Lynn Tilton

Whether clients knowingly paid for the annual naughty Christmas cards is another question.

She took to Twitter to hashtag her statement.

* “It would have been disastrous for the whole country.” Following Ninth Circuit Judge Alex Kozinski’s screening of “The People vs. Larry Flynt,” the infamous smut peddler at the center of the film received a standing ovation after speaking to an audience about what would have happened if the Supreme Court hadn’t ruled in Hustler’s favor in the landmark First Amendment case. [WSJ Law Blog]

* Wells Fargo CEO John Stumpf will forfeit $41 million in bonus and stock awards in the wake of the lender’s sham accounts scandal. As we mentioned previously, the bank’s board was looking to Shearman & Sterling for guidance on whether it would move forward with clawback actions against executives considering the severity of the misconduct and fraud that occurred. [CNN]

* Sorry, Lynn Tilton, but the Supreme Court isn’t going to rescue you: the “Diva of Distressed” applied to the high court for a stay of the Securities and Exchange Commission’s action against her, arguing that the agency’s use of in-house judges was unconstitutional, but the Court flat-out rejected her request, without even so much as a dissent. Tilton could be barred from further work in the securities industry. [Bloomberg]

* Chelsea Grayson, who currently serves as general counsel of American Apparel, is moving up in the company to take on an even bigger and better role. She will assume the position of chief executive officer next month as the company considers a sale. She’s guided the company through controversies in the past, so a potential sale should be no problem for this former Loeb & Loeb partner. Congratulations! [Big Law Business]

* A former investigator for the Illinois Appellate Defender’s Office is receiving a major windfall after alleging that she was forced to resign for complaining about a salary cut. Alice Washington is set to receive more than $1 million dollars for her retaliation claim, but State Appellate Defender Michael Pelletier says he plans to appeal the judgment due to the fact that he “cannot in good conscience settle with this woman.” [ABA Journal]

* Michael Fahy, lawyer turned firefighter, RIP. [New York Daily News]

It’s important to set these things up or you might forget.

* California AG Kamala Harris gets a profile in Vanity Fair. That’s good, I hear she’s the hottest AG in the country. [Law and More] * If you have an erection that lasts waaaaaaay longer than four hours, file suit. [Delaware Online] * A New York-area law student wants a tutor to help with the law review write-on competition. For the low, low price of $35/hour. Eh. It’s better than contract work in most markets (in case the link breaks I’ve got a screenshot). [Craigslist] * What the hell, here’s another job listing. Highlights: Unpaid summer associates, fighting for $12/hour positions, with one voted off the island every few days. The new economy is awesome! (Screenshot here.) [Craigslist] * Patriarch Partners founder and CEO Lynn Tilton, known for saying, “There are three universal lies: Margins are weak, but we’ll make it up in volume; the check’s in the mail; and I won’t come in your mouth,” prevailed in MBIA’s suit against her. [DealBreaker] * The federal government has made legalized pot difficult for states. Now the burgeoning pot industry is lobbying Congress to change federal laws to make their jobs easier. Come on pols, it’s time to turn your “pro-business” rhetoric to action. [TaxProf Blog] * Republican master spin doctor Frank Luntz is looking into how the Washington Redskins could save their name. This all grows out of the efforts of George Washington Law Professor John Banzhaf (second link) to push the franchise to change its name by lobbying broadcasting regulators to penalize broadcasters for repeating the slur that passes for a mascot. [PR-Inside] * Pennsylvania Supreme Court Justice Seamus P. McCaffery is enjoying an FBI probe into the fact that his wife — and chief aide — earned massive referral fees for sending clients to personal injury firms while working for the court and skirting the rules established by the chief justice. Given the amounts involved, I clearly need to get into the referral business. [Philadelphia Inquirer] * I’ve given Texas a hard time over the last week, but the Texas Court of Appeals for the First District did a little to redeem themselves with this opinion citing legal luminaries Patsy Cline and Daft Punk. Full opinion after the jump. Relevant cites on Texas Courts. Check it out…