Insider Trading

* Yet another appeals court has has ruled that Obamacare is constitutional. Aww, can’t we wait for the other side to catch up a little before it goes to the Supreme Court? [Wall Street Journal]

* How did it go for this controversial ballot initiative? As it turns out, the personhood amendment was so stupid that it couldn’t even pass in Mississippi. Color me surprised. [New York Times]

* Raj Rajaratnam has to pay $92.8M in penalties in his SEC case, but come on, he’s a billionaire. Much like the honey badger, Raj don’t care, and he certainly don’t give a sh*t. [Bloomberg]

* We thought this might be a swing and a miss, but the Dodgers won approval to pay Dewey & LeBoeuf and Young Conaway after hitting the Trustee’s curveball out of the park. [Businessweek]

* Best use of footnotes ever? Pitbull’s lawyers are trying to get LiLo’s case against him removed to federal court, and gossip rags are cited in the footnotes more than law. [Hollywood Reporter]

Close, Lindsay, but no cigar.

* Rajabba is appealing his insider trading convictions and prison sentence, but someone needs to suffer for this outrage. Where are Solo and the Wookiee when you need them? [Bloomberg]

* PETA is suing SeaWorld on Thirteenth Amendment grounds for enslaving killer whales. Oh, so the only marine animals you’ll help have to be black and white? Racists. [Washington Post]

* It’s not just black Biglaw associates who get called “token,” but now it’s law professors, too. Kellen McClendon is suing Duquesne Law for race discrimination. [Courthouse News]

* Lindsay Lohan is getting a full spread in Playboy’s January issue, but won’t be doing any spreading of her own. Contract negotiation just ain’t what it used to be. [Los Angeles Times]

* When you sue for age discrimination, you probably shouldn’t discriminate against your judge, no matter what his age. At least this violinist can play his own sad song. [New York Daily News]

Give me a break. I 'raised' 23 foster kids.

* Members of the Occupy Wall Street brigade were allowed to continue to be dirty hippies living in a park without toilets this morning. So fresh and so clean! OMG, yippee! [Wall Street Journal]

* French prosecutors have dropped another yet another rape charge lodged against Dominique Strauss-Kahn. Seriously? It looks like nothing sticks to this man except money. [CNN]

* Recognizing that it’s really hard to get someone to pick up a partner from the drunk tank when there’s a Blackberry outage, DLA Piper is thinking about switching to iPhones. [Reuters]

* RajRaj was literally the biggest target in the Galleon case, but one of his buddies was sentenced, too. On Wednesday, Michael Kimelman got 2.5 years at the luxurious Club Fed. [Daily Record]

* It took Michele Bachmann seven years to graduate from law school (whereas most graduate in three). She can get things done, but apparently only on her own time. [New York Times]

* Food fight! Things are getting really dirty in this Food Network lawsuit. Guy Fieri not only likes to cook with alcohol, but he allegedly speaks like an angry drunk behind the scenes. [City Pages]

Find out how much he got over at our sister site, Dealbreaker.

Earlier: Prior ATL coverage of Raj Rajaratnam

* 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]

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”

* 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]

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.

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]

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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