piece orchestra playing AC/DC’s “You Shook Me All Night Long.” We give it two years.

But on to some more promising unions. Here are your latest Legal Eagle Wedding Watch finalists:

Elizabeth Smith and Richard Cotton

Chelsea Purvis and Alnawaz Jiwa

Chloë Schama and Michael Pyle

Read all about these wildly impressive couples, after the jump.

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If you are lawyer who is looking for a career change, you really might want to give blogging a try. You won’t make as much money as you would in a Biglaw job. You probably won’t make as much as you would working for a well-respected small law firm.

But money isn’t everything. Take it from me. Or Lat. Or Staci. For instance, right now I’m sitting in my backyard, my dog is curled up by my feet, and I have a fresh pot of coffee. Once I turn the ringer off on my phone (so I can’t hear my creditors calling), it’s a pretty good life. Beat that with a stick.

And it is with that in mind that we welcome another former lawyer to the Breaking Media fold. Check below to meet the new writer for our sister site, Dealbreaker

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* J’Accuse…! The S.E.C. has, so far, been operating on a Lone Frenchman theory in regard to mortgage securities fraud at Goldman Sachs. [New York Times]

* This article suggests that the dumb question of the 21st century is “Is it legal?” I suggest the honor go to “F**king magnets, how do they work?” [CBS News]

* Arizona is suing the Justice Department over the Notorious P.O.T. [WSJ Law Blog]

* DLA Piper and Skadden were instrumental in bringing a hockey team back to Winnipeg. Winnipeg! Hockey! Here’s a baby panda! [Am Law Daily]

* The woman who accused two New York cops of raping her released a statement yesterday. [New York Post]

* Joran van der Sloot’s attorney has van der quit. The case. It’s a play on his name. Van der quit. [CNN]

Running from the law (firm)?

* He might be a “litigious little man,” but I still dig Prince. Patterson Belknap just wants his billable time and his [insert guitar riff here] kiss. [New York Daily News]

* Star Magazine says that Katie Holmes is a drug addict. Which drug? Scientology. She might win the libel lawsuit, but her ultimate judge will be Xenu. [Reuters]

* A judge in Illinois won’t let a defendant who looks like the Crazy Cat Lady from the Simpsons get her hair done or wear makeup at trial. [Chicago Sun-Times]

* A judge in New York, on the other hand, will give a defendant the tie off his neck and the Brooks Brothers shirt off his back just so he can look stylish in court. [New York Post]

* Just because your kid went to the prom with a Muslim doesn’t mean that you’re down with Islam — especially not when you want to make it a felony to follow Shariah law. [Washington Post]

* Christina Aguilera got arrested for being drunk in public. Someone needs to put that genie back in her bottle before she heads the way of other infamous Mouseketeers. [ABC News]

* How desperate do you have to be to molest your kid in exchange for a date? How stupid do you have to be to think child porn therapy is real? The answer to both questions is VERY. [Detroit Free Press]

* The SEC has accused Goldman Sachs’s ex-director of insider trading. The next insider trading he’ll probably be doing is for cigarettes in the pokey. [Wall Street Journal]

The fantastically successful firm of Goldman Sachs isn’t just “a great vampire squid wrapped around the face of humanity.” It also discriminates against women, according to the allegations in a lawsuit filed earlier today.

Three female ex-employees of Goldman Sachs accuse the venerable bank of maintaining an “outdated corporate culture” that discriminates against women in terms of pay and promotions. The Goldman Girls — not to be confused with Betty White et al. — seek class-action certification for a class consisting of all female managing directors, vice presidents and associates in the last six years.

The lawsuit alleges that women are underrepresented in GS management, making up just 14 percent of partners, 17 percent of managing directors, and 29 percent of vice presidents. Given what it means to be a partner at Goldman — the New York Times recently described it as “the equivalent of winning the lottery,” in an interesting article about some GS partners being stripped of partnership (law firms aren’t the only ones who can play that game) — the stakes are high.

That’s the straightforward stuff. Other claims in the lawsuit, as noted by Nathan Koppel of the Wall Street Journal, are “a bit more salacious”….

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Last November, we scrutinized the compensation of one of America’s best-paid in-house lawyers: Gregory Palm, general counsel of Goldman Sachs. There was some nit-picking from readers about the precise size of his (pay) package, reflected in the various updates appended to the post, but there was unanimity on the main point: serving as Goldman’s top lawyer is a path to riches.

Over the weekend, the New York Times published a long, interesting, behind-the-scenes look at the negotiations between Goldman and the SEC that culminated in the bank’s $550 million settlement — negotiations in which Greg Palm played a leading role. For some good commentary on Louise Story’s article, check out Larry Ribstein (who sees the case as a strike suit that just happened to be brought by the SEC).

What we found most intriguing about the NYT piece — which weighed in at a hefty 3,200 words, as noted by the WSJ Law Blog — was the delicious dish about Gregory Palm’s pay….

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