Comments on: Counterparties: Deutsche’s hope and “uncomfortable change” A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 By: owe.jessen Sat, 02 Feb 2013 11:25:38 +0000 About the “simulating it’s breaking up” – the German regulator BaFin published their version of the requirements for the reorganization plan, so this is something all German systemically important banks are working on.

By: realist50 Fri, 01 Feb 2013 20:10:41 +0000 Here’s the quote from Mary Jo White on which Taibbi seizes:

“I think and as a former prosecutor, sometimes people refer to me as Attila the Hun. I understand how people can get a reputation sometimes. We were trying to obviously figure out whether this was something beyond, you always have a spectrum on the aggressiveness scale for government types and was this an issue that was beyond real commitment to the job and the mission and bringing cases, which is a positive thing in the government, to a point. Or was it a broader issue that could leave resentment in the business community or in the legal community that would hamper his ability to function well in the private sector?”

I read that quote to show Ms. White being a bit euphemistic in saying “is this guy too much of an egotistical jerk to work well with others and for a client” versus implying any sort of quid pro quo.

On the more general point, an SEC lawyer or prosecutor can certainly be too aggressive in bringing cases. Sometimes an investigation strengthens an initial theory for a case, but sometimes it weakens it. You don’t want attorneys to have tunnel vision and bring weak cases. An SEC civil suit against an individual or a federal prosecution can bankrupt a defendant and pretty much ruin a defendant’s career and life, even when the defendant ultimately prevails. Federal attorneys should grasp the consequences of their power.

For a far better take on Mary Jo White’s conflicts and potential conflicts, I recommend this Dealbook article – ominee-for-sheriff-has-worn-banks-hat/

On top of her own history, I don’t see how you work through the head of the SEC being married to a Cravath partner.

By: SteveHamlin Fri, 01 Feb 2013 15:13:26 +0000 @realist50: what is the proper context? Taibbi is typically a blowhard, but he’s not calling White a baby-raper, just documenting the revolving-door shenanigans of the white collar prosecutors/regulators and the white-collar defense bar they “fight” against.

What is the improper connotation; why is this not a valid insight into White’s mindset?

By: realist50 Fri, 01 Feb 2013 01:49:35 +0000 That quote of what Mary Jo White said is taken out of context. As is typical, Taibbi is being a blowhard moron.