Revision of the Justice Department’s much maligned guidelines for seeking corporate waivers of attorney-client privilege in white-collar investigations has been likened to a “don’t ask, don’t tell” policy that will drive prosecution waiver demands underground.

And few believe that what has been dubbed the McNulty memorandum, issued on Dec. 12 by Deputy U.S. Attorney General Paul McNulty, will resolve the simmering anger among corporate counsel over what has been called a “culture of waiver.”

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