Prosecutors will ask a full panel of the Second U.S. Circuit Court of Appeals to review a decision three of its judges made in December that put new limitations on prosecutors’ ability to pursue insider-trading cases, according to a spokeswoman in the U.S. attorney’s office….
If the request is rejected, or if the court accepts it but doesn’t overturn or modify the decision, prosecutors could still appeal to the Supreme Court, a move that would also require sign off from the Justice Department.
The ruination of the life and work of Preet Bharara is, of course, bad news for Preet Bharara. It is also bad news for the Securities and Exchange Commission, which has spent the better part of six years letting Preet’s boys at the U.S. Attorney’s Office do its work for it, and then rushing to a neighboring courtroom to win a quick judgment against the evildoers whose evil, it seems, may no longer rise to the level of criminal. Also understandably, they would prefer that easy route remain open to them. Read more »
The holidays are no time to force a man to completely reevaluate everything he stands for. So please, Second Circuit Court of Appeals, let Preet mull over your shattering insider-trading definition in the New Year. Read more »
Q: You have also received criticism from some on the left– including writer Matt Taibbi and Wall Street documentarian Charles Ferguson– who say that while you’ve convicted insider traders, you’ve missed the big guys who committed the mortgage fraud that led to the financial crisis. How do you respond do that? A: I would suggest that some of these critics go to law school and apply themselves and become prosecutors and make the case that they think we should be making. This is by reputation and track record the most aggressive office in white-collar crime in the country ever, and if we’re not bringing a certain kind of case, it’s because the evidence is not there. Pure and simple. [Worth]
Preet Bharara is a big-picture kind of guy. He’s won more than 80 insider-trading convictions. Sure, there’s the one that got away, mostly because the judge presiding was, in Preet’s considered opinion, a fucking idiot. And, sure, it hurt. Still does. But he’s not going to let that get him down. No. He’s going to start a new streak right now. Read more »
Most of you know or have heard of Preet Bharara in the context of his day job as Manhattan U.S. Attorney. In this role, Bharara investigates and litigates cases against, among others, alleged terrorists, gang members, mobsters and white collar criminals. And while most of his predecessors and colleagues in the Southern District have long viewed their positions with the AG as steppingstones for even more powerful jobs, it’s obvious to onlookers that Bharara has other things in mind for his career.
It’s not that he doesn’t have aspirations–oh, on the contrary, he does. It’s just that they’re less U.S. Attorney General (or Supreme Court Judge) and more Comedy Central Roastmaster. After hinting at the dream for some time– peppering his press conferences with one liners, pausing for dramatic effect, etc– the prosecutor made his intentions quite clear on Monday night, at what Fox Business’s Charlie Gasparino reports was a “roast” for a former co-worker heading into private practice. Read more »