THIS HAS NOT BEEN a good year to be a general counsel. In the first nine months of 2007, a record 10 GCs were charged with or pleaded to civil or criminal fraud in federal courts, most in the wake of the stock-options backdating scandal.
“This is unprecedented,” said David Bayless, former head of the U.S. Securities and Exchange Commission’s San Francisco office and now doing white-collar defense for Covington & Burling. “In the five years I headed the SEC office we might have one case. … They have done 10 in one year,” Bayless said.
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