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Congressional panel suggests firing managers, liquidating banks
A congressional panel overseeing the U.S. financial rescue suggested that getting rid of top executives and liquidating problem banks may be a better way to solve the economic crisis. The Congressional Oversight Panel, in a report released Tuesday, also said the Treasury may be relying on too rosy an economic scenario to guide its $700 billion bailout, and declared that the success of the program after six months is "mixed.'Powerful' K&S gains two partners from McKenna
Slidell woman's case headed to Supreme Court
SLIDELL, La. (AP) -The case of a Slidell, La., woman, who claims a generic drug caused damage to her brain leaving her disabled, will be heard by the U.S. Supreme Court.9th Circuit Clears Man Who Faked Poverty to Win a PD
Defendants who feign poverty to get a court-appointed public defender can't be prosecuted for lying on a government application, the 9th Circuit ruled Wednesday. The court overturned an 18-month sentence imposed on a man by a Montana federal judge for making false statements on a financial affidavit, holding that applications for court-appointed counsel are part of a judicial proceeding and are therefore immune from criminal liability.View more book results for the query "*"
Bankruptcy Examiners on the Rise
A recent flurry of appointments of "examiners" in some of the largest bankruptcy cases nationwide has renewed interest in examiners' role in bankruptcy cases. These investigations are no small matter. The Enron examination took more than 18 months and cost over $100 million. For the foreseeable future, bankruptcy professionals will be dealing with examiners more often, in bigger cases. Knowing what examiners are about is a good idea for practitioners, no matter what their specialty.Courts Force CDS Parties to Live With Plain Terms of Contract
Robert Knuts and Josh Cohn, partners in Allen & Overy, write that the ability of the court in VCG Special Opportunities Master Fund Ltd. v. Citibank NA to understand the esoteric Implied Writedown mechanism of a relatively standard CDS on CDO transaction, as well as the economic context in which the CDO was sold, is a reassuring example of a court's general ability to deal with the facially complex documents that govern many derivatives and other capital markets transactions.N.Y. Federal Court Declines to Relieve Attorneys in KPMG Case
Southern District of New York Judge Lewis A. Kaplan on Monday prevented attorneys Robert Fink and Caroline Rule from withdrawing as defense counsel to former KPMG partner Richard Smith in United States v. Stein. At a Monday conference, Fink argued that when the government filed its notice of appeal in its fraud case against 13 former KPMG partners, it stripped Kaplan of jurisdiction and his ability to prevent Fink's firm from withdrawing. But Kaplan disagreed.World markets advance amid U.S. earnings cheer
World stock markets rose strongly Friday after another batch of solid U.S. earnings and further confirmation that the recovery in Germany, Europe's biggest economy, is gathering pace.Trending Stories
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