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Silly Public, The Mann Act Is For Kids

We share in your outrage (for surely you possess it) following Mr. Spitzer's gliding skate off center ice without so much as a bloodied nose. We're not often the ones hissing "it's a conspiracy," but with passages like this emanating from the New York Times, it's hard not to think that "the fix is in."

In the interview, Mr. Garcia said that although there was evidence that Mr. Spitzer had violated the Mann Act, which prohibits transporting people across state lines for the purpose of prostitution, there were none of the other factors that traditionally weighed in favor of bringing charges, like the use of juvenile prostitutes, or commercial or other exploitation of them.

So let me get this straight. We're off to other business because the charges we would have brought don't include statutory rape? This is the threshold we are going to require?


Banks May Have Trouble Taking Full Advantage Of JOBS Act's New Opportunities For Deceiving Clients

My time in the financial industry entirely postdated the global research settlement, which means that I have a different view of sell-side research from some of the olds. As far as I can make out, there are people who think that investment bank research was once a demonic scheme in which research analysts - larger-than-life figures whose recommendations were irresistible to the retail investors who in this vision bought all of every pre-2003 stock offering - swindled those besotted retail investors into buying crap stocks at inflated prices so that the banks could get gigantic investment banking fees. Whereas I always thought that investment bank research was a sort of cute endeavor of unclear commercial purpose, taken skeptically by the institutional investors who buy most of every post-2003 offering, made fun of by bankers, and conducted by people whom we never saw because, among other things, our network was set up to prevent them from emailing us and vice versa. Perhaps before the settlement giants roamed the halls of research divisions, defrauding investors with abandon, but once their email was cut off from the bankers' email they retreated into mousy irrelevance? Unclear. In any case THEY'RE BACK BABY, sort of: