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Obama's Ex-Counsel Reveals White House Tensions
The possible departure of White House Chief of Staff Rahm Emanuel could shore up the standing of another prominent member of the Obama administration, Attorney General Eric Holder Jr. That's according to Gregory Craig, who served as counsel to President Barack Obama until January. Craig had a contentious working relationship with Emanuel on issues of national security, as has Holder. And Craig's views on the subject -- picked up by a live microphone at a recent speech -- weren't meant to be public.In its biggest suit yet, the National Credit Union Administration claims Bear Stearns sold $3.6 billion in shoddy mortgage-backed securities to four failed credit unions. But just like the cases that the Federal Housing Finance Agency brought against a slew of banks, the NCUA suits are in limbo as federal appeals courts weigh whether the agencies waited too long to sue.
Citigroup Settles WorldCom Litigation
The cleanup after the collapse of WorldCom Inc. advanced Monday when Citigroup Inc. announced it would pay investors $2.65 billion to settle claims that one of its investment banking units helped disguise WorldCom's accounting fraud. The settlement, if approved by federal Judge Denise Cote, removes a central player from the litigation spawned by WorldCom's revelation that it hid more than $11 billion in costs on its balance sheet.Bonuses at Law Firms Not Guaranteed in 2009
It's the end of the year and you've put in some grueling hours at your law firm. Normally, you'd expect there will be a little something extra for your efforts, but this year has been anything but normal for most people. Some firms may be ready to be as generous as possible, while others seem to feel that being employed in this economy is bonus enough. "Bonuses will be few and far between," said Peter Giuliani, a law firm economic adviser. "It's going to be a lean year for some associates."The Change Agenda: A Long Time Coming
To a market that just keeps rolling, four factors may bring fundamental change. Someday.Trending Stories
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