May 2024 - cypherpunks - lists.cpunks.org

American To Cut Attys Who Blamed Child Filmed In Bathroom
by Gunnar Larson 31 May '24

31 May '24

American To Cut Attys Who Blamed Child Filmed In Bathroom <https://www.law360.com/health/articles/1841412?nl_pk=6422bbc2-a823-4be5-9a9…> By Lynn LaRowe Wilson Elser Moskowitz Edelman & Dicker LLP attorneys are on the brink of being removed as counsel for American Airlines in a Texas state lawsuit over an ex-flight attendant's secret bathroom recording of a 9-year-old girl. 3 documents attached | Read full article » <https://www.law360.com/health/articles/1841412?nl_pk=6422bbc2-a823-4be5-9a9…> | Save to favorites » <https://www.law360.com/health/articles/1841412?nl_pk=6422bbc2-a823-4be5-9a9…>

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SEC Ordered To Pay $1.8M Over Crypto Case Sanctions
by Gunnar Larson 31 May '24

31 May '24

SEC Ordered To Pay $1.8M Over Crypto Case Sanctions <https://www.law360.com/capitalmarkets/articles/1841579?nl_pk=abe82add-2a33-…> By Aislinn Keely The U.S. Securities and Exchange Commission is on the hook for more than $1.8 million in attorney and receiver fees arising from its allegedly ill-gotten temporary restraining order against crypto project Debt Box, though a Utah federal judge allowed the agency the opportunity to refile the enforcement case despite protests from the defendants. 2 documents attached | Read full article » <https://www.law360.com/capitalmarkets/articles/1841579?nl_pk=abe82add-2a33-…> | Save to favorites » <https://www.law360.com/capitalmarkets/articles/1841579?nl_pk=abe82add-2a33-…>

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Feds Push Back At Hunter Biden's 2nd Bid To Ditch Gun Case
by Gunnar Larson 31 May '24

31 May '24

Feds Push Back At Hunter Biden's 2nd Bid To Ditch Gun Case <https://www.law360.com/delaware/articles/1841312?nl_pk=8f2e5a76-bb66-462b-a…> By Ryan Harroff Special counsel for the government urged the Third Circuit to deny Hunter Biden's second attempt to appeal a Delaware federal judge's refusal to dismiss his felony firearm charges, stating Biden's interpretation of guiding precedent would "swallow the final judgment rule whole." 3 documents attached | Read full article » <https://www.law360.com/delaware/articles/1841312?nl_pk=8f2e5a76-bb66-462b-a…> | Save to favorites » <https://www.law360.com/delaware/articles/1841312?nl_pk=8f2e5a76-bb66-462b-a…>

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BREAKING: High Court Calls For 2nd Circ. Redo In BofA Preemption Fight
by Gunnar Larson 31 May '24

31 May '24

BREAKING: High Court Calls For 2nd Circ. Redo In BofA Preemption Fight <https://www.law360.com/banking/articles/1842409?nl_pk=feb6bbba-7878-4d39-be…> By Jon Hill The U.S. Supreme Court on Thursday threw out a Second Circuit decision that freed Bank of America NA from class action litigation brought over a New York escrow interest law, ruling that the circuit court wasn't "nuanced" enough in finding the law preempted for national banks. Opinion attached | Read full article » <https://www.law360.com/banking/articles/1842409?nl_pk=feb6bbba-7878-4d39-be…> | Save to favorites » <https://www.law360.com/banking/articles/1842409?nl_pk=feb6bbba-7878-4d39-be…>

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BREAKING: Justices Revive NRA's Free Speech Claims Against NY Official
by Gunnar Larson 31 May '24

31 May '24

BREAKING: Justices Revive NRA's Free Speech Claims Against NY Official <https://www.law360.com/banking/articles/1839138?nl_pk=feb6bbba-7878-4d39-be…> By Abraham Gross The U.S. Supreme Court ruled Thursday that the National Rifle Association can proceed with certain claims in its lawsuit alleging that a former New York state official violated the gun rights group's free speech protections by pressuring financial institutions to cut ties. Read full article » <https://www.law360.com/banking/articles/1839138?nl_pk=feb6bbba-7878-4d39-be…> | Save to favorites » <https://www.law360.com/banking/articles/1839138?nl_pk=feb6bbba-7878-4d39-be…>

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No Coverage For IT Co.'s 'Collusive' Settlement, Insurer Says
by Gunnar Larson 31 May '24

31 May '24

No Coverage For IT Co.'s 'Collusive' Settlement, Insurer Says <https://www.law360.com/cybersecurity-privacy/articles/1841430?nl_pk=3dfd2fd…> By Ganesh Setty Chubb unit ACE American Insurance Co. told a Colorado federal court it owes no coverage to an IT company found liable by a jury for making fraudulent misrepresentations and breaching its cybersecurity agreement with an investment company, arguing the parties' post-verdict settlement was merely a workaround to "create insurance coverage." Complaint attached | Read full article » <https://www.law360.com/cybersecurity-privacy/articles/1841430?nl_pk=3dfd2fd…> | Save to favorites » <https://www.law360.com/cybersecurity-privacy/articles/1841430?nl_pk=3dfd2fd…>

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Mich. Atty Can't Have Dominion Info, Pa. Court Told
by Gunnar Larson 31 May '24

31 May '24

Mich. Atty Can't Have Dominion Info, Pa. Court Told <https://www.law360.com/cybersecurity-privacy/articles/1841469?nl_pk=3dfd2fd…> By Matthew Santoni Dominion Voting Systems told a Pennsylvania state court Tuesday that information copied from election machines as part of a county's fraud probe was "fruit of the poisonous tree" and can't be shared with a Michigan attorney who has been in hot water for allegedly accessing other states' machine data and releasing the privileged information. 3 documents attached | Read full article » <https://www.law360.com/cybersecurity-privacy/articles/1841469?nl_pk=3dfd2fd…> | Save to favorites » <https://www.law360.com/cybersecurity-privacy/articles/1841469?nl_pk=3dfd2fd…>

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Colo. Justices Say Actual Bias Not Needed To Recuse Judges
by Gunnar Larson 31 May '24

31 May '24

Colo. Justices Say Actual Bias Not Needed To Recuse Judges <https://www.law360.com/legalethics/articles/1841481?nl_pk=153d4a8a-6fb9-4a5…> By Thy Vo Colorado justices on Tuesday said that litigants don't need to prove actual bias to disqualify a judge but still need to get pretty close to that standard, finding a judge who was shot at in her car did not need to step down from a road rage case. Opinion attached | Read full article » <https://www.law360.com/legalethics/articles/1841481?nl_pk=153d4a8a-6fb9-4a5…> | Save to favorites » <https://www.law360.com/legalethics/articles/1841481?nl_pk=153d4a8a-6fb9-4a5…>

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Activision Wins $14M From Call Of Duty Cheat Code Sellers
by Gunnar Larson 31 May '24

31 May '24

Activision Wins $14M From Call Of Duty Cheat Code Sellers <https://www.law360.com/cybersecurity-privacy/articles/1841651?nl_pk=3dfd2fd…> By Gina Kim Activision Publishing scored over $14.4 million in damages and nearly $300,000 in attorney fees against German companies accused of selling cheat codes for Call of Duty games when a California federal judge Tuesday granted its motion for default judgment, finding none of the defendants appeared in the case for a year. Order attached | Read full article » <https://www.law360.com/cybersecurity-privacy/articles/1841651?nl_pk=3dfd2fd…> | Save to favorites » <https://www.law360.com/cybersecurity-privacy/articles/1841651?nl_pk=3dfd2fd…>

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Academic Study Provides Hard Numbers to the Sick, Revolving Door Culture at Goldman Sachs, JPMorgan and Citigroup
by Gunnar Larson 30 May '24

30 May '24

https://wallstreetonparade.com/2024/05/academic-study-provides-hard-numbers… By Pam Martens and Russ Martens: May 30, 2024 ~ On January 18, 2019 the Cambridge University Press published a stunning research paper from the Journal of Institutional Economics. The paper provides the hard numbers to support the thesis that federal banking and securities regulators have arrived at a deep understanding and acceptance that the more connections they acquire while working in government and the more prominent their position becomes – the fatter their future paycheck will be once they make the leap to a megabank on Wall Street. The authors call what the “public servants” are selling to their prospective Wall Street employers “bureaucratic capital.” The authors then provide the hard data in the chart below, showing that Goldman Sachs, JPMorgan, and Citigroup are light years ahead of their peers in monetizing public service to fatten their own bottom lines and create an influence network. (The structure of that influence network, minus the child sex trafficking, is not all that dissimilar to what Jeffrey Epstein was operating with the assistance of the largest U.S. bank, JPMorgan Chase.) The brilliant study is by Dr. Elise S. Brezis, Professor of Economics at Bar-Ilan University in Israel, who received her PhD in Economics from MIT; and Dr. Joël Cariolle, Research Officer at the Foundation for Studies and Research on International Development (FERDI) in France. Dr. Cariolle received his PhD from the University of Clermont Auvergne in France. The authors write: “Looking at the revolving door in the 20 biggest US diversified banks, we identified 304 revolvers, among which 155 are considered as prominent. These revolvers have undertaken 384 revolving door movements between public and private positions and vice versa, mostly undertaken between 1960 and 2015, corresponding to a total of 2,256 years of experience in public office.” The chart above from the study shows that of the 155 public servants who had risen to “prominent” positions, Goldman Sachs captured 50 of those or 32 percent; JPMorgan had captured 20.65 percent; while Citigroup had captured 18 percent. To understand how the revolving doors at the Wall Street megabanks swing in both directions, we recommend our January 2020 article: Goldman Sachs: The Vampire Squid’s Alum Control Two Fed Banks, the U.S. Treasury, the European Central Bank and the Bank of England. To further understand how no amount of public outrage can stop the swinging of Wall Street’s revolving door, consider that the Cleveland Fed has just named a female exec, Beth Hammack, who spent the last three decades at Goldman Sachs, to be its new president, notwithstanding the fact that a former Vice Chairman of Goldman Sachs created the worst trading scandal in the Fed’s 111-year history just three years ago and has been in the headlines ever since. (See our report earlier this month: Goldman Sachs Shines Up Its Swamp Creature Reputation by Rehiring Robert Kaplan as Vice Chairman – the Guy Who Traded Like a Hedge Fund Kingpin While President of the Dallas Fed.) And to appreciate just how enormously lucrative rising to a prominent position in government can turn out to be, consider how Robert Rubin went from Co-Chairman of Goldman Sachs to join President Bill Clinton’s administration in 1993, rising to the position of U.S. Treasury Secretary in January 1995. Four years later, after Rubin helped in repealing one of the most important pieces of banking legislation in history – the Glass Steagall Act of 1933 – Rubin went straight to join the primary beneficiary of that repeal, Citigroup. Over the next decade of sitting on Citigroup’s Board, Rubin amassed $120 million in compensation. When Rubin exited Citigroup in 2009, it was in the midst of receiving the largest bailout in U.S. banking history; its stock price had collapsed, eventually trading at 99 cents in March of 2009. There are numerous eyewitness accounts to support the thesis of the Brezis and Cariolle research paper. When James Kidney, a 25-year veteran trial attorney at the Securities and Exchange Commission retired in 2014, he set off pandemonium inside the SEC when the speech he delivered at his retirement party went viral. Kidney blamed the demoralization at the agency on its revolving door to Wall Street. The best SEC lawyers, according to Kidney, “see no place to go in the agency and eventually decide they are just going to get their own ticket to a law firm or corporate job punched.” Taming the Megabanks, Book JacketWhat every engaged American should read after digesting the Brezis and Cariolle research paper, is the seminal book on the history of the making of these megabanks on Wall Street. That book is Law Professor Arthur Wilmarth Jr.’s Taming the Megabanks: Why We Need a New Glass-Steagall Act. Wilmarth offers the following (and much more) on the revolving door and its attendant evils at the megabanks: “The revolving door between Washington and Wall Street, in combination with extensive social connections between regulators and industry leaders, promoted a form of ‘cultural’ or ‘cognitive’ capture, in which regulators deferred to the views of industry leaders regarding the best ways to draft, interpret, and implement financial regulations.” That’s been very good for minting billionaires like Sandy Weill at Citigroup and Jamie Dimon at JPMorgan Chase. For the American people – not so much. Breakdown of Revolving Door at 20 Largest Diversified U.S. Banks

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