The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
from Alison Frankel:
(Reuters) - The 2nd U.S. Circuit Court of Appeals really, really doesn't like to hear cases en banc, so shareholders' lawyers at Robbins Arroyo knew the odds were against them when they asked the entire court to take up the dismissal of a derivative suit accusing JPMorgan Chase directors of botching the company's investigation of the London Whale trading debacle.
from Morning Bid with David Gaffen:
If history repeats itself, first as tragedy, next as farce, the third time is probably “Greece.” The austerity measures to be implemented and the staggering bailout sum together mark another exhibit in the long history of evidence supporting the line about insanity being the thing someone does over and over while expecting a different result. In its most ruthless terms, though, the markets liked it on Monday, the stock market was higher, the Treasury market sold off, and we’re in a kick-the-can scenario that David Kotok of Cumberland Advisors a few weeks ago said would be viewed well because markets like can-kicking. It’s possible it gives investment managers the hope that they’ve found the fountain of youth or something.