Greedy law schools taught jobless grads too well
By Reynolds Holding
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
Greedy law schools may have taught their jobless graduates a little too well. Some disgruntled lawyers are suing their alma maters for exaggerating employment prospects. That seems fitting for a litigious lot with buyers’ remorse over a $120,000 education. The lousy job market isn’t the schools’ fault, but training these cheeky legal eagles to spread their wings may be.
On the surface, the suits seem a stretch. Scores of graduates from New York Law, Michigan’s Thomas M. Cooley Law and other lower-tier schools want refunds because they didn’t get the legal jobs they were supposedly promised. They cite school statistics touting more than 90 percent employment rates for recent graduates. The schools stress that the figures, while essentially accurate, guarantee nothing, and lawyers should have known the job market was shaky.
M&A lawyers lob stones at Goldman from glass house
By Reynolds Holding
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
M&A lawyers tossed stones at Goldman Sachs from a glass house. Debate over how the bank played both sides of the El Paso sale to Kinder Morgan drowned out other hot topics at this week’s dealmaker jamboree in New Orleans. Bankers and chief executives took beatings over other conflicts of interest, too. For an event organized by and for mainly attorneys, however, there was surprisingly little self-reflection.
Fortune 500 plays tough for home-court advantage
By Reynolds Holding
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
U.S. companies are playing tough for home-court advantage. Weary of fighting shareholders in multiple states, the Fortune 500 is forcing M&A lawsuits into its preferred forum, Delaware. But investors deserve a say in the matter. As the hot-button issue plays out before judges, deal-making lawyers and bankers will give it a hearing at their annual New Orleans confab this week.
Steve Wynn comes up unlucky in business love, too
By Reynolds Holding
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
Steve Wynn is coming up unlucky in love again. This time it’s business, not personal. The casino magnate has already divorced the same woman twice, the second time coughing up a $1 billion stake in Wynn Resorts. Now, his decade-long financial union with pachinko king Kazuo Okada is also on the rocks.
Thermostat spat puts old heat on new cool
By Reynolds Holding
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
A patent spat over thermostats is putting old heat on new cool. Honeywell this week accused Nest Labs of stealing its ideas – though some seem obvious. Whether that proves to be the case or not, the upstart outdid the old-line firm by making a temperature controller of Apple-like elegance.
A CEO’s phone mannerisms can reveal fibs
By Reynolds Holding
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
A chief executive’s phone manner can reveal fibs about company results. All it takes is a shaky delivery or uneven tone during an earnings call, new research suggests. They are among the tip-offs that a boss is being economical with the truth. The evidence isn’t reliable enough to land anyone in jail. But for investors seeking an edge, it may pay to listen closely.
Google feeds regulators fresh meat to chew on
By Reynolds Holding
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
Google is feeding U.S. regulators fresh meat to chew on. Antitrust concerns have swirled around the Internet search giant for years. Now, changes to its data-sharing policies are causing added alarm among lawmakers. Google hasn’t yet crossed any major legal lines but seems destined to find them.
Directors and officers insurance declaws clawbacks
By Reynolds Holding
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
Directors and officers insurance may be declawing clawbacks. Allowing regulators to recoup bosses’ undeserved rewards is central to U.S. financial reforms. But in addition to more standard risks, D&O polices are now covering salaries and bonuses lost in this way – at shareholder expense. Insurers deny helping executives skirt accountability. Investors, watchdogs and the courts may see things differently.
Corzine apology little better than Fuld’s defiance
By Reynolds Holding
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
Jon Corzine’s apology isn’t much better than Richard Fuld’s defiance. The former boss of MF Global told the U.S. Congress on Thursday he regrets the loss of money and jobs caused by the firm’s collapse. But his prepared statement is also full of dubious explanations that don’t improve much on the blame-game tactics and lack of contrition from Lehman’s ex-chief.
The onetime senator threw caution to the wind by acquiescing to a grilling by his former congressional colleagues. Corzine’s carefully worded remarks may nevertheless return to haunt him in court. But even now, they raise troubling questions.
Courts more willing to second-guess Wall Street
By Reynolds Holding
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
U.S. courts are growing bolder about second-guessing Wall Street. They have typically trodden softly over corporate financial disputes and settlements for fear of ruffling markets. But the rejection of the Securities and Exchange Commission’s recent $285 million deal with Citigroup is the latest sign that times are changing.
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