U.S. District Court Judge Jed Rakoff on "Why Have No High Level Executives Been Prosecuted In Connection With The Financial Crisis?" Judge Rakoff, a federal trial judge who sits in the Southern District of New York, writes: "[M]y point is that the Department of Justice has never taken the position that all the top executives involved in the events leading up to the financial crisis were innocent, but rather has offered one or another excuse for not criminally prosecuting them – excuses that, on inspection, appear unconvincing."
The Limits of Computer Trespass Law (Lengthy video with audio available) "Have you ever borrowed a smartphone without asking? Modified a URL? Scraped a website? Called an undocumented API? Congratulations: you might have violated federal law!" Legal and internet thinkers (including Ed Felten, Jennifer Granick, Dan Auerbach, & others) talk about vagueness in the Computer Fraud and Abuse Act, chilling effects, and the prosecution of Aaron Swartz in a panel discussion at Stanford's Center for Internet and Society. [more inside]
Banks usually reserve the right to change the rules or rates for credit cards they issue at any time, and the only notice given is buried in a long legal document. Russian Dmitry Argarkov turned this on its head: After he received a junk-mail credit card offer, he modified the document to include terms ridiculously in his favor and sent it back. The bank signed and certified it without looking at it, and sent him a credit card. [more inside]
Many people say that a law degree enables the holder to do virtually anything. Am Law Daily explores the logical fallacies behind this statement.
Discover Magazine posted a couple of blog entries about the law school scam as a cognitive bias and why law school tuition isn't more dispersed.
A report by the ABA shows that some law schools hire as many as 15% of new graduates in an effort to boost employment numbers.
In a new working paper provocatively entitled Law Deans in Jail, Emory law professors Morgan Cloud and George Shepherd
examine the widespread reports of lying by law schools and their administrators, and the publication of these fabrications by U.S. News, and explain how the reported conduct could constitute federal crimes, [specifically] mail and wire fraud, conspiracy, and racketeering.Advisory: 77-page PDF; click on the link on the top-left to download the full paper. [Abstract]. Previously. Previouslier. [Via the always trenchant Margaret Soltan].
Start a home business, get rich quick, win financial freedom! If you watch late-night TV, you've heard it all before. But what's the story behind these slick pitchmen and their dubious schemes? Enter The Salty Droid, your ornery metal guide to the corrupt underworld of scam-marketing scum. This charmingly acerbic bot (owned and operated by mild-mannered Chicago dog-lover Jason Michael Jones [inter-view, long talk + transcript]) is a valiant crusader against the vile con-men who bankrupt the elderly and the desperate with beautiful lies. Exposed so far: A shadowy "Syndicate" of frauduct-pushing personality cults polluting the media with blogspam and woo-woo talking points. Boiler rooms in the Utah desert where telemarketers farm credit from easy targets with cunning, probing scripts [PDF]. Powerful politicians bought wholesale. Believers left to die in fraudulent new-age vision quests. It's a soul-crushing beat, enough to make one feel like a regular catcher-bot in the digital rye. But somebody's got to do it -- preferably someone with plasma nunchucks and titanium skin.
Is the SEC Covering Up Wall Street Crimes? "A whistleblower claims that over the past two decades, the agency has destroyed records of thousands of investigations, whitewashing the files of some of the nation's worst financial criminals."
"...$48 million of notes due in September, another $15 million in November, a whopping $100 million in December, plus $60 million in January 2009. All told, he would need almost $225 million to cover these redemptions. 'Obviously,' Dreier observes without a hint of irony, 'I had put myself in a ridiculous predicament.'" (Previously)
More brazen than Madoff? Former NYC hotshot attorney Marc Dreier (he of the now-defunct vanity firm), was arrested in Canada in late 2008, charged with spearheading an occasionally daring series of frauds. [more inside]
Brent Kovar got investors and employees to believe his invention was the next big thing, but nobody's ever seen it. Mister Kovar had also been appointed in 2003 to the Business Advisory Council of the National Republican Congressional Committee by then-Congressional Majority Leader Tom Delay. Apparently, a DC-9 they co-owned (painted to resemble aircraft from the U.S. Dept of Homeland Security) was busted in Mexico with 5.5 tons of cocaine on board. First link via fark
United States v. George W. Bush et al. Retired federal prosecutor Elizabeth de la Vega has written a hypothetical indictment for a hypothetical grand jury charging President George W. Bush, Vice President Richard Cheney, Secretary of Defense Donald Rumsfeld, Secretary of State Condoleezza Rice, and former Secretary of State Colin Powell of violating Title 18, United States Code, Section 371, thereby commiting a conspiracy to defraud the United States by tricking the nation into war. Though a work of fiction, the evidence presented is real. Part 1 is the introdutction, part 2 is the indictment, and part 3 is the beginning of grand jury testimony, with more to come over the next few days.