Reynolds's Feed
Nov 20, 2012
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Enforcers keep on casting for biggest SAC fish

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By Reynolds Holding and Richard Beales
The authors are Reuters Breakingviews columnists. The opinions expressed are their own.

U.S. prosecutors haven’t given up on landing the biggest fish at SAC Capital. The Justice Department and Securities and Exchange Commission on Tuesday hit Mathew Martoma, an ex-trader at Steve Cohen’s $14 billion hedge fund firm, with criminal and civil insider trading complaints. The enforcers say the underling helped SAC make $276 million. But if they want Martoma to lend a hand reeling in Cohen, they’ll need to deal.

Nov 16, 2012
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Law firms face same merger risks as their clients

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By Reynolds Holding
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Law firms aren’t immune from the merger risks their clients face. There may be perfectly sensible reasons for Britain’s Norton Rose and U.S.-based Fulbright & Jaworski to join forces and for SNR Denton, headquartered in London and Washington, to seek a three-way tie up with French and Canadian peers. Cross-border deals can help lawyers serve companies increasingly going global. But culture, pay and client conflicts are tough to manage. The danger is sacrificing quality for scale.

Nov 8, 2012
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U.S. deal lawyers not as valuable as they may think

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By Reynolds Holding
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

U.S. deal lawyers are not as valuable as they may think. Financial markets are largely indifferent to the legal terms of agreed public company mergers, new research shows. That may be because most transactions close regardless of the fine print. M&A attorneys have their uses, but agonizing over detailed wording isn’t the best way to serve clients.

Nov 1, 2012
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Apple means (almost) never having to say sorry

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By Reynolds Holding
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Being Apple means (almost) never having to say you’re sorry. The tech giant apologized to customers for releasing a flawed maps application. But it bristled at a UK court order that the company publicly admit as false its accusation that Samsung Electronics had infringed on the iPad. Now the British judges are demanding strict compliance.

Oct 25, 2012

Rajat Gupta insider trading sentence apt but incomplete

(The author is a Reuters Breakingviews columnist. The opinions expressed are his own)

By Reynolds Holding

New York (Reuters Breakingviews) – Rajat Gupta’s insider trading sentence is deserved but incomplete. The former McKinsey boss and Goldman Sachs (GS.N: Quote, Profile, Research) and Procter & Gamble director asked to pay his debt to society by helping impoverished Rwandans. Instead he got two years in the slammer. His request oozed chutzpah but made a useful point. The U.S. justice system should punish crooks like him while also exploiting their skills.

Oct 17, 2012

Patent lawyers: Y’all better Deutsch sprechen

(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own.)

By Reynolds Holding

NEW YORK, Oct 17 (Reuters Breakingviews) – Attention all
patent lawyers: Y’all better Deutsch sprechen. The smartphone
wars are moving from eastern Texas to western Germany. The shift
is occurring because courts in Mannheim and other cities nearby
allow the likes of Apple (AAPL.O: Quote, Profile, Research), Google (GOOG.O: Quote, Profile, Research) and
Microsoft (MSFT.O: Quote, Profile, Research) to block rivals without proving damages. The
court rulings can also carry global weight. The transatlantic
legal arbitrage, however, may be hurting competition.

Oct 10, 2012
via Breakingviews

Executives spared prison should at least lose jobs

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By Reynolds Holding
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Executives spared prison time should at least lose their jobs. With criminal charges difficult to prove, watchdogs in the United States are pursuing financial misconduct by filing civil suits against, for example, Wells Fargo. But companies and their shareholders, not the offending officers, usually foot the bill. Effective deterrence demands that the honchos pay something, too. Banning them from executive suites might best serve corporate governance.

Oct 3, 2012
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Bigger bucks come to Supreme Court clerks who wait

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By Reynolds Holding and Richard Beales
The authors are Reuters Breakingviews columnists. The opinions expressed are their own.

Bigger bucks come to Supreme Court clerks who wait. Top U.S. law firms are offering $280,000 signing bonuses to lure the young attorneys who work with America’s nine top judges. But many do stints with the government first. A new Breakingviews calculator shows how that path can be financially smarter over the long run.

Sep 26, 2012
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More leeway won’t help SEC without better cases

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By Reynolds Holding
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

More leeway in taking wrongdoers to court won’t help the Securities and Exchange Commission without better cases. The watchdog is asking the U.S. Supreme Court for additional time to sue investor Marc Gabelli over misdeeds a decade ago. Granting the request could make pursuing fraudsters easier. But effective enforcement requires filing solid cases against prominent perpetrators. The SEC too often falls short.
The regulator hasn’t been shy about pushing legal boundaries. In separate appeals decided last month, it argued unsuccessfully for extending time limits on suits against corporate executives and for using unproven civil allegations as evidence in criminal trials. But last month it also won permission to grab wrongdoers’ salaries and greater freedom to sue individuals who merely help financial criminals.

Sep 13, 2012
via Breakingviews

No good deed unpunished for U.S. corporate citizens

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By Reynolds Holding
The author is a Breakingviews columnist. The opinions expressed are his own.

No good deed goes unpunished for U.S. corporate citizens. The likes of Apple and Whole Foods draw far more protests than rivals that pay less attention to social responsibility, new research shows. That may make admirable firms even better, but it gives dodgy ones a free pass.

    • About Reynolds

      "Reynolds Holding is a Breakingviews columnist who writes from New York about the law in conjunction with Reuters Legal. Before joining Breakingviews, he was a national editorial producer for the Law & Justice Unit at ABC News, a senior writer for Time magazine and the executive editor of Legal Affairs, the first general interest magazine about the law. He spent more than a decade as an investigative reporter and columnist for The San Francisco Chronicle, where he was named a Pulitzer Prize finalist for explanatory writing. Before becoming a journalist, he practiced corporate law at the New York firm of ..."
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