High-Frequency Trading

I mean suing the bejeezus out of Goldman Sachs. And likely a number of other high-profile financial players.

Not over something mundane like the whole “taking part in collapsing the global economy” thing. That’s been discussed to death. I’m talking about something much more concrete and, apparently, easy to establish.

People sometimes derisively call bankers pirates, but it turns out they may be right. Software pirates, at least.

In this month’s issue of Vanity Fair, Michael Lewis looks at the prosecution of former Goldman Sachs programmer Sergey Aleynikov. In addition to detailing the outsized influence large banks have over the justice system and the ease with which the system can break down when the facts of a case are too complex for lay jurors, Lewis uncovers a small nugget that he doesn’t really pursue, but that could be trouble for Wall Street….

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* Ben Weiss suggests that the third year of law school be replaced by special certifications in practice areas. He calls these “O’Wendells.” I like the idea, but the name sounds dirty. If he really wants to keep with the SCOTUS theme, he could just call it a “Bushrod.” [St. Louis Post-Dispatch]

* A guide to the legal landscape surrounding high-frequency trading (the new fad of super-fast, computer-driven trading algorithms swapping stocks in split-seconds). Good, because I like my trading like I like my women: capable of collapsing economic markets at any given notice. [New York Law Journal]

* In fairness to this judge accused of “inappropriate conduct” with an inmate, the Miami Correctional Facility is considered the most romantic correctional facility in America. [RTV6 ABC]

* Calvin and Hobbes impart an important lesson in International Law. [Invisible College Blog]

* Professor Howard Wasserman examines the economics of the infield-fly rule. There’s not even a jokey blurb here; this is intriguing. [Sports Law Blog]

* Man suing a church and some of its staff after being invited to a service and then allegedly being accused of demonic possession and beaten. In fairness to the church, if the man was really the devil, filing a lawsuit is the most logical means of revenge he could employ. [Legal Juice]