* The Supreme Court heard arguments yesterday in a lawsuit asking courts to force major companies to reduce greenhouse gas emissions. Sotomayor spent the entire oral argument asking attorneys how she could fit more Miami Sound Machine on her Zune. [New York Times]
* Louisiana Governor Bobby Jindal, who can be seen every Thursday night on 30 Rock playing Kenneth the Page, shares none of Jan Brewer’s qualms about a “birther bill.” [Politico]
* The Ecuadorean Slapfight (also the name of my ska band in high school) between Patton Boggs, Gibson Dunn, and Chevron was squashed by a judge yesterday. [Reuters]
* Tiger Blogger Vivia Chen wants white guys to be hunted like animals. [The Careerist]
* A copyright troll has found a way to exact a toll without actually owning any copyrights. No word yet on whether anyone has gained entrance into the boy’s hole. [Wired via ABA Journal]
* Alleged Wikileaker Bradley Manning is being transferred to another prison. Julian Assange celebrated the news by going dancing. [Fox News]
* Sponsors of Proposition 8 are mad that retired judge Vaughn Walker, who presided over Prop 8′s defeat in court, is giving lectures around the country that feature a three-minute clip of the trial. They say the video should remain in the closet. Or a desk drawer of some sort. [Los Angeles Times]
* Yes, we have seen the excellent GW Law Revue video based on the Cee Lo Green song (embedded above). No need to send it to us again. In fact, please do not send us links to any Law Revue videos until we announce the start of our third annual Law Revue Video Contest (perhaps next month, but stay tuned). [YouTube]
* The SEC’s general counsel, David Becker, gets involved in the Madoff litigation — as a defendant, in an action brought by trustee Irving Picard. [Am Law Daily]
I’ve been avoiding writing about Irving Picard, the trustee in charge of getting money for the victims of the Bernie Madoff Ponzi scheme, and his lawsuit against New York Mets owners Fred Wilpon and Saul Katz. It’s too painful. It’s like being close enough to see Oliver Perez’s face just as you know things are going to completely unravel but still hoping against hope that he’ll throw a strike. It’s like wondering if David Wright spends his nights crying softly while Mike Piazza texts him weekly updates on how many days he has until he’s an unrestricted free agent. I know what’s happening; I just don’t like to talk about it.
But, as we mentioned in Morning Docket, Picard’s massive complaint was made public today. He says Wilpon and Katz made $300 million in fictitious profits from business dealings with Madoff.
As you read through the allegations, try to remember how poorly the Wilpons make decisions about whom to hire, whom to fire, and how much to play baseball players — and then tell me if you are at all surprised by anything here…
Being married to a Paul Weiss partner is nice; getting divorced from a Paul Weiss partner is even nicer. Thanks to the prestigious firm’s eye-popping profits, getting divorced from a PW partner should give you a seven-figure payday (assuming the Paul Weiss partner has been a partner for a while and is the “monied spouse” — a pretty safe assumption, unless you work at, say, Goldman Sachs).
But when you get that gigantic payment — like winning the lottery, but without all the taxes — can you feel confident in its finality? Or do you have to worry that your ex-spouse, a partner at a firm known for its aggressive and brilliant lawyering, will find a clever way to get some of that money back from you, years later?
Consider the tale of Steven Simkin, a Paul Weiss partner of almost three decades, and his ex-wife Laura Blank, who works in education. It involves a multimillion-dollar marital estate, residential properties in Manhattan and the tony suburb of Scarsdale, and an investment account with one Bernie Madoff.
And yes, for your voyeuristic pleasure, the tale comes with hard numbers, lots of numbers…
Rack up another win for trustee Irving Picard, the partner at Baker Hostetler who’s cleaning up the Bernard Madoff mess. On Friday, Picard and Preet Bharara, the headline-making U.S. attorney for the Southern District of New York, announced a $7.2 billion settlement with the estate of Jeffry Picower (no it’s not spelled “Jeffrey”).
Picower, a successful investor and prominent philanthropist, earned billions — both real, through investing with Goldman Sachs, and fictional, through investing with Madoff — before he died in October 2009. Picower was found dead in the swimming pool of his home in Palm Beach, apparently after suffering a heart attack (a plot device familiar to viewers of Brothers & Sisters and The OC). If he had held on until January 2010, Picower would have avoided the estate tax.
Of the $7.2 billion settlement, $5 billion will go to Picard, to settle the complaint he filed against Picower in bankruptcy court, and $2.2 billion will go to the Department of Justice — the largest civil forfeiture payment in U.S. history. All of this money will eventually find its way to qualifying Madoff victims.
Based on monies collected to date, what kind of recovery might Madoff’s victims be looking at?
* Time to find a new fetish to deposit in your spank banks, sickos, because animal crush videos have been banned (again). [CNN Politics]
* Despite Mark Madoff’s suicide, Irving Picard still has him on a short leash is pursuing litigation against the Madoffs. All clawback lawsuits against the family will continue to move ahead. [Wall Street Journal]
Mark Madoff, the oldest of Bernard Madoff’s two sons, committedsuicide on Saturday, by hanging himself in his Manhattan apartment. Saturday was a significant day: the second anniversary of Bernie Madoff’s arrest for running a multibillion-dollar Ponzi scheme.
Mark Madoff’s lawyer, prominent Paul Weiss partner Martin Flumenbaum, issued a statement yesterday: “Mark Madoff took his own life today. This is a terrible and unnecessary tragedy…. [Mark Madoff was] an innocent victim of his father’s monstrous crime who succumbed to two years of unrelenting pressure from false accusations and innuendo.”
Flumenbaum wasn’t the only powerful Paul Weiss personage named “Martin” with involvement in this case. Mark Madoff’s body was actually found by legendary litigator Martin London, a longtime partner at the firm who is now of counsel at PW.
As noted on his Paul Weiss website bio, “[t]he gamut of Mr. London’s successes is vast.” But his experience is primarily on the civil side, with occasional forays into white-collar criminal work. His docket generally doesn’t include violence and death; he’s not the kind of lawyer who sees dead people (e.g., a homicide prosecutor).
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past six years. You can reach them by email: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months, and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
The evolution of relationships between the genders continues. Currently, in law firms, there is an interesting conundrum; balancing the desire for a gender-blind workplace where “the best lawyer gets the work and advances” and the reality of navigating the complicated maze created by the fact that, in general, men and women do possess differences in their work styles. These variations impact who they work with, how they work, how they build professional connections and how organizations ultimately leverage, reward and recognize the talents of all.
Henry Ford sat on his workbench and sighed. A year earlier, he had personally built 13,000 Model Ts with his own hands. Fashioning lugnuts and tie rods by hand, Ford was loath to ask for help. Sure, there were things about the car that he didn’t quite understand. This explains the lack of reliable navigation systems in the Model T. But Ford persevered because he knew that unless he did everything, he could not reliably call these cars his own.
“Unless my own personal toil is responsible for it, it may as well be called a Hyundai,” Ford remarked at the time.
The preceding may sound unfamiliar because it is categorically untrue. And also monumentally stupid. Henry Ford didn’t build all those cars by hand. He had help and plenty of it. Almost exactly one hundred years ago, Henry Ford opened up the most technologically advanced assembly line the world had ever seen. Built on the premise that work can be chopped up into digestible pieces and completed by many men better than one, the line ushered in an age of unparalleled productivity.
Today, an attorney refers business because he can’t do everything the client asks of him.
There are three reasons why this is way dumber than a made-up Henry Ford story…