Even a zealous advocate might perceive that such an argument hints at hypocrisy

Oh, how I wish I could report the judge who said that was one of our own.  Maybe someday soon I’ll be able to do just that- but the story of the moment  is Rakoff’s back!

It’s a new year, but so far, the same old (sad) song continues to play for Bank of America in the courtroom of Manhattan federal district court Judge Jed Rakoff, who’s overseeing the Securities and Exchange Commission’s suit against the beleaguered bank. On Monday, Rakoff ruled that BofA cannot present expert testimony asserting that media reports should have alerted shareholders to the billions it planned to pay Merrill Lynch executives after the 2008 merger. Continue reading “Even a zealous advocate might perceive that such an argument hints at hypocrisy”

SLABBED Daily – May 19 (O’Keefe and Politz update)

In case you’re wondering about the relative quiet on the blog yesterday, I’m in the midst of a big project and Sop’s Monday music selection indicated he’s treading water.

I broke away earlier today and found a strangly worded document State Farm filed in O’Keefe v State Farm and and a Minute Entry in Politz v Nationwide reopening discovery for 60 days and continuing the case.  I’ll briefly bring you up to date on both and then share a head scratching story sent by a reader.

The document filed today was State Farm’s Reply in Response to Plaintiffs’ Opposition to Motion to Join Interested Parties.  Sop wrote the post on Plantiff O’keefe’s opposition and I added links to related documents for context  in the May 11 SLABBED Daily.

The strange wording was largely confined to item number two in the Reply.

Plaintiffs go on for approximately eleven pages on a tangent that is wholly unrelated to the issue as presented in State Farm’s Motion to Join Interested Parties. This Court has quite enough before it in this case without Plaintiffs unnecessary posturing that is totally unrelated to the issues presented in the subject motion. Plaintiffs’ statements in paragraphs 8, 9, 10 (including subparts a-y), and 11 have no relevance or bearing on whether the mortgagees are necessary parties and as such should be stricken. Because the referenced paragraphs are unrelated to the subject of the motion at hand, State Farm declines taking up this Court’s time responding to same.

Shades of Eddie Haskell – who obviously grew up to become a State Farm lawyer. Continue reading “SLABBED Daily – May 19 (O’Keefe and Politz update)”

BREAKING: WLBT reports SEC and Madoff agree to settle civil fraud case

Coincidence? Jackson’s WLBT had the story.

The Securities and Exchange Commission says it has agreed with Bernard Madoff on a deal that could eventually force the disgraced money manager to pay a civil fine and return money raised from investors.

The agency said Monday the agreement states that Madoff cannot contest allegations of civil fraud and that possible penalties will be decided “at a later time.”

The SEC says that it has submitted the agreement to a federal judge in Manhattan, who will review it.

The deal will not affect a continuing criminal investigation of Madoff who authorities say has described his investment activities as a $50 billion Ponzi scheme.


Reuters news and the CLS grapevine are both reporting  a shakeup at the SEC (and this time I’m not talking football)

The U.S. Securities and Exchange Commission’s top enforcement official, Linda Thomsen, is expected to resign on Monday, CNBC television said.

Former assistant U.S. attorney Robert Khuzami is expected to replace her as the SEC’s enforcement director, one source familiar with the matter told Reuters over the weekend.

The SEC declined to comment.

The enforcement division has been heavily criticized for how it handled the Bernard Madoff case, in which the former financier is accused of defrauding investors of $50 billion.

Reuters reported on Saturday that an announcement on Thomsen’s replacement was expected as early as this week.

Thomsen was appointed SEC enforcement chief in 2005 under former SEC Chairman William Donaldson and remained in that position under former SEC Chairman Christopher Cox.

New SEC Chairman Mary Schapiro is under pressure to restore the agency’s reputation as a tough policeman on Wall Street.

The SEC is hot!

No, not that SEC, this one!  Here in Katrina-land, we have four seasons – hurricane, football, recruiting, and spring practice – and today is the holy day of the recruiting season, Signing Day.

In the East, college football is a cultural exercise. On the West coast, it is a tourist attraction. In the Midwest, it is cannibalism. But in the South, college football is a religion, and every Saturday is holy day.

Rival’s ranked listing of the top 25 classes has shown LSU in the #1 spot all morning – leading both the nation and the SEC.  No doubt, the Honorable Trahant Esquire is a much happier man-fan today than he was November 22, 2008.

Last time I checked, 10 of the 12 schools in the SEC were also in the top 25.  Following LSU (#1) were Alabama (#3), Florida (#7), South Carolina (#11), Georgia (#12), Arkansas (#14), Auburn (#16) , Ole Miss (#18), Tennessee (#22), and Mississippi State (#24).  This we call reinsurance.

One SEC is kicking a$$; but, the other, well, it could turn out to be a great one, too, but let’s put it this way:  until he went out for football his senior year in high school, Walter Payton was the drum major for the band (and a hotty toddie to all of you).