Insider Trading

Morning Docket: 09.30.11

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* Now that DADT has been repealed, the Ninth Circuit has tossed the Log Cabin Republicans case. How does that Paula Abdul song go? Two steps forward, two steps back? [Los Angeles Times]

* Is this a new way of protecting taxpayers? In early 2012, Bank of America is going to start charging $5 a month for debit card purchases. Thanks Dodd-Frank, thanks a lot. [Wall Street Journal]

* Bob Morse of U.S. News wants to know if the ABA will “take more steps . . . to ensure data integrity” in light of the latest admissions data scandal. Aww, you’re so cute. [ABA Journal]

* The DOJ wants Raj Rajaratnam’s medical information, but they probably don’t need it. Just pick some of the usual fat people diseases, like diabetes and high blood pressure. [Bloomberg]

* If I only had a brain heart lower recidivism rate. A serial shoplifter is probably going to lose out on a heart transplant because her health insurance doesn’t cover inmates. [New York Daily News]

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An Above the Law / Dealbreaker Debate: Insider-Trading Sentencing

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Ed. note: This post was written by Matt Levine, the new editor on our sister site, Dealbreaker, and Elie Mystal.

Matt here. You might think that Dealbreaker HQ exists only metaphorically in virtual space, or maybe in the fan fiction you’re hiding in your desk, but in fact Bess and I share a real physical garrett both with our sibling sites Fashionista and Above the Law. Occasionally we even talk to each other. “Talk,” in this context, normally means that Above the Law editor Elie Mystal shouts at us about some outrageous political position. In order to quiet him down a bit, we’ve decided to take it to the internet, thus spawning the first – and maybe last! – Above the Law / Dealbreaker Debate Society.

I have been set the task of defending a proposition like “white-collar criminals should not get anything near the jail time they get.” (We are pretty casual with our resolutions here at the Breaking Media Debate Society.)

Fortunately I believe that, so here goes…

double red triangle arrows Continue reading “An Above the Law / Dealbreaker Debate: Insider-Trading Sentencing”

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Morning Docket: 09.13.11

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* Mississippi’s “personhood” ballot measure could ban not only abortion, but birth control, too. This is supposed to “protect women.” Protect women from what, their right to choose? [Huffington Post]

* This defense attorney has seen plenty of big cases before, but this may be his biggest one yet. Paul Bergrin has been given the green light to represent himself in his own racketeering case. [The Record]

* More doctors are facing criminal charges than ever before. Here’s an idea: stop helping cultural icons (yes, this includes Anna Nicole) OD, and we’ll stop prosecuting you. [Thomson Reuters News & Insight]

* Raj Rajaratnam still has no idea why he’s been convicted of insider trading, but he’ll have plenty of time to ponder the law if he gets the maximum sentence later this month. [Bloomberg]

* “One of the plaintiffs, Kyle Rooker, 14, has not declared his sexual orientation but . . . likes to wear glittery scarves and belt out Lady Gaga songs.” Most fabulous plaintiff ever? [New York Times]

* Why the hell does Baker & McKenzie think that its associates in Japan need spiritual guidance? Everyone knows that lawyers have no souls. [Careerist]

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Quote of the Day: Sounds Like Someone Needs A Little Vacation

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This is the worst piece of whoring journalism I have read in a long time. How long are you going to suck [U.S. Attorney Preet Bharara]’s teat? All to hurt a decent, honest witness, [whom assistant U.S. attorney Reed] Brodsky could not lay a glove on. It did not work. The jury was not impressed by the worst cross examination ever delivered. So in the style of Preet, try to smear him by working the sycophants in the back of the Courtroom. He learned from Schumer in the Senate… Preet is scared sh[**]less he is going to lose this case so he feeds his whores at the WSJ. What a disgrace for an otherwise great paper.

– John Dowd, partner at Akin Gump and defense lawyer to Raj Rajaratnam, in an irate email to Wall Street Journal reporter Chad Bray.

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Morning Docket: 05.20.11

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Maria Shriver

* A former Ropes & Gray attorney caught up in the Galleon Group insider trading scandal, Brien Santarlas, testified yesterday that he was paid thousands of dollars for tips. Then, he was told “to dispose of the phone — break it in half, submerge it in water and put it in a garbage can.” He was also told to “Fart on it, dredge it in panko bread crumbs, and talk mess about its momma.” [Bloomberg]

* A candidate to succeed Dominique Strauss-Kahn as head of the IMF, former Baker & McKenzie chairman Christine Lagarde, may have a legal problem of her own. A less rapey one, but still. [Reuters]

* Maria Shriver has retained prominent divorce attorney Laura Wasser, but has not decided whether to divorce Ahnuld or not. Every decent Arnold Schwarzenegger joke has been done, so here’s Jean-Claude Van Damme dancing. [CBS News]

* An Oregon woman has won her fight to get high and carry a handgun. A three-episode arc on Cops is still being negotiated. [WSJ Law Blog]

* Vivia Chen continues her impeccable trolling with a post on lawyers who were voted “most likely to succeed” in high school. Money quote: “If you’re in law, odds are slim that you came within breathing distance of cheerleaders or star athletes.” [The Careerist]

* The owners of the Mets considered buying fraud insurance for their Madoff money in 2001. Instead, they traded for Mo Vaughn. Bad Idea Jeans. [New York Times]

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Quote of the Day: Good Question

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We all wanted to give Raj the benefit of the doubt. I wanted to believe he was an honest man. How could someone so smart and rich already be involved in something so horrendous?

– Leila Gonzalez Gorman, a 44-year-old teacher from Westchester County, who served on the jury that found Raj Rajaratnam guilty of insider trading and conspiracy.

(According to the Wall Street Journal, Rajaratnam “is estimated to have paid as much as $40 million for his defense… about two-thirds of the amount prosecutors said [his Galleon Group hedge fund] made from the insider trading addressed in the charges.”)

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Breaking: Raj Rajaratnam Found Guilty

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Raj Rajaratnam

Raj Rajaratnam, the billionaire leader of the Galleon Group, has been found guilty.

The jury returned a verdict of guilty on all 14 counts Rajaratnam was facing — nine counts of insider trading and five of conspiracy. Rajaratnam could get a sentence of up to 19 and a half years under the federal sentencing guidelines, according to prosecutors.

Rajaratnam’s defense lawyer, John Dowd of Akin Gump, is a renowned advocate — but he’s not a miracle worker. Raj was just too big a target.

Check out our sister site Dealbreaker for continuing coverage.

Raj Rajaratnam Found Guilty [Dealbreaker]
Galleon’s Rajaratnam Found Guilty [Dealbook]

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Back to Square One for the Raj Rajaratnam Jury

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After seven days of deliberations, one juror in the insider trading trial of Raj Rajaratnam has been dismissed, for unspecified medical reasons. An alternate has been seated, but this means the jury has to begin its deliberations anew. The original jurors must be thrilled.

Let’s hope that the dismissed juror was a holdout (either way). The suspense is killing us!

Readers: Any predictions on how this will turn out? Will celebrated criminal defense lawyer John Dowd — who successfully represented the fabulous Monica Goodling, among others — pull this off? Or will the prosecutors of the legendary S.D.N.Y. get their man?

Did Raj Rajaratnam Rub His Athlete’s Foot All Over A Just Dismissed Juror? [Dealbreaker]
Rajaratnam Trial, Take 2 [WSJ Law Blog]

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Quote of the Day: John Dowd, Mr. Congeniality

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I hate you, I’m not telling you a thing.

– John Dowd, leading criminal defense attorney and Akin Gump partner, responding (or not responding) to reporters’ inquiries about the whereabouts of his client, Raj Rajaratnam. The jury in Rajaratnam’s insider trading trial is still deliberating.

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Morning Docket: 04.22.11

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Harvard Law School

* Attorney Jason Goldfarb pleaded guilty to securities fraud and conspiracy yesterday in a case that originated with the Rajabba investigation. Here’s his firm website photo. [WSJ Law Blog]

* Harvard Law is being investigated for violating Title IX. As someone who did not attend Harvard, I assume IX rhymes with sticks. Which brings me no closer to understanding exactly what was violated here. [Harvard Law Record]

* The Bonds trial ended just in time for us to get super-psyched about the Roger “Frosted Tips” Clemens perjury trial. Let’s start boning up on it! [Reuters]

* Mexico is considering filing a lawsuit against U.S. gun manufacturers. Poor Mexico, so far from God and so close to Remington. [CBS News]

Frank and Jamie McCourt, in happier days.

* Here’s a thorough breakdown of the McCourt mess, including details on the ongoing Bingham divorce debacle. [Am Law Daily]

* So there’s a Canadian lawyer who looks like Kate Middleton? Yeah, well my buddies say I look like Hedo Turkoglu. #humblebrag [Vancouver Sun via ABA Journal]

* Fox News wins the headline contest for Obama’s new gasoline price task force. [Fox News]

* It’s Friday. Let’s consider the better bonobos of our nature, guys. [Times Higher Education]

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