Category Archives: Legal

Links 3/7/14

Reuters Writes About Our Suit Against CalPERS to Obtain Private Equity Data

We were surprised and pleased when a reporter from the Reuters publication peHUB, Chris Witkowsky, contacted us a couple of days ago about the suit we had filed against CalPERS, the California Public Employees Retirement Systems, over their refusal to provide us with information they had given to three Oxford academics who had used that data as the basis for a recently-published paper.

JP Morgan/Madoff Case Puts Spotlight on Use of Lawyers as Investigation-Blockers

Whenever a scandal of sufficient magnitude arises at a bank, it’s standard practice to hire an “independent” third party to conduct an investigation and give a report to senior management and the board. But now even bank friendly regulators are starting to suspect that banks are hiring attorneys do to this work, not to come clean, but to facilitate a cover-up.

We Sue CalPERS Over Denial of Our Private Equity Public Records Act Request

[Yves asked me to sticky this -- lambert]

Although it’s probably sensible to expect a public agency to resist providing information in response to a Freedom of Information Act filing, the lengths to which CalPERS has gone to mislead and obfuscate in trying to thwart my efforts is quite remarkable, particularly since some of the moves CalPERS staff took are in violation of CalPERS’ own procedures.

New Mexico Supreme Court Issues Important Pro-Homeowner Ruling Based on Standing, State Home Loan Protection Act

It’s gratifying to see that some jurists are still able to be offended by banks who come to court assuming they can foreclose on borrowers based on their say-so.

Governments and Activists are Fighting the Corporate “Right” to Sue Governments

This post contains several troubling examples of how investors have used provisions in existing trade deals to attack the laws of nations that attempt to enforce environmental, labor, and consumer protections, or simply discipline bad-faith behavior.

Better Markets Sues Department of Justice and Eric Holder Over JP Morgan Settlement

The public interest group Better Markets today filed suit against the Department of Justice and Eric Holder, alleging that the so-called $13 billion settlement that the Federal government entered into with the nation’s biggest bank was improper due to its secrecy and lack of third-party review.

Whatever You Do, Don’t Pay Attention to the Rising Eurozone Stresses

One of the noteworthy elements of Davos, at least according to media accounts, was the cheery, self-congratulatory tone among the Davos Men, at least until the final day, when the emerging markets rout began. But one of the front they thought they’d gotten under control, Europe, may be about to enter a new phase of political stress.

New York’s Benjamin Lawsky Rattling Banks With Currency, Servicing Probes

It’s been so long that America has had a regulator that is serious about regulating that it’s hard to remember how they operate.

Bill Black: Jamie Dimon’s $10 Million Raise is a “Common Sense” Fraud Reward

Yves here. This has been such a busy week that I’ve been remiss about commenting on how Dimon’s board rewarded him despite the London Whale fiasco and the revelation of pervasive regulatory abuses. Clearly, they thought he bought the bank’s way out of trouble on the cheap, disproving the wailing in the financial firm toadying media that the Morgan bank had been ill-treated by the Administration.

Why George Lucas, Eric Schmidt, (and yes, Steve Jobs) Should Go to Jail: Conspiring to Reduce Wages of 100,000 Tech Pros

One big difference between West Coast and East Coast oligarchs is that a lot fewer people lionize the Eastern ones. But a pending lawsuit may finally tarnish some Silicon Valley halos.

Bill Black: Dimon Does Davos, and His Board Gives Him a Raise

Yves here. It’s become tough work keeping up with the continuing large gap between Dimon hagiography in the media and his dubious accomplishments. So hat’s off to Bill Black for staying on this beat.

Claire’s Stores: Private Equity Broker-Dealer Violations in Action

In an earlier post, we discussed the ongoing violation of SEC broker-dealer regulations by private equity firms when they collect “transaction fees” for buying and selling companies on behalf of the funds they manage. The 1934 Exchange Act mandates that only SEC-registered broker-dealers may collect transaction-based compensation (subject only to limited exceptions which are not […]

Wikileaks on the Trans-Pacific Partnership Environment Chapter: “Toothless Public Relations Exercise”

Wikileaks has thrown yet another wrench in the negotiations over the sellout-to-multinationals-masquerading-as-trade-deal otherwise called the Trans-Pacific Partnership.

On Elizabeth Warren’s Bill Against Using Credit Scores in Employment Screening

Since I give Elizabeth Warren a hard time when she pulls her punches, I am remiss in not giving a thumb’s up to her proposed Equal Employment for All Act, which would bar the use of credit reports in most hiring decisions.