Posts Tagged ‘Eliot Spitzer’

Medical roundup

  • Med mal something of a regional problem: nearly half of payouts are in Northeast, with New York alone paying out more than the entire Midwest [New Jersey Civil Justice Institute on Diederich Healthcare analysis] “Neurosurgeons were 50% more likely to practice defensive medicine in high-risk states compared with low-risk states” [Smith et al., Neurosurgery via NJCJI]
  • New Paul Nolette book on state attorneys general Federalism On Trial includes history of suits led by New York’s Eliot Spitzer to redefine as “fraud” widely known drug-pricing practices that Congress had declined to ban or otherwise address. The resulting lucrative settlements also earmarked money to fund private critics of the pharmaceutical industry;
  • City of Chicago signs on to one of the trial bar’s big current recruitment campaigns, suits seeking recoupment of costs of dealing with prescription opioid abuse [Drug & Device Law; earlier here, here, here]
  • We here in Washington, D.C. take very seriously any violations of HIPAA, the health privacy law. Just kidding! If a union supporter pulls information from an employee medical database to help in an organizing drive, that might be overlooked [Jon Hyman on National Labor Relations Board administrative law judge decision in Rocky Mountain Eye Center]
  • “Preferred Care defendants respond to New Mexico Attorney General’s lawsuit, argue it was filed at urging of Cohen Milstein law firm” [Legal NewsLine]
  • Philadelphia police run warrant checks of hospital visitor lists, and as a result many persons with outstanding warrants avoid going to hospitals. So asserts sociologist Alice Goffman in her book On the Run, but the evidence is disputed [Sara Mayeux last August, Steven Lubet in review challenging the book more broadly on ethical and factual grounds, Goffman’s response]
  • Making contraceptive pill available over the counter without prescription should please supporters of birth control access, right? Funny you should ask [Elizabeth Nolan Brown, Reason, earlier]

The structuring law that tripped up Denny Hastert

I’ve written often on the surreal world of “structuring” law, in which keeping bank deposits or withdrawals below a reporting threshold is a federal crime whether or not you are aware of the structuring law and whether or not the underlying money flow is for or from any illegal activity or intended to evade any law. Of particular interest, I’ve written about who can get away with structuring (Eliot Spitzer) and who can’t (you). The law, along with a separate charge of lying to federal investigators, appears to have tripped up former U.S. House of Representatives Speaker Dennis (“Denny”) Hastert in what a federal indictment suggests were hush money payments over misconduct before he arrived in Congress. I’m quoted in Francine Kiefer’s coverage for the Christian Science Monitor. More commentary: Ken White, Popehat.

Banking and finance roundup

  • Cato Book Forum tomorrow (Wednesday, May 13): Paul Mahoney, “Wasting a Crisis: Why Securities Regulation Fails” [register or watch online]
  • “When The SEC Pays Your Lawyer For Informing On You, Is That A Good Thing?” [Daniel Fisher]
  • “Unfortunately for the CFPB’s ideological imperative, Ballard Spahr concludes otherwise: ‘In fact, the study confirms that arbitration does benefit consumers.'” [Kevin Funnell]
  • Which “established members of the business establishment” brought the AIG prosecution to Eliot Spitzer’s desk, and from what motives? [Ira Stoll]
  • Dodd-Frank “say on pay” failed to slow rise in CEO compensation, and it would help to understand why [Marc Hodak vs. James Surowiecki]
  • “One-Third of Americans Living Abroad Have Thought Actively About Renouncing Citizenship Due to Tax-Filing Requirements” [Matt Welch, followup, earlier on FATCA] Rand Paul bill would repeal the law, and there’s also a constitutional challenge in the works [TaxProf]
  • “What’s the point of the implied covenant of good faith? Other than generating fees for lawyers?” [Prof. Bainbridge]

Can regulators insist that a company fire its CEO?

In New York that’s getting to be a regular pattern in the settlement of charges against financial firms; although Eliot Spitzer, known for creative methods of corporate decapitation, may have departed office, Spitzerism lives on. I explain in a new Cato post on the state’s Ocwen Financial pact.

Related: Tactics the federal government used to seize control of insurer American International Group (AIG) away from Hank Greenberg, now made public despite years spent resisting disclosure [Gretchen Morgenson, New York Times]

Colorado recalls; NYC voters spurn Eliot Spitzer

Next time someone says big money calls all the shots in American politics, remember that an 8-1 money advantage fueled by Michael Bloomberg and other national donors wasn’t enough to save the seats of two lawmakers who’d helped push a gun-control package through the Colorado Senate, thus infuriating constituents in a marginal Colorado Springs district and in the blue-collar Democratic stronghold of Pueblo. [Denver Post, David Kopel, Volokh Conspiracy, The Denver Channel]

Meanwhile, New York City Democratic primary voters decided against nominating whited sepulcher Eliot Spitzer as the city’s next comptroller, thus foiling Spitzer’s plan to get his hands on billions of pension fund dollars with which to engage in grandstanding and litigation [WABC, Lawrence Cunningham]

P.S. Less happily, voters in Richmond, Calif. are going to let the city administration proceed with a scheme to seize underwater mortgages by use of eminent domain [Daniel Fisher, more, earlier]

Police and prosecution roundup

What Spitzer might be up to as NYC comptroller

Strong-arming gun makers to act against their perceived business interests, as well as those of their customers:

…in retrospect, there were a few clues that Spitzer was eying a job whose duties include managing the city’s pension funds…

In December, after the school massacre in Newtown, Conn., Spitzer wrote a column in the online publication Slate arguing that pension funds should use their investing clout to pressure corporations such as gunmakers to act in the public interest.

New York City’s comptroller, Spitzer said in the interview, is “a significant player in terms of the pension funds and how those shares are voted. And when I speak with folks about corporate governance, the missing link in all of this has been ownership.”

Eliot Spitzer has long been a key player in efforts to intimidate lawful gun manufacturers through both strained litigation theories and hamhanded attempts at economic pressure. The NYC comptroller’s office, with its sway over billions in pension fund money, would present him with a large sandbox indeed.