* How Jamie Dimon (and Stephen Cutler and Rodge Cohen) reached JPMorgan Chase’s tentative $13 billion settlement with Eric Holder and the Department of Justice. [DealBook / New York Times; Wall Street Journal (sub. req.)]
* Congratulations to all the New Jersey couples who got married since midnight, in the wake of the state supreme court’s decision not to stay a lower-court ruling in favor of marriage equality. [Newark Star-Ledger]
* Lawyers aren’t the only folks who know how to overbill; defense contractors do too, according to federal prosecutors who allege that a company provided prostitutes and kickbacks to Navy personnel. [Washington Post via The BLT]
* Judge Oing, this really isn’t that hard. Here’s a draft opinion for you in the long-running litigation between Macy’s and J.C. Penney over the right to sell Martha Stewart merchandise (by James Stewart, no relation to Martha). [New York Times]
* If you’d like to run with the bulls without schlepping to Spain, former lawyers Rob Dickens and Brad Scudder can help. Presumably their legal training helped them draft ironclad waivers. [BuzzFeed]
If Congress wants lessons on how things work from Jamie Dimon, they should have to pay him a speaker fee or something.
* Another year, another survey that shows prospective law students care more about the U.S. News Law School Rankings than anything else when applying to law school. In fact, it’s the exact same number from 2010. Kids are dumb. [Kaplan]
* Everybody is worried about what will happen when computers replace attorneys. I’m much more interested in what will happen when computers replace hookers. [The Atlantic]
* If watching our Congress ask idiot questions of Jamie Dimon doesn’t make you feel like we need vastly more intelligent Congresspeople, maybe watching them fawn over Jamie Dimon will do the trick. [Dealbreaker]
* I really hadn’t thought of this — in addition to your huge educational debts, your parents are most likely out there spending your inheritance. I swear, if I ever spend money on more education, it’s going to be on a post-apocalyptic survivalist class. [Law and More]
* Former TSA lady gropes current TSA lady after inappropriate groping from TSA. [Threat Level / Wired]
* In real life, unlike Monopoly, a bank error is never really in your favor. [Legal Blog Watch]
* Do the Republicans have an abortion problem? [New Yorker]
* Happy Birthday, Lat! Check out the very cool gift (affiliate link) that he received in the mail today — signed by one of the authors. [Twitpic via Twitter]
As an in-house attorney, listening to Jamie Dimon’s Capitol Hill testimony this week caused me no shortage of agita. How in the world does a sophisticated shop like JPMorgan engage in trading that “it didn’t fully understand?” We’re not talking about tranches of junk mortgages; this appears to be basic hedging that went awry to the tune of two billion dollars. Oh, and after this occurred, Dimon was re-upped as the top gun at JPMorgan and given a nice raise. I am sure that there are a raft of attorneys in-house and otherwise advising JPMorgan on this situation — and how to deal with it — but I am more interested in how these trades came to be approved in the first place.
I presume, without knowing, that JPMorgan’s traders have a gauntlet of approval processes to run before implementing new initiatives, and one of those processes surely involved legal approval, or at least legal “go ahead.” Legal surely reviewed the initiative or trades, or whatever the proper term of art may be, before passing it up to the sales floors, and this is the most troubling aspect for me. Assuming that the public testimony is accurate, (and yes, I know what happens when I assume), then the folks responsible for actually trading did not understand what they were doing. Wow. Just wow….
* Studying for the LSAT helps your brain. No really. It can even make you smart enough to avoid law school all together. [LSAT Blog: Ace the LSAT]
* Looks like Jamie Dimon decided to send in The Wolf. [Dealbreaker]
* How famous do I have to be before weight loss companies compete to make me take their diets for free (plus hire me a personal trainer) so they can say their weight loss program “works”? Surely, I’m fat enough. [WSJ Law Blog]
* Instead of making laws against bullying, parents could also be less lazy and just learn how to use Facebook. [Orlando Sentinel]
* Eric Turkewitz channeling Mayor Michael Bloomberg: “Look, let’s be blunt here. Who is in a better position to pay the costs of an injury if a city bus injures people? Our strapped city budget, or the victims?” [New York Personal Injury Law Blog]
* Obama says drug legalization is worth a debate. For those scoring at home: we can talk about legalizing drugs, but we can’t talk about controlling guns. [Huffington Post]
* Meanwhile, Florida criminalizes… bath salts? Bonobo Bro has the winning blurb: “Check out this example of the brocist nanny state trying to get in the way of spring break, bath salts that have cocaine like effects and a few other of the principals this great nation was founded on.” [WJHG]
* Rep. Mike Pence of Indiana won’t seek the Republican presidential nomination in 2012. [Politico]
* Speaking of former Republican presidential hopefuls, Fred Thompson prepares to lobby on behalf of trial lawyers. Seriously. Cancel Law & Order and the universe starts breaking down. [WSJ Law Blog]
* The number eight proves lucky for one taker of the New Hampshire bar exam — and the number $140,000, not so lucky. After passing the NH bar exam on his eighth try, the debt-laden lad gets dinged on character and fitness — a familiar tale by now. [Legal Profession Blog via ABA Journal]
* Gotta love it when Jamie Dimon gets catty. [Dealbreaker]
* A corporate partner in the Moscow office of Baker Botts apparently took his own life. John Sheedy, R.I.P. [Am Law Daily]
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