Hail to the Judge

When the Bus Crashes, Does the Driver Get a Bonus?
If you see an apter headline, please rush & phone us.
-- Leon Freilich

And so, belatedly, we turn to U.S. District Judge Jed Rakoff, a former criminal prosecutor and white-collar defense lawyer with a reputation as "one of the top jurists on the topic of white-collar criminal law."

He tossed out the proposed settlement between the Security Exchange Commission and Bank of America, in which the bank agreed to pay a $33 million fine for secretly authorizing $5.8 billion in bonuses for Merrill Lynch execs just before taking over their nearly bankrupt brokerage.

Not only was the fine measly by comparison with the bonuses, which came to almost 12 per cent of the $50 billion acquisition -- a bailout backed by taxpayer dollars, no less -- but the settlement was egregiously unfair and the logic behind it pointedly absurd:

"The S.E.C. argues that this is just," Rakoff continues,

Besides being unfair and unreasonable ...

And now for Rakoff's kicker:


The judge has ordered the bank and the S.E.C to file a plan by Monday to have the case ready for trial on February 1. Ain't that cute.

September 19, 2009 12:14 PM | | Comments (0)

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Me Elsewhere

'WILD SIDE' STILL ROCKS 

Nelson Algren was one of the great American authors of the 20th century, it is no exaggeration to say, and among the most neglected. Consider his underrated classic, "A Walk on the Wild Side." The title -- popularized and co-opted as an idiomatic phrase by Hollywood and Madison Avenue (institutions Algren loathed) -- is familiar to most anyone who speaks English or knows Lou Reed's lyrics. But the novel itself? Hardly.

BUSTER KEATON REVISITED 
Buster Keaton: Tempest in a Flat Hat is not a biography. "This book is merely a fan's notes," Edward McPherson writes in the introduction, although his publisher ignores the disclaimer and calls it a biography on the cover. In fact, the book is a bit of both, a difficult combination to bring off unless you're David Thomson, who set the standard with Rosebud, his penetrating rumination on the life and career of Orson Welles, which was nothing if not a distillation of every obsessive thought he ever had about the myth and the man and all his movies.
LAUREN BACALL, STILL SALTY AT 80 
When Lauren Bacall writes that her singing voice ranges "somewhere between B minus sharp and outer space," she's being candid and funny. It's not every stage star with two Tony Awards for best actress in a musical whose vocal talent offers so little promise. (OK, Harvey Fierstein excepted.) Still less would one admit it.
THE STARS ACCORDING TO BOGDANOVICH 
Peter Bogdanovich's superb collection of movie-star profiles and interviews -- a sequel to Who the Devil Made It, his interviews of top film directors -- begins with an affectionate tale about Orson Welles that reminds us just how intimate the author's connection to Hollywood's greatest has been. But contrary to what we've come to expect from dime-a-dozen celebrities and celebrity interviews not worth two cents, the tale avoids bromidic egotism and journalistic platitudes.
SAMMY'S WHITE DREAMS 
Four decades ago Lenny Bruce sentenced Sammy Davis Jr. to "30 years in Biloxi," stripping him of "his Jewish star" and "his religious statue of Elizabeth Taylor." Now we have two new biographies of Davis that spring him from ridicule, if not from doubts about his legacy, and restore a measure of dignity to a black entertainer whose huge fame and success never overcame his devout wish -- indeed his lifelong effort -- to be white.
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This page contains a single entry by Straight Up | published on September 19, 2009 12:14 PM.

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