Hedge Funds

* “Some discrimination’s okay. It’s only certain kinds that aren’t good.” We’ve got a feeling we know which side the Supreme Court will come out on when it comes to the Mount Holly Gardens case in New Jersey, so fare thee well, Fair Housing Act. [MSNBC]

* Hallelujah! After last month’s miraculous news of this troubled firm finding a savior in Cooley LLP, the Left-Behinders of the Dow Lohnes partnership ranks are counting their blessings as they slowly but surely find new homes elsewhere. [Am Law Daily]

* After a political process that’s lasted for ages, now all that’s needed is the governor’s signature, and then Illinois will become the 15th state to officially have legalized same-sex marriage. Hooray! [New York Times]

* Lawyers for accused Boston Marathon bomber Dzhokhar Tsarnaev are annoyed that access to their client has been limited by jailhouse rules. A judge will slap down their motion next week. [National Law Journal]

* Bring it on: To keep things “simple,” prosecutors have dropped two felony charges against Kent Easter, the lawyer who allegedly planted drugs on a PTA volunteer at his son’s school. [Navelgazing / OC Weekly]

* What does SAC Capital’s $1.2 billion settlement with the government mean for the hedge fund industry? [DealBook / New York Times]

One hopes “black edge” wasn’t on the list. Anyway, today’s indictment against SAC, for wire fraud and securities fraud, is something to behold:

“For example, on or about July 29, 2009, a recently hired SAC PM (the ‘New PM’) sent an instant message to [Steve Cohen] and relayed that, due to some ‘recent research,’ the New PM planned to short Nokia when he started work 10 days later. The New PM apologized for being ‘cryptic’ but noted that the head of SAC compliance ‘was giving me Rules 101 yesterday – so I won’t be saying much[.] [T]oo scary.’”

Possibly the weirdest part here is that new hires got compliance lectures two weeks before they showed up at the firm? But maybe not; the DOJ takes a pretty dim view of SAC’s hiring process generally, and if you believe the DOJ that SAC’s main hiring criterion was “is good at insider trading,” then you could imagine the need for a little pre-start-date warning in email etiquette:

Continue reading over at DealBreaker….

Raj Rajaratnam

Rajaratnam’s arguments are not persuasive.

– Judge José A. Cabranes, writing for a three-judge panel of the Second Circuit in upholding the insider trading convictions of former hedge fund manager Raj Rajaratnam. On appeal, Rajaratnam unsuccessfully argued that federal prosecutors obtained a wiretap warrant with a “reckless disregard for the truth.” Rajaratnam will serve the remainder of his 11-year sentence.

(If you’re interested, continue reading for the Second Circuit’s opinion.)

double red triangle arrows Continue reading “A Big House For A Big Man: A Raj Rajaratnam Ruling”

Ted Olson and David Boies: adversaries, then allies, then adversaries again.

After covering the Dewey & LeBoeuf bankruptcy hearing on Wednesday morning, I walked a few blocks uptown to the Second Circuit for another exciting event: oral argument in the closely watched Argentina bondholder litigation. It was a Biglaw battle royal, pitting Ted Olson, the former solicitor general and current Gibson Dunn partner, against a tag team of top lawyers that included David Boies, Olson’s adversary in Bush v. Gore (and ally in Hollingsworth v. Perry).

Here’s my account of the proceedings, including photos….

double red triangle arrows Continue reading “Clash of the Biglaw Titans: Ted Olson and David Boies Meet in Second Circuit Showdown”

* Yesterday, we talked about Professor Jonathan Turley being butthurt over the criticism he received from Ann Althouse and others. Today, Althouse responds. I’m keeping my powder dry till Thursday, when I will undoubtedly have a full mental breakdown as SCOTUS overturns a healthcare plan I didn’t really like in the first place. [Althouse]

* Woman gets raped. Woman gets morning after pill. Woman reports rape to police. Police arrest woman on outstanding, unrelated warrant. Warden confiscates pill because that’s what Jesus would have wanted. Do I have to explicitly say this happened in Florida, or did I give you enough context clues? [The Daily Dolt]

* Hedge fund manager who faked his own death has thoughts on famous murders. [Dealbreaker]

* Some other ways for law firms to compete for clients beyond offering the lowest price. [What About Clients?]

* I think if this Miami Heat owner insists on proceeding with this lawsuit, then we should all get to Champagne Bukkake him when he loses. [The Legal Satyricon]

* Check out this awesome podcast I was on last night. Not only did I get progressively more drunk while taping, I think I also said that Roberts “isn’t so bad” and then named my favorite Justice appointed by a Republican. [Recess Appointment]