Sunday, August 30, 2009

The SDNY's Continuing Revolving Door

"In his new post, Mr. [Preet] Bharara will oversee more than 200 lawyers who handle some of the country's most prominent cases, like the prosecution of Bernard L. Madoff for this multibillion-dollar Ponzi scheme. As a naturalized American citizen from India, Mr. Bharara also brings a diversity of background to the post. And while most recent [US] attorneys in Manhattan have come directly from prosecutors' jobs, Mr. Bharara's background on Capitol Hill will serve him well, said Daniel C. Richman, a law professor at Columbia and a former [SDNY] prosecutor. ... He grew up in Monmouth County, NJ, and graduated from Harvard in 1990 and Columbia Law School in 1993. ... In 2000, after about six years in private practice, Mr. Bharara became a [SDNY] prosecutor, first under Mary Jo White [MJW], and later under James B. Comey. For five years, he prosecuted organized crime, narcotics, and securities fraud, among other crimes. ... 'He does have an incredible manner and ability to work with others,' said the New Jersey attorney general, Anne Milgram, who in 2005 serves as counsel to Jon S. Corzine, then a [US] senator, and got to know Mr. Bharara through their work on judiciary issues", my emphasis, Benjamin Weiser at the NYT, 10 August 2009, link:

Wonderful. All the "boys" are here. We get a double Ivy Leaguer with Moslems, Sikhs, Hindus and Jews in his family. Mr. Diversity. We also get a MJW School alumnus. Bharara must know whose Capitol Hill calls to take. The SDNY seems to work like the KGB, it puts "agents" in place, potentially decades before "activating" them. What did Bharara fail to prosecute? Bharara gives us an "Andropov Moment". Does he drink Scotch too? Bharara "works well with others". Is this Bharara's kindergarten report card? Counsel to Corzine? Did Goldman Sachs, them again, have Milgram "vet" Bharara? This selection is so rich. Bharara even got his ticket punched at Gibson, Dunn & Crutcher, 1993-96. Laugh. Yes you. See my 31 January and 3 August 2009 posts:

1 comment:

Anonymous said...

Well... one could argue the other side and say if Mr. Bharara really wants to serve his nation then he'll use his knowledge of Wall Street practices to find and prosecute those who have broke the law.

Any double Ivy Leaguer knows that the worst financial crisis in the history of nation didn't just happen out of thin air... specific "people" created and sold corrupted securities that concentrated risk and brought down our financial system.

CDS, CDO, MBS... just follow the trail... look at who the biggest underwriters were. Look at who they engaged as credit rating agencies... it's easy...

But if Mr. Bharara is just a creature of the "establishment" he will find no wrongdoing on Wall Street. That would be a shame. The corruption would go unpunished. And the foundation of our markets and our nation will suffer. The bailouts will be shouldered by the people and Wall Street executives will continue to profit.

Wall Street or the people?