Judge Jed Rakoff on free love, the death penalty, defending crooks and Wall Street justice
By David S. Hilzenrath,
WashPost
Published: January 20
From a courtroom in Manhattan, not far from the epicenter of the nation’s financial crisis, a longtime federal judge is becoming a hero to many and a nightmare to some for demanding greater accountability in cases of alleged Wall Street fraud.
Jed S. Rakoff is driving regulators nuts by refusing to rubber-stamp the kind of deals that have long defined Securities and Exchange Commission justice — boilerplate settlements in which companies use shareholders’ money to pay fines while they neither admit nor deny doing anything wrong. The latest example called for Citigroup to pay $285 million for alleged misconduct during the mortgage meltdown.
The potential impact of Rakoff’s stand goes beyond the financial arena to other industries and regulators that rely on negotiated settlements.
“This is Jed Rakoff against the world,” said Joel Seligman, a scholar of securities law.
(More here.)
WashPost
Published: January 20
From a courtroom in Manhattan, not far from the epicenter of the nation’s financial crisis, a longtime federal judge is becoming a hero to many and a nightmare to some for demanding greater accountability in cases of alleged Wall Street fraud.
Jed S. Rakoff is driving regulators nuts by refusing to rubber-stamp the kind of deals that have long defined Securities and Exchange Commission justice — boilerplate settlements in which companies use shareholders’ money to pay fines while they neither admit nor deny doing anything wrong. The latest example called for Citigroup to pay $285 million for alleged misconduct during the mortgage meltdown.
The potential impact of Rakoff’s stand goes beyond the financial arena to other industries and regulators that rely on negotiated settlements.
“This is Jed Rakoff against the world,” said Joel Seligman, a scholar of securities law.
(More here.)
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