Jed Rakoff

  • Banks

    Jury: Former UBS Exec Neither A Snitch Nor A Felon

    The former UBS wealth-management head sure is glad he didn’t do what lawyers not involved in his helping people evade taxes case suggested, instead choosing to follow Jed Rakoff’s advice and see what a jury said about it. They said, “you’re free to go,” and with gusto.

    / Nov 4, 2014 at 4:52 PM
  • "Forget it, I quit, I can't do this anymore, man. My head's about to explode. My whole life sucks! I don't know what I'm doing, I don't know where I'm going. My dad just died, we just killed Bambi, I'm out here getting my ass kicked and every time I drive down the road I wanna jerk the wheel into a Goddamn bridge abutment!"

    swing and a miss

    Bank Of America’s Attempt To Get Out Of 99th Billion Dollar Fine Probably Unsuccessful

    Over the last several years, Bank of America has paid something like $827 billion in fines and settlements, including $16.65 billion just last month. So while another billion here or there would represent but a drop in the bucket, you can sort of understand why Moynihan et al would be done, emotionally, cutting these checks […]

    / Sep 19, 2014 at 1:34 PM
  • "Yes, it's spelled 'R-A-K-O-F-F' and my message is 'Go fuck yourselves'"


    Federal Judge May Have To Approve Citi Settlement But He Doesn’t Have To Like It

    Judge Rakoff would feel a lot better about this if someone from Citi could be compelled to just admit they engaged in fraud; to have them say, “Guilty, your honor.” Sure, the $285 million they’ll be forking over sort of suggests as much on its own but just for fucking once, it’d be nice to […]

    / Aug 5, 2014 at 2:08 PM
  • Sorry which RMBS fraud case was this again?


    Bear Stearns RMBS Ruling Good News For Banks, Except Maybe Bank Of America

    A while back Bear Stearns sold some mortgage-backed securities to a thing called FSAM, which was basically a subsidiary of Franco-Belgian monstrosité Dexia, and FSAM sold the RMBS on to Dexia, and the mortgages were all terrible, and their value dropped, and Dexia sued JPMorgan, currently the proud owner of Bear Stearns, and today JPMorgan […]

    / Apr 3, 2013 at 6:21 PM
  • News

    Don’t Worry About How JPMorgan Maybe Helped Lehman Overlever Itself By Misusing Customer Money

    Is this JPMorgan Lehman thing a big deal? I mean the thing where JPMorgan used Lehman customer segregated securities as collateral for financing Lehman, allowing Lehman to overextend itself by a bit more than it otherwise would have, in pretty clear violation of the Commodities Exchange Act, although also maybe by accident? And where the […]

    / Apr 4, 2012 at 3:19 PM
  • jed-rakoff-21


    Appellate Court Willing to Entertain the Possibility that Citi Was Not Committing Fraud

    I’ve had some fun these last few days proposing counterintuitive theories for why Citi might not suck as much as you probably think it does and it’s nice to see others joining in the pastime, even if this sounds a little far-fetched:

    The district court’s logic appears to overlook the possibilities (i) that Citigroup might well not consent to settle on a basis that requires it to admit liability, (ii) that the S.E.C. might fail to win a judgment at trial, and (iii) that Citigroup perhaps did not mislead investors.

    That piece of rank conjecture is from the Second Circuit’s opinion on an appeal* of Judge Rakoff’s rejection of the settlement between the SEC and Citi over some mortgage-backed securities. Here’s DealBook:

    / Mar 15, 2012 at 7:27 PM
  • News

    Surely The SEC Is Sick Of Going To Court By Now?

    A lot of legal issues look like substantive things but are actually things about what institutions can and want to do. Obviously more people want to think about questions like “should the U.S. have universal health insurance?” than about questions like “does the Anti-Injunction Act bar lower federal courts from reviewing the individual mandate until […]

    / Nov 28, 2011 at 3:11 PM
  • News

    SEC Uses “Because I Said So” Tactic With Judge Rakoff

    If, like me and David Kotz, you get some sad pleasure from getting annoyed at SEC incompetence, then you might enjoy the filings that the SEC and Citi made today in a federal court defending their settlement over charges that Citi did some bad stuff with CDOs. The quick background: Citi decided to make a […]

    / Nov 7, 2011 at 4:39 PM
  • News

    Federal Judge Wants to Keep an Eye on SEC to Make Sure They’re Not Bullying Rajat Gupta

    You might think – particularly if you’re a certain hedge fund manager counting down the days to a September sentencing – that Rajat Gupta did pretty well by not being prosecuted criminally (yet!) for allegedly passing inside information to Galleon. All he’s got so far is an SEC administrative action looking for “disgorgement of ill-gotten […]

    / Jul 12, 2011 at 2:46 PM
  • News

    Rajaratnam Seeks Reversal of Wiretap Ruling

    Attorneys for Raj Rajaratnam have filed a brief to the Second Circuit Court of Appeals seeking to reverse an order compelling them to turn over wiretap evidence to the Securities and Exchange Commission.

    / Jun 9, 2010 at 12:13 PM
  • News

    Judge Jed Approves Schottenfeld Settlement

    Federal District Court Judge Jed Rakoff has approved the SEC’s settlement with Schottenfeld Group, a trading firm that once employed three traders charged in the Galleon insider trading case. The settlement seemed shaky after Judge Jed requested more information from the SEC about how regulators came up with the $460,475.28 they say Schottenfeld needs to […]

    / Apr 20, 2010 at 12:55 PM
  • News

    Judge Jed Up SEC’s Ass Again

    These days, Judge Jed Rakoff’s name creates about as much agita inside the SEC as as Bernie Madoff. If Wall Street’s cops on the beat didn’t have enough to deal with already, now Judge Jed is up their ass about a seemingly meaningless legal settlement in the Galleon insider trading case.

    / Apr 6, 2010 at 3:05 PM
  • News

    Judge Approves BofA Settlement, But Will Have You Know He’s Not Happy About It

    After months of back and forth, Judge Jed Rakoff finally half-assedly approved the $150 million BofA settlement today. But Jed, who seems to be having a hard time letting go of his newfangled celebrity, didn’t want to go down without panache and poetic prose. “Given the somewhat tortured background of these cases and the difficulties […]

    / Feb 22, 2010 at 2:56 PM
  • News

    Don’t Pee On Jed Rakoff’s Leg And Tell Him It’s Raining

    Not my problem anymore, Brian.When he’s not wreaking havoc on the Raj Rajaratnam trials, U.S. District Judge Jed Rakoff is giving newly-minted Charlotte-booster Brian Moynihan a headache. Seems that you can’t call “experts” whose sole source of information are media reports you told your investors to ignore. In effect the bank is arguing that, even […]

    / Jan 4, 2010 at 5:29 PM

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