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NYC lawyer accused of $380M scam argues for bail
Legal Career News |
2009/01/20 16:39
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A prominent lawyer accused of cheating hedge funds in a $380 million investment ruse argued to be freed on bail Thursday, saying in court documents he's no risk to flee because his U.S. ties are strong and his foreign connections are weak.
Marc Dreier said all his relatives live in the U.S. and only a few of his business associates or friends live abroad.
Dreier, 58, has been jailed without bail since he was arrested in early December as he returned from Canada. He could face up to 20 years in prison if convicted. Dreier's lawyers have proposed that he be released on $10 million bond, secured by the signatures of his son and mother, and kept under house arrest with electronic monitoring and armed security guards approved by the government. He would be denied computer access and have only preapproved visitors. The conditions would be similar to those of Bernard Madoff, who has confessed to losing up to $50 billion in a giant Ponzi scheme and is holed up at his multimillion-dollar penthouse. Dreier, who led a law firm with more than 200 lawyers before his arrest, told a magistrate judge who will consider the bail issue that he no longer controls any money or assets in the United States or abroad. |
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Worldwide hopes soar for Obama inauguration
Legal World News |
2009/01/20 16:39
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A world made weary by war, recession, joblessness and fear shed its collective burden Tuesday to celebrate the arrival of a new American president. Bulls and goats were slaughtered for feasts in Kenya and caterers prepared for black-tie balls in the capitals of Europe. From Kenya and Indonesia, where Barack Obama has family ties, to areas around the world, Obama represented a volcanic explosion of hope for better days ahead. The ascendance of the first African-American to the presidency of the United States was heralded as marking a new era of tolerance and possibility. It was a reflection of Obama's sprawling, complex family tree that villages in places as diverse as Ireland and Kenya held special parties to celebrate their link to the new president. An Irish village called Moneygall covered itself in red, white and blue bunting Tuesday in honor of Obama's connections, via a great-great-great grandfather named Fulmouth Kearney who emigrated to the United States in 1850. Road signs read "Moneygall welcomes our President, Barack Obama." |
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Much in Obama stimulus bill won't hit economy soon
U.S. Legal News |
2009/01/20 16:38
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It will take years before an infrastructure spending program proposed by President-elect Barack Obama will boost the economy, according to congressional economists. The findings, released to lawmakers Sunday, call into question the effectiveness of congressional Democrats' efforts to pump up the economy through old-fashioned public works projects like roads, bridges and repairs of public housing. Less than half of the $30 billion in highway construction funds detailed by House Democrats would be released into the economy over the next four years, concludes the analysis by the Congressional Budget Office. Less than $4 billion in highway construction money would reach the economy by September 2010. The economy has been in recession for more than a year, but many economists believe a recovery may begin by the end of 2009. That would mean that most of the infrastructure money wouldn't hit the economy until it's already on the mend. The CBO analysis doesn't cover tax cuts or efforts by Democrats to provide relief to cash-strapped state governments to help with their Medicaid bills. But it illustrates just how difficult it can be to use public investment to rush money into the economy. It usually takes bids and contracts to announce such developments, which invariably take time. Overall, only $26 billion out of $274 billion in infrastructure spending would be delivered into the economy by the Sept. 30 end of the budget year, just 7 percent. Just one in seven dollars of a huge $18.5 billion investment in energy efficiency and renewable energy programs would be spent within a year and a half. And other pieces, such as efforts to bring broadband Internet service to rural and underserved areas won't get started in earnest for years, while just one-fourth of clean drinking water projects can be completed by October of next year. |
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Confessions, some chaos as Gitmo war court resumes
Lawyer Blog News |
2009/01/20 16:37
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Two of the five men accused of orchestrating the Sept. 11 attacks offered unapologetic admissions of guilt Monday in a sometimes chaotic — and possibly final — session of the Guantanamo war crimes court. The hearings, scheduled over several days, could be the last at Guantanamo, since President-elect Barack Obama has said he would close the offshore prison at the U.S. base in Cuba and many expect him to suspend the military tribunals and order new trials in the U.S. Ramzi Binalshibh and Khalid Sheikh Mohammed, the self-proclaimed architect of the terrorist attacks, casually admitted taking part in the attacks during a series of outbursts as the translators struggled to keep up and the judge repeatedly sought to regain control. "We did what we did; we're proud of Sept. 11," Binalshibh announced at one point in proceedings that dealt with a number of legal issues, including whether he is mentally competent to stand trial on charges that carry a potential death sentence. Mohammed, who is representing himself, switched back and forth between Arabic and English, insisting at one point that a uniformed military lawyer assigned to assist him be removed from his defense table. The man, he said, represents the "people who tortured me," he said. Mohammed shrugged off the potential death sentence he faces for charges that include the murder of nearly 3,000 people in the Sept. 11 attacks. |
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World Court says US defied order in death row case
Lawyer Blog News |
2009/01/20 16:37
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The International Court of Justice ruled Monday that the United States defied its order last year when authorities in Texas executed a Mexican convicted of rape and murder. The U.N.'s highest court said the U.S. remains obliged to review the cases of about 50 other Mexicans on death row because they were denied access to their consulate after they were arrested. But it rejected Mexico's request that Washington guarantee that each case will be reviewed and reconsidered. Both Mexico and the United States said they were satisfied with elements of the decision. "It was a mixed result," said John Bellinger III, the legal adviser to the U.S. State Department. He said the court refused Mexico's main request to spell out the U.S. obligations toward the arrested Mexican nationals, which likely would have led to heightened demands on the U.S. courts. But he was "disappointed" the tribunal declined to acknowledge efforts by the Bush administration to comply with international law and with the court's order. The Mexican government applauded the ruling in a statement and urged U.S. President-elect Barack Obama to "take concrete actions" to comply with the ruling and "respect the rights of all Mexican nationals." Obama takes office Tuesday. The judgment ended a five-year cascade of proceedings in the wake of a 2004 decision by the same court that the U.S. had violated an international treaty by failing to advise 51 Mexicans of their consular rights. The court required that each case be reviewed to determine whether the lack of diplomatic access could have affected the outcome of their cases. |
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EU Court: illness no reason to deny paid leave
Legal World News |
2009/01/19 16:36
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The EU high court Tuesday voided German and British labor rules that deny paid annual leave to sick workers. Workers in the 27-nation European Union cannot lose the right to a paid vacation just because they are ill, the European Court of Justice ruled. Its ruling clarified the meaning of the EU labor legislation at the request of a German and a British court hearing cases of workers denied paid leave due to illness. The EU's Working Time Directive requires governments to ensure national paid vacation rules do not end up eroding the right to paid leave, the EU court said. It said that right cannot evaporate because of illness and workers must be able to take a paid leave in another period. The ruling immediately drew criticism. Letting workers accrue paid vacation benefits while on sick leave "will have serious and practical" problems for employers, said Tim Marshall, a partner and head of employment at DLA Piper LLP in London, one of the world's largest law firms, which represents many multinational corporations. "In these difficult times further constraints could prove too much for some employers," he added. |
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