Wisdom of Earl Long: Don’t write, don’t phone, don’t talk!

July 9, 2008

Before he died, in 1960, Earl Long managed to serve three times as Governor of Louisiana and — despite widely acknowledged corruption — not a day in prison. In the context of today’s plague of litigation and over-zealous white collar prosecution, some might find helpful this advice of Governor Long: Don’t write anything you can […]

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Bear Stearns prosecutors protest too much

July 3, 2008

A June 26 NPR report confirms suspicions I first expressed on June 20 that the Bear Stearns indictments distort facts, casting them in the most unfavorable light possible. I’ve reached the point in reading indictments that I disbelieve 90 percent of what they contain. A disturbing percentage of prosecutors are either blantant liars (maybe trained […]

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Supreme Court overturns D.C. handgun ban

June 26, 2008

The U.S. Supreme Court today struck down the District of Columbia’s ban on handguns. The Oyez Project has graciously posted a printed transcript and MP3 audio of the March 18 oral arguments in the case.

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D.C. Circuit to rule in Free Enterprise Fund v. PCAOB: SOX & PCAOB endangered?

June 24, 2008

The securities law blogosphere has been bubbling with speculation — since the April 15 oral arguments in Free Enterprise Fund, et al. v. PCAOB — over how the D.C. Circuit Court might rule in the case. It is possible that the PCAOB and SOX could disappear in a cloud of appellate ink before summer’s end. […]

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Einhorn Solution: SEC won’t save you from next Bear Stearns

June 23, 2008

The Bear Stearns collapse, like Enron and Worldcom before it, has prompted loud cries for more and better market regulation: Higher quality accounting standards! Better internal controls! More rigorous enforcement! But haven’t we been getting all this in an ever-rising spiral since 1934? The headline below captures the spirit of the times — New York […]

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Lessons from Bear Stearns indictments? Don’t trust anybody or anything.

June 21, 2008

I have to disagree with WSJ Lawblogger Dan Slater’s takeaway from the Bear Stearns indictments. Dan wrote, late Friday afternoon: Yesterday, as we broke down the Bear Stearns fund-manager indictment, one thing stood out to us as clear, and poignant (presuming for the sake of this post that the allegations in the indictment are true): […]

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Bear Stearns arrests: SEC’s interests ahead of investors?

June 20, 2008

The indictment of Bear Stearns fund managers Ralph Cioffi and Matthew Tannin makes depressing reading. It seems damning to the defendants. But readers should understand that indictments are supposed to be damning. Prosecutors go as far as they can to cast the facts — which in this kind of case can be highly complex and […]

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Criminalizing Financial Optimism at Bear Stearns

June 19, 2008

Fortune Magazine, today, features “Crime and Delusion on Wall Street,” in which Colin Barr reports the FBI’s arrest of Ralph Cioffi and Matthew Tannin (pic right), former hedge fund traders at Bear Stearns. Turns out that the FBI thinks Cioffi and Tannin misled investors by cheerleading for their funds when cheerleading was — in the […]

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Crimes against the Constitution: Walther, Perry & Texas CPS

June 19, 2008

In today’s San Angelo Standard-Times, I argue that Judge Barbara Walther and Texas CPS jeopardized the rule of law in their round up and 60-day forced detention of 460+ FLDS children and adults back in April. As the Texas “investigation” of the FLDS drags on, I suggest that Texas train its investigative guns in a […]

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Mexico’s new presumption of innocence: good news or bad?

June 18, 2008

Mexican President Felipe Calderón (pictured below) yesterday inked major constitutional reforms designed to enhance Mexico’s ability to combat organized crime and drug trafficking. The reforms mandate — for the first time in Mexico’s history — that courts must initially presume defendants’ innocence, criminal trials must be public, and judges must explain the reasoning for their […]

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