pretty please?

The justification for my position is here somewhere, and I'm going to find it.

The justification for my position is here somewhere, and I’m going to find it.

He took his time, mulled it over, considered his life choices, worked on his grief, pondered the criticisms and looked the awful, no-easy-insider-trading-convictions future in the face. It is a future the Manhattan USA isn’t ready to accept just yet.

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 »

Paul Singer doesn’t want to hear the bank’s bellyaching. Neither does the U.S. Second Circuit Court of Appeals. But not wanting to go the way of BNY Mellon, Citi will try its hand once more with the not-always-sympathetic Thomas Griesa. Read more »

As you’ve no doubt noticed, a number of hedge fund managers have in recent years been found guilty by a jury of their peers of insider-trading, a nebulous and gray-area-filled offense that some people think perhaps should not be illegal but which, all the same, is, and which conviction of said crime carries with it the potential for quite a few years in a place where pampered financiers don’t always get the best of it. Given the latter, everyone who has been found so guilty by said jury of said peers has asked judges with higher pay grades to find that, in spite of their deep and abiding faith in American jurisprudence, 12 ordinary men and women committed a grave miscarriage of justice against them.

To date, none have succeeded, or really even come close to succeeding. So it is likely to be for Anthony Chiasson and Todd Newman, late of the late Level Global Investors and the late Diamondback Capital Management, respectively, who got rolled by their former analysts for the sharing of and trading in all manner of secret sauce about Dell Inc. and other technology companies. But man oh man, what if they did succeed where all others have failed? Let’s just say you could cancel that twice-life-size bronze monument to Preet Bharara planned for Foley Square. Read more »

A couple of notoriously lax securities regulators would like to see the adjective “notoriously lax” excised from before their names.

First, to Toronto, where the Ontario Securities Commission is looking longingly at Preet Bharara’s ability to command the entire FBI to stop what it’s doing to surreptitiously tape some mid-level hedge fund analyst’s phone calls. Read more »