Wall Street

Keep those spirits high, Raj, because you're going to be in the slammer for a while.

This infamous Ponzi schemer has some advice for the SEC.

A Wall Street wife sues her former divorce lawyers for malpractice, accusing them of being puppets of her ex-husband.

Peter Madoff, the lawyer who served as "chief compliance officer" for Ponzi schemer Bernie Madoff, used to live in this big house (before getting sent to the Big House).

Classic understatement from across the pond.

A power couple -- the former general counsel of an investment bank, and her husband, a Davis Polk partner -- sell their $6 million penthouse.

Is there any chance one of these law schools will actually close?

What would lead four high-powered lawyers and hedge-fund types, including two former Kennedy clerks, to leave their current jobs? The chance to make millions....

* To those of you who celebrate it, Happy Easter! Welcome the holiday by voting in the ABA Journal’s fifth annual “Peeps in Law” contest. [ABA Journal] * If law firm brackets aren’t your thing, check out Professor Kyle Graham’s brackets for (1) law school classes and (2) law blogs. I’m thankful for ATL’s #1 seed but terrified by who we’re up against (because they’ve ripped me a new one before). [noncuratlex] * Sorry, Judge Steiner, you wuz robbed; you should have been our Judge of the Day. It’s tough to top “allegations of a sexual quid pro quo with a female lawyer and the eye-opening confiscation of carpet from [chambers] for forensic analysis.” [OC Weekly] William Shatner * “William Shatner’s Seductive Powers Don’t Create a Fiduciary Duty.” Robyn Hagan Cain explains why. [U.S. Second Circuit / FindLaw] * Citi settles securities cases for $730 million. Matt Levine is not impressed. [Dealbreaker] * And Ted Frank is incensed by Bernstein Litowitz’s nine-figure fee request. [Point of Law] * If you’re already depressed by public ignorance about the Supreme Court, don’t look at the responses to question 9 of this opinion poll. [Penn Schoen Berland] * Steven Harper — author of a new (and very good) book about the legal profession, The Lawyer Bubble (affiliate link) — offers thoughts on the billable hour in the wake of the DLA Piper overbilling allegations. [New York Times]

Earlier this week, Ted Olson and David Boies, along with lawyers from Cleary Gottlieb and Reed Smith, argued an appeal with billions of dollars at stake.

* What to do when your federal agency’s website has been hacked by Anonymous and you’re unable to post a major report online for public dissemination? Well, just ask a law professor to do it for you on his blog; that’s not embarrassing, not at all. [WSJ Law Blog]

* The many victims of the Deepwater Horizon disaster can now rejoice, because yesterday, Transocean pleaded guilty to violating the Clean Water Act, and will pay the second-largest environmental fine in United States history to the tune of $400 million. [CNN]

* Money takes flight: eleventy billion Biglaw firms are behind the beast that is this awful airline merger, but taking the lead are lawyers from Weil Gotshal for AMR and Latham & Watkins for US Airways. [Am Law Daily]

* After questioning the validity of one of the NBA players union’s contracts, Paul Weiss is withholding details about it thanks to the government’s intrusion. Way to block nepotism’s alleged slam dunk. [New York Times]

* “When is the last time you took the biggest financial institutions on Wall Street to trial?” Elizabeth Warren took the Socratic method to the Senate Banking Committee and she was applauded for it. [National Law Journal]

* If you liked it, then perhaps you should’ve put a ring on it, but not a Tiffany’s diamond engagement ring that you’ve purchased from Costco, because according to this trademark lawsuit, it may be a knockoff. [Bloomberg]

* “We feel very badly for Megan Thode.” A Pennsylvania judge ruled against the Lehigh student who sued over her grade of C+ because let’s be serious, did ANYONE AT ALL really think he wouldn’t do that?! [Morning Call]

She's a longtime Debevoise partner, and she's married to a longtime Cravath partner. Let's take a look at their financial disclosures.

* Dear professors, please try to understand that most people who experience normal, human emotions are more concerned with the future of American law students than they are with whether or not American law schools can survive by bilking the hell out of foreigners. [PrawfsBlawg] * In Canada, they raided somebody’s Super Bowl party to bust up an illegal gambling ring. They never would have done this during the Grey Cup. [CTV News] * Apparently some kind of law something happened on Downton Abbey last night? I missed it, because staring at a dark stadium is literally more interesting than that freaking show. [Law and More] * Thomson Reuters is getting out of the academic book publishing business. If only law professors would do the same thing. [TaxProf Blog] * Is Washington & Lee’s “experiential” curriculum working? [The Volokh Conspiracy] * Just to be clear, torturing people only works in the movies and television. [Politics USA] * Cleary might become an ATL feeder firm. [Legal Cheek] * Here’s an excerpt from a fun interview with David Lat, in which he talks about asking Richard Posner out on a date. [California Lawyer] And there’s video, which you can watch for CLE credit, after the jump…. Lat participated in Legally Speaking, a series of in-depth interviews with prominent lawyers, judges, and academics, co-produced by California Lawyer and UC Hastings College of the Law. You can watch Lat’s interview with Professor Evan Lee via the embed below. You can check out earlier interviews — with luminaries like Justice Stephen Breyer, Professor Alan Dershowitz, Justice Ruth Bader Ginsburg, Professor Harold Koh, Professor Larry Lessig, and novelist Scott Turow — over here. California CLE credit is available for watching each video.

* There’s an interesting take here by Scott Greenfield on Glenn Reynolds’s op-ed suggesting there be a “waiting period” before new legislation to try to make sure everybody at least reads it first. Personally, I’m a little more concerned with getting longer waiting periods before people can buy guns and shoot me. [Simple Justice] * Funny to see Lindsay Lohan as the plaintiff, instead of the defendant. [Los Angeles Times] * When reached for comment about the weakness in the U.S. legal job market, clients responded, “Frankly my dear, I don’t give a damn.” [Associate's Mind] * And now we’re back to the argument that allowing non-lawyer ownership of law firms will magically give clients a better experience. Yes, because whenever I’m on hold with Time Warner, I think, “Man, these business people sure get customer service.” [The Economist] * R.I.P. Mark Hummels. [Huffington Post] * It feels like it’s been a while since we made fun of Oklahoma. [Legal Juice] * After the jump, Bloomberg has a fun video on whether Wall Street should fear Mary Jo White….

* PETA sends Bebe a cease-and-desist letter over fur-free advertising. To be honest, I only understood half of what I just wrote. [Fashionista] * Here are five reasons why editors hate lawyers. Of course, when the editors are lawyers, you just kind of end up hating yourself. [About Editing And Writing] * Can someone explain to me how it’s constitutional for Virginia to promise not to enforce laws? [Pilot] * Did you enjoy the South Park episode that involved proprietary towel technology? Then you’ll love this lawsuit! [Thomson Reuters News and Insight] * I asked Professor Rick Hasen whether or not I should self immolate to prevent the GOP from legally rigging the next election, and he’s telling me to chill out because it’s gonna be okay. [Slate] * I’ve been trying to find an excuse to link to this. It’s a guy who is blogging about news from 1913 as if it was happening in real time, in this technological environment. Here, we look at some very swift Southern-style justice. [Retro Pundit] * I must admit, I wanted to pull out my Leonardo DiCaprio coconut drinking goblet to fully enjoy this rich-white-man fight. [Dealbreaker] * Belated congratulations to Elbert Lin, aka Mr. LEWW, on his appointment as solicitor general for West Virginia. [Bench Memos / National Review Online]

Obama's pick to head up the SEC could be a game changer.

When you're underqualified for a job, sending this kind of brutally honest cover letter may be of some assistance to you.

* “This is a total victory not just for the C.F.T.C., but also for financial reform.” Regulators, mount up, because you basically just got a free pass to do your jobs and keep a more watchful and vigilant eye on Wall Street. [DealBook / New York Times]

* Last year, China officially surpassed the United States in terms of the number of patent applications filed. China’s probably surpassed the United States in terms of patents infringed, but that’s neither here nor there. [National Law Journal]

* And now we see why St. Louis University School of Law’s interim dean said he’d be donating his salary to the school. He’s no “butt boy” — he’s settled $25M worth of cases since the fall. [Madison-St. Clair Record]

* “Help me, I’m poor”: the Huffington Post’s army of unpaid bloggers will continue to be unpaid, because the Second Circuit recently affirmed the S.D.N.Y.’s decision to toss out their case. [WSJ Law Blog (sub. req.)]

* Diane von Furstenberg, the fashion designer behind luxury brand DVF, is suing an ex-distributor for selling her wares on the cheap to the likes of TJ Maxx and Marshalls. Ugh, cringe… that’s très déclassé. [Bloomberg]

* If you swap out a menorah and put in a dreidel, does your Hanukkah display avoid violating the Establishment Clause? I know, I know, WAR ON HANUKKAH. [Huffington Post] * I wonder why Martha Minow (law dean, HLS) or Robert Post (law dean, YLS) doesn’t write an op-ed defending the value proposition of going to law school? Wouldn’t you like to hear this argument from somebody who isn’t desperate to fill their class seats? [Constitutional Daily] * Isn’t the concept of the “last meal” the best thing about death row? Granted, that’s a low bar, but still. Having a last meal sounds so civilized. No wonder Texas and Florida want to take it away. [Legal Blog Watch] * Do patent trolls have a weakness to fire, just like videogame trolls? Because, I’d like for them to get burned. [Business Insider] * The fact that voter suppression doesn’t work doesn’t make it right. [Election Law Blog] * Ignoring losses until they go away sounds like the basis of any sound financial strategy. [Dealbreaker]

If you're smart enough to get a job at Cravath, you should be smart enough to keep client confidences, right?