Final Concert: San Diego Symphony
Garrett Harris 10:39 p.m., May 24
According to a story in the National Law Journal, U.S. District Judge John Walter in Los Angeles, who oversaw the criminal case against former San Diego plaintiff securities lawyer William Lerach, now feels the sentencing was "way too lenient." Lerach had paid kickbacks to lead plaintiffs. Walter now regrets having accepted Lerach's plea deal, according to the journal. Lerach had pleaded guilty to one count of conspiracy, and Walter had sentenced him to two years in federal prison, a $250,000 fine, and 1,000 hours of community sentence. Lerach completed his sentence earlier this year, paid his fine and is doing community service. However, the judge on Monday rejected Lerach's request to count his teaching of a law course at the University of California, Irvine School of Law as a part of his public service.
Judge Walter was particularly incensed at public statements that Lerach has recently made. The judge cited several newspaper articles in which Lerach appeared to indicate that he wouldn't have done anything differently, and that the case was a "political prosecution." According to the journal, Walter said that Lerach "still denies that he did anything wrong...He misled and fooled the court into believing he had remorse at the time of his sentencing."
Walter questioned the 600 hours of community service that Lerach has already completed, including work at the La Jolla Historical Society, according to the journal. A spokesman for the law school said the class Lerach was to teach will not go forward. Discussion had only been in preliminary stages, said the spokesman.
Comments
SurfPuppy619 Aug. 12, 7:04 a.m.
I am surprised Erwin Chemerinsky would even think about letting Lerach teach a law school course at Irvine. Erwin Chemerinsky is about as straight of an arrow as you will find-having met him and spoken with him on legal issues before, I will vouch for him........
dbauder Aug. 12, 7:21 a.m.
Response to post #1: Here's what the National Law Journal said: "Rex Bossert, a spokesman for [the] law school, said the class was never a done deal and there are no plans to proceed with it. 'At one point there was some discussion between Bill [Lerach] and the dean about a class, but it never came to fruition,' he said. "It was just in the preliminary stages.'" I did a Lerach column several months ago. Lerach at that time considered the course a done deal. Best, Don Bauder
Visduh Aug. 12, 8:58 a.m.
So the judge has buyer's remorse, huh? This sort of reaction is probably why many judges make some sort of revocation part of the package. As in, if the perp starts complaining about the conviction or sentence, the sentence will become more severe. You would think that Lerach's "remorse" was probably just an act, but most of the time the con will stick with the story. Lerach may come to regret these comments he made.
dbauder Aug. 12, 11:38 a.m.
Response to post #3: Lerach was surprisingly cocky after emerging from prison. The experience -- which included a stretch in solitary, as I recall -- hadn't changed his personality. Best, Don Bauder
LaPlacaRifa48619 Aug. 12, 1:51 p.m.
Hubris breeds Nemesis.
The next time the perp-in-question ends up before the judicial system, the next judge might not be so "easy."
Oh, well...you cannot change the past, just be more careful in the future.
And if Mr. Lerach left prison feeling the "the cock of the walk"? He might well try to remember that "Capons" like him often become "KFC-bait" without warning. (As in he still might get cooked unless he changes his ways.)
Like I say: Hubris Breeds Nemesis!
--LPR
dbauder Aug. 12, 5 p.m.
Response to post #5: Hubris and chutzpah can kill. Best, Don Bauder
Burwell Aug. 12, 5:56 p.m.
Response to post #3: Lerach was surprisingly cocky after emerging from prison. The experience -- which included a stretch in solitary, as I recall -- hadn't changed his personality. Best, Don Bauder
==========
Lerach should start filing securities lawsuits again, just to make a mockery of the legal system. While he cannot represent clients, he could represent himself as a defrauded shareholder in lawsuits. He could wreak havoc, particularly during fairness hearings where he could file motions to have potential settlement deals overturned. He could also represent himself as class member and file malpractice lawsuits against lawyers who settle security fraud cases too cheap.
SurfPuppy619 Aug. 12, 6:49 p.m.
The next time the perp-in-question ends up before the judicial system, the next judge might not be so "easy."
LOL-OJ found that out the hard way!
Burwell, don't give Lerach any ideas. I would not be surprised if he tried to have his law license reinstated. One of the things the Bar will look at is his remorse-and his current attitude might be a problem.
dbauder Aug. 12, 9:32 p.m.
Response to post #7: Lerach is loaded with money. He still has a forum. For example, Frank Partnoy had him on a panel not too long ago. Lerach's basic ideas are sound: corporations inflate earnings, get away with insider trading based on those accounting gimmicks, exploit weak-kneed regulators, etc. But he just did not play the game straight. Best, Don Bauder
dbauder Aug. 12, 9:36 p.m.
Response to post #8: His lawyer, Mike Lipman, should have given Lerach strict instructions to keep his mouth shut. And when he started sounding off, Lipman should have resigned as his counsel. But that wouldn't have happened, because Lipman must have made a bundle on that case. Best, Don Bauder
SurfPuppy619 Aug. 13, 7:19 a.m.
His lawyer, Mike Lipman, should have given Lerach strict instructions to keep his mouth shut.
You cannot give a guy like Lerach instructions or advice-he is like Dolald Trump, their egos are won't allow it.
They know it all already.
dbauder Aug. 13, 9:30 a.m.
Response to post #11: It always gives me a chuckle that Trump is considered such a great businessman. He is featured on TV shows, etc. Nobody mentions that his casinos have gone belly-up, taking his bondholders to the cleaners. As I recall, Trump started out on third base: his daddy was loaded. Best, Don Bauder
dbauder Aug. 13, 11:39 a.m.
Response to post #13: I question that last paragraph. Does the Times think the Donald didn't inherit a bundle from his papa? I would question that. Best, Don Bauder
SurfPuppy619 Aug. 13, 12:09 p.m.
As I recall, Trump started out on third base: his daddy was loaded.
Yes. Fred Trump was a developer, building low to moderate income housing outside of Manhattan. . . According to the obit, Trump senior gave the Donald some money, "But what he lent was mostly knowledge; Donald really did it on his own, along with whatever boost he got from being Fred Trump's son, of course". ==========
Donald Trumps first "deal" out of the Wharton Business School was the purchase of a 1200 unit REO apartment building/complex in Cleveland, OH (Don knows the area) from HUD.
Let me tell you how most people get involved with income/investment property-they buy small because they don't have any money or experience-usually 2-4 units-and move up from there.
In CA a 100 unit apartment complex is a large deal. In San Diego there might be a 1200 unit apartment deal once every FIVE YEARS!!! (if even that often)
So the chances of doing a 1200 unit apartment deal out of the blocks at age 23, 24 or 25 is virtuslly impossible without millions in financial backing- something that would not be possible unless it was family money.
Trump made his big money on Trump Tower on 5th Avenue-and would never have had the financial backing for that deal if his name been anything else besides "Trump". Having said that he did a fantastic job on TT-and earned his stripes.........
But the one thing I cannot stand about Trump is his ego-and his failure to give props to others -taking ALL the credit for EVERYTHING himself. He also exaggerates his accomplishments and his worth in the world. Every word out of his mouth is a slap on his own back.......
dbauder Aug. 13, 1:55 p.m.
Response to post #15: I am going to relate one story from memory, so it could be somewhat faulty, but should be close to verisimilitude. An entertainer whose name, I believe, was Rosie O'Donnell, was in a feud with Trump. She said on the air that he had gone bankrupt. He called her a liar and, as I recall, threatened to sue her for libel or slander. Of course, casinos he controlled had gone into BK more than once, so technically Rosie (or whatever her name was) was slightly off. But I remember the Donald fuming on TV, saying there was no truth whatever to her declaration, etc. etc. That isn't just a man with a big ego. It's a man with a penchant for not conceding the truth. Best, Don Bauder
SurfPuppy619 Aug. 13, 4:06 p.m.
But his father died in 1999. That was long after Donald had started out on his own.
Once again, Trump never started on "his own". Go back and read the facts of Trumps first deal- as I laid out in #15.
SurfPuppy619 Aug. 13, 4:17 p.m.
However, one could theorize that his ego and everything that goes along with it are neccessary to pull off some of the things he has.
Trump himself has said the same thing-that the ego trip is something that is attributed to all power brokers-and to SOME extent that is true. You have to have a supreme self confidence and positive attitude, and in some ways a contempt towards others b/c you think you're brighter, smarter, better. I think a LITTLE bit of that is true.
But Donald Trump is far beyond having self confidence and positive attitude. He thinks he is THEE supreme business leader-and he isn't. In a way that is his gimmick to making $$$$, based off of his name which he "fluffs" constantly.
As for his 1200 unit apartment deal-I was thinking it may have been Cinci-but could not recall off the top of my head-but at least I was in the same state. That was his deal.
And Don, yes, it was Rosie who Donald got into a major beef, and they both looked and acted like 6th graders. Even today the Trump Atlantic City casinos are bombing. His casino properties have gone thru BK numerous times, 2,3 4 times....almost certainly from Indian casinos cuttinginto the market. I lost track how many times they have filed. In fact there is a book that was put out by a GM of one of those Casino/hotel properties several years ago that just blasted Trump as an idiot who had no hands on experience in the hotel biz and did not really know how to manage them, it was called "Trunped", pretty funny stuff...the GM said Donald and Ivana would make the gift shops carry stacks and stacks of her one book she had published-cannot recall the name of it-but that to me is hilarious.
SurfPuppy619 Aug. 13, 7:43 p.m.
His father bought the property in 1962 for $5.7 million at a sheriff's sale. Correcting what I said earlier, Fred Trump sold the property in 1972 for $6.75 million. According to an employee at the time, the Donald, who was still in school, "flew in for a few days at a time to help with landscaping and other menial duties around the complex". If you have ever read his book "The Art of the Deal" he completely exaggerates and mistates his role in the project. Again, as you said surfpuppy, Trump and his ego.
============== Then The Donald was telling a whopper in his book-b/c he said he was the one that found the apartment deal-while reviewing REO properties in the WSJ hile attending college his senior year............
SurfPuppy619 Aug. 13, 7:51 p.m.
I believe last year was the 3rd time the casinos have filed chapter 11. But other than still owning some stock, I don't think Trump has anything to do with Trump Entertainment Resorts. He licensed his name, likeness and image to them, but I think that's it.
Trump certainly does not own a controlling interest in the Atlantic City casino/hotel properties-not after going BK numerous times.
The ONLY thing Trump does today is "licnese" his name,and even THAT has gotten him into huge troubles-example #1-the Rosarito Beach condo bomb that fell apart and where him, his company and his stupid daughter are getting their fannies sued off........ the railroad yard properties in Manhattan were all done by other developers-just renting Trumps name-and that was the PREMIER property in Manhattan. Trump owned that property for a few decades and for him to let other developers in means he has problems......
I think the Trump hotel in Chicago is in trouble too-but dont have time to research it. Trump also was helping manage one of the Indian casinos in the Palm Desert area and the Indians tossed him out (Formerly "Trump 29" casino).
No, Trunps high point was in the early 80's when he built Trumnp Tower.......been downhill ever since (who rememebrs the Trunp Shuttle airline service he bought from Continentil???)
dbauder Aug. 13, 8:35 p.m.
Response to post #17: I am not backing off my statement that Trump started off on third base. If his daddy died worth $250 million to $300 million, Trump had a head start on others and probably had backing from his family. Best, Don Bauder
dbauder Aug. 13, 8:39 p.m.
Response to post #18: Yes, but that big ego got him in trouble, too. What about those casinos that went BK? True, he may not have had much of his own money in these projects, but he incurred the wrath of bondholders. Big egos in real estate breed disaster often. Best, Don Bauder
dbauder Aug. 13, 8:40 p.m.
Response to post #19: Yes, he was in with his daddy in early deals. Best, Don Bauder
dbauder Aug. 13, 8:43 p.m.
Response to post #20: It was his hubris that kept him building casinos in Atlantic City. An outsize ego brings down a lot of real estate kingpins. Best, Don Bauder
dbauder Aug. 13, 8:46 p.m.
Response to post #21: I have not read the Art of the Deal, and have no intention to do so. Best, Don Bauder
dbauder Aug. 13, 8:49 p.m.
Response to post #22: But was he involved in the early development of those casinos? I would think he was if he had some equity. And the use of his name suggests that he may have been on the deal originally. Best, Don Bauder
dbauder Aug. 13, 8:51 p.m.
Response to post #23: Let's ask Ivana if the Donald has ever told any whoppers. Best, Don Bauder
dbauder Aug. 13, 8:54 p.m.
Response to post #24: Sounds like he would have been better off being Rosie the Riveter -- or Rosie the TV star. Best, Don Bauder
dbauder Aug. 14, 7:34 a.m.
Response to post #33: I can't bless your numbers because I haven't done any homework on this, and don't have time to. But if Trump owned 30%, it was his baby. That's a big percentage of ownership. Even 10% is large. Best, Don Bauder
dbauder Aug. 14, 7:40 a.m.
Response to post #34: It stretches credulity to believe that a 16-year-old could be responsible for this achievement. Admittedly, throughout history, there have been some 16-year-olds who accomplished great things. Mozart, for one. But Donald Trump ain't no Mozart. Best, Don Bauder
Burwell Aug. 14, 9:59 a.m.
But Don, I certainly wasn't asking for your 'blessing' nor is your "blessing" of any importance to me. As for not having time to do "homework", it takes literally a few seconds to type "Donald Trump bankrupcy" into a search field and less than a minute to read a couple of entries.
The blog is about Lerach, not Trump. Bauder generally confines his coverage to San Diego topics. Trump is not a factor in San Diego politics.
Burwell Aug. 14, 1:08 p.m.
when Trump Entertainment Resorts filed for bk last year, Trump only owned something around 30% of the companies stock. I believe part of the bk deal was that he own no more than 10% by the time the company emerged from bk.
Trump only owned 8.3% of the company's stock. It's a good thing Don did not agree with your numbers, they are wrong. Trump is on the hook for the company's debts. According to the latest Form 10-K: "Under an agreement between Mr. Trump and U.S. Bank National Association, the Trustee for our $1,250,000,000 of 8.5% Senior Secured Notes Due 2015, Mr. Trump has provided a guarantee of up to $250,000,000 of such notes under certain terms and conditions." The 10-K also states, "On May 20, 2005, we entered into a services agreement with Mr. Trump whereby Mr. Trump agreed to provide certain services as specified therein. The initial term of the services agreement was three years, with an automatically renewing three-year rolling term. There were no payments made to Mr. Trump under the services agreement during the year ended December 31, 2009. Payments under the services agreement were $2,000,000 during the year ended December 31, 2008." So he is no longer receiving his $2 million per year. He was likley living off the $2 million. In 2015 he may be called upon to pony up $250 million if the debt he guaranteed cannot be rolled over. Trump's association with the casino business appears to have financially straitened him. He's washed up.
dbauder Aug. 14, 1:28 p.m.
Response to post #38: Start counting up the posts I make, and also consider that I write a weekly column, and answer those comments, too. I have posted between 5,000 and 6,000 answers in the last three years. I have tried to make clear that I will look up the answers to some queries and answer others off the top of my head. But as easy as it is to google some info, I don't try to have an educated answer for each question that comes up. There aren't that many hours in the day. Best, Don Bauder
dbauder Aug. 14, 1:33 p.m.
Response to post #40: Goodness! If Trump is washed up, what will commercial TV do? Have Bernie Madoff host a business show from his cell? Best, Don Bauder
SurfPuppy619 Aug. 14, 5:27 p.m.
If Trump is washed up, what will commercial TV do?
Trumps TV show was not good for his already over inflated ego.
I agree with B, Trump's heyday is long gone. He was at his apex in the 80's, been downhill the last 2 decades for him, and at 65 he is no spring chicken either.....and his hair style and fakle orange color finalizes his cartoon image to me- IMHO!
dbauder Aug. 14, 11:30 p.m.
Response to post #43: I don't know that Trump is washed up. But his being washed up would cleanse the public airwaves. Best, Don Bauder
dbauder Aug. 14, 11:34 p.m.
Response to post #44: You're reading too much into the word "bless." If you read and contribute to this blog site more often -- and I hope you will -- you will see that some words are used in fun, both by me and by other posters. Best, Don Bauder
dbauder Aug. 14, 11:36 p.m.
Response to post #45: Hey, you're forgetting that for me, somebody age 65 is a spring chicken! Best, Don Bauder
dbauder Aug. 14, 11:45 p.m.
Response to post #46: I've thought Steinbrenner's wealth was probably overstated. I knew him fairly well, personally, when we both were in Cleveland. While his grandfather and father were rich, the iron ore boat business was fading. He and a bunch of others bought American Ship and later he moved it to Tampa. I believe it is still in BK. Steinbrenner was just one of a group of 8 or so that bought the Yankees. He may have bought out the others, or said he did. I just don't remember. If he actually bought them all out, and he truly owned 100% of the Yanks, then he did have a lot of wealth, but perhaps not as much as was represented in the press. Best, Don Bauder
dbauder Aug. 15, 1:48 p.m.
Response to post #51: The shipbuilding company had been publicly-held. But Steinbrenner may have taken it private. I don't know; I quit following it after I left Business Week in 1973. The trouble with the ownership of pro sports teams is that the leagues keep the information close to the vest, and you never know if they are telling the truth. There are other factors: one of the members of the original syndicate was generally considered a front for mob money, although it's possible he wasn't in that case. If Steinbrenner really owned 100% of the Yankees -- yes, he was very rich. It would take an investigator a long time to sort all that out, if possible. Best, Don Bauder
SurfPuppy619 Aug. 15, 3:39 p.m.
There are other factors: one of the members of the original syndicate was generally considered a front for mob money, although it's possible he wasn't in that case.
Wasn't Steinbrenner a convicted felon??? I know I have heard that. Wha was he convicted of?
I know when SF 49ers owner Eddie DeBartolo Jr was convicted of a felony bribe case he gave up control of the niners (to his sister).
Last-if you knew Steinbrenner Don, did you ever interview him on any topic when he was owner of the Yankees? Did he still take your calls when he reached that level?
dbauder Aug. 15, 9:54 p.m.
Response to post #53: Steinbrenner ran into trouble with the law twice, to the best of my memory. One case revolved around Richard Nixon; I don't remember the details but I think it was laundering campaign money for Nixon. Then Steinbrenner sent a mob goon to discipline one of his players who was acting obstreperously. Now I remember: it was Dave Winfield. I don't know if he was retired by that time or not. In Cleveland, Steinbrenner had connections with a mob-financed brokerage house that was eventually closed down, but there were no convictions on that one. I think some dubious money propped him up when he owned a pro basketball team that failed. Did I talk with him after he became head of the Yankees? No. I had no reason to do so. Best, Don Bauder
dbauder Aug. 15, 9:56 p.m.
Response to post #54: That's more detail on the first one. What about the Winfield incident? Wasn't he suspended for that? Best, Don Bauder
dbauder Aug. 15, 10:02 p.m.
Response to post #55: DeBartolo's father was the big financial swinger. He was in the racetrack and shopping center business (and I think casinos), and had some dubious connections. (It's hard not to in Youngstown.) His reputation was so bad that he had a difficult time becoming a pro sports owner. That is amazing, because pro sports and organized crime have had a symbiotic relationship for many decades. I believe the only way the senior DeBartolo got into the NFL was that he had the team in his son's name from the beginning. Best, Don Bauder
refriedgringo Aug. 15, 10:30 p.m.
Tip of the cap, crystalcove, not many in this site would've known that. Impressive.
refriedgringo Aug. 15, 11:01 p.m.
Ah, yes I remember! Good to see you again, my friend.
Regarding Winfield, yes, there was that mess with George, and although he claims to have forgiven him, you know, that was pretty harsh on Steinbrenner's part. I can't imagine being stalked like that. But, also, the Padres ensured that Winfield got a wonderful job in exchange for his enshrinement wearing the yellow and brown. And I don't mean that negatively, I've met Mr. Winfield, the nicest man you'll ever come in contact with, and the Padres and Dave go very well together. I think that worked out for the best for everyone involved.
SurfPuppy619 Aug. 15, 11:29 p.m.
I've met Mr. Winfield, the nicest man you'll ever come in contact with, and the Padres and Dave go very well together
Dave Winfield was drafted in ALL THREE major sports! Baseball, football and basketball. Great athlete. Very few can make that claim.
Tony Gwynn was drafted in both baseball and basketball, and played both at SDSU. The reason he chose SDSU over Long Beach State was b/c the baseball coach at LBS refused to allow Tony to play basketball if he was offered a baseball scholarship. Coach Dietz at SDSU said play B-Ball with Smokey, no problemo!
refriedgringo Aug. 15, 11:49 p.m.
SP: Winfield was a stud, a very gifted athlete, as was Tony.
Crys: I have a Reggie Jackson story that completely supports yours! I'll write that sometime, if I haven't already. Gene Autry co-stars. It was a memorable evening ;)
refriedgringo Aug. 16, 1:33 a.m.
Oddly enough, Crys, this was shortly before their fallout.
The Big-A. I had tickets, really good ones. I took my little brother, and Jackson was on that Angels team at the time. They played the A's. It was unusually crowded, a Friday or Saturday night as I recall. The Angels weren't in contention, as usual. But we were there, and there was traffic after the game and I had tickets to attend the Extra-Innings Club or whatever it was called back then. I was 21, my brother wasn't, and that was obvious, so I drank a beer up there and he sipped a coke, we waited for the parking lot to clear.
I thought nothing of it.
In walked Davey Lopes and Ricky (both of the A's back then), and they took a seat and I pointed them out to my little bro who wasn't impressed (the bastard!). We stood in front of the crowded bar watching the Dodger game on television, as I was a total Dodger fan then. After about 15 minutes, some old guy with a satchel walked in, and he engaged me.
"Who's winning?"
"Cubs, but the Dodgers will catch 'em, they have a great team this year," I said. Meanwhile, my little brother kept trying to get my attention. I ignored him.
I got into a pretty good argument with that old man, who just laughed at my Dodger fandom and finally left to do other things. Then my brother finally broke through.
"Do you realize who that was?"
No, I didn't. My brother, who knew everything about television and probably still does, informed me that I'd just argued with Gene. I didn't believe my brother up until about a minute later, we were politely asked to leave the place.
My brother was right. That guy was Gene Autry (and Autry was completely classy throughout the entire argument, I think I simply amused him). Go figure.
And so, as luck would have it, I met Reggie Jackson in the parking lot as I walked back to my car. That meeting was eventful, but not quite publishable ;) Yes, Jackson is an ass.
I love me some Major League Baseball :)
dbauder Aug. 16, 8:07 a.m.
Response to post #59: It's interesting to see how commissioners of pro sports leagues may get tough on players, but are very, very easy with owners (who choose the commissioner). Best, Don Bauder
dbauder Aug. 16, 8:11 a.m.
Response to post #61: I used the words "acting obstreperously" with tongue in cheek, although I couldn't recall the exact details of the incident. Best, Don Bauder
dbauder Aug. 16, 8:14 a.m.
Response to post #62: I doubt if there are many devout Padres, Dodgers and Yankees fans. Best, Don Bauder
dbauder Aug. 16, 8:16 a.m.
Response to post #63: Winfield came out well: he got his money from the Yanks and got into the Hall as a Padre. Best, Don Bauder
dbauder Aug. 16, 8:18 a.m.
Response to post #64: Gwynn wouldn't be a svelte basketball player now. Best, Don Bauder
dbauder Aug. 16, 8:20 a.m.
Response to post #65: Yeah, but he hit timely home runs -- in October. Best, Don Bauder
Parker Aug. 16, 8:22 a.m.
Mr. Lerach had a huge blowout wedding and an equally huge party the night before he went to prison. At least he kept some of the economy going through this conspicuous shows of his wealth. I have not heard what Mr. Lerach has done to celebrate his freedom party wise.
If Mr. Lerach did some honest community service, he could work at Father Joe's or some other provider for the homeless and see how the other half lives. The volunteer hours at the La Jolla Historical Society were laughable. One can probably volunteer for this group virtually while sitting in the Whaling Bar at the La Valencia sipping a Pisco Sour or three.
dbauder Aug. 16, 8:22 a.m.
Response to post #66: John Havlicek briefly tried out with the Cleveland Browns as a receiver before deciding to stick with basketball in the pros. Best, Don Bauder
Parker Aug. 16, 8:24 a.m.
And no I did not attend either of the Lerach events but heard all the scuttlebutt from one of the pricey service providers who was delighted to have a big spender darken the doors of his establishment.
dbauder Aug. 16, 8:24 a.m.
Response to post #67: Jackson and Autry? By all means post it, if it's in good taste and not libelous. Best, Don Bauder
dbauder Aug. 16, 8:25 a.m.
Response to post #68: Haven't heard the tale. Sounds good. Best, Don Bauder
Parker Aug. 16, 8:27 a.m.
Is this topic about Lerach or baseball ? I am confused.
Was Lerach a minor league player ?
dbauder Aug. 16, 8:29 a.m.
Response to post #69: Your brother is a bastard? That sounds more interesting than the baseball yarns. Best, Don Bauder
dbauder Aug. 16, 8:31 a.m.
Response to post #76: Agreed. The community service of many felons is pretty soft. Nancy Hoover worked in a library, as I recall. Best, Don Bauder
dbauder Aug. 16, 8:33 a.m.
Response to post #81: It started out about Lerach then veered in other directions. That happens. Best, Don Bauder
Parker Aug. 16, 8:33 a.m.
Would the word bastard be considered profane ? Especially when it refers to a family member. Again, very confusing for the average golf fan as we aspire to a higher class of sportsmanship.
refriedgringo Aug. 16, 8:33 a.m.
@ #69: I was mad at him for not recognizing Davey Lopes and Rickey Henderson. The latter is in the Hall of Fame now. I always wanted my brother to share my love for baseball, I reckon it never took. But to this day, he does brag to his pals about that meeting with Autry and then Jackson, so all is not lost.
Parker Aug. 16, 8:35 a.m.
Back to Lerach por favor as the topic is interesting.
MURPHYJUNK Aug. 16, 10:06 a.m.
response to #8
"Burwell, don't give Lerach any ideas. I would not be surprised if he tried to have his law license reinstated. One of the things the Bar will look at is his remorse-and his current attitude might be a problem."
more likely he will fit right in with the lawyer community
Parker Aug. 16, 10:21 a.m.
Steigerwalt and Lerach, APC, has a certain ring to it.
dbauder Aug. 16, 11:57 a.m.
Response to post #85: If our website administrator left it in, I guess bastard is OK. Best, Don Bauder
dbauder Aug. 16, 11:58 a.m.
Response to posst #86: Maybe your brother loved cowboy movies. Best, Don Bauder
dbauder Aug. 16, 11:59 a.m.
Response to post #87: Yes, I would like to resume the Lerach discussion. Best, Don Bauder
dbauder Aug. 16, 12:01 p.m.
Response to post #88: Unfortunately, he always did fit in with his profession. Best, Don Bauder
dbauder Aug. 16, 12:03 p.m.
Response to post #89: That would be quite a shingle to hang. Best, Don Bauder
dbauder Aug. 16, 12:12 p.m.
Response to post #90: Oh, definitely: I enjoy these posts. As far as I am concerned, we have a bunch of intelligent, witty posters. It's always fun to enter into light badinage with them. I certainly hope that our sometimes-sardonic tone doesn't drive others away, as has been suggested. Finally, you thought you remembered that I had said I had never asked that a post be removed. I can't remember ever saying that, because it wouldn't be true. I have asked that a handful of posts be removed, in each case for possible libel reasons. So if I said it, I said it a long time ago, before asking that some posts be removed. Best, Don Bauder
Parker Aug. 16, 1:47 p.m.
Apparently one story, The Breakfast Club, got so far off topic that a majority of posts were removed.
The baseball discussion, while fascinating, is also off topic but has remained. It is that unpredictable quality of the site administrators which makes one scratch their head at times.
I guess baseball is so all American that anything related to the sport cannot be removed ?
I bet a few well placed Tiger golf stories might get the axe.
dbauder Aug. 16, 4:55 p.m.
Response to post #97: I don't think off-topic posts are being removed from my site, but I may be wrong. Best, Don Bauder
dbauder Aug. 16, 5:02 p.m.
Response to post #98: I honestly don't know about these removals. Best, Don Bauder
SurfPuppy619 Aug. 16, 5:22 p.m.
Steigerwalt and Lerach, APC, has a certain ring to it.
LOL...Bill Lerach has a net worth 500 times that of Steigerwalt.
But Steigerwalt still has a law license!
Parker Aug. 16, 6 p.m.
SurfPuppy you are funny.
Parker Aug. 16, 6:04 p.m.
I didn't know the distinction in terms of off topic remarks as it is not laid out at all in the Terms of Use. I don't really care but found The Breakfast Club removals no different than what could be removed in the baseball discussion on this thread. It is a very subtle distinction so I appreciate the clarification.
Parker Aug. 16, 6:09 p.m.
23 out of 58 off topic comments were removed by staff on The Breakfast Club story.
Founder Aug. 16, 6:44 p.m.
Reply #104 That famous Roaring Twenties saying comes to mind:
"23 Skiddoo"... plus here's one for you,
(From Haiku-A-Day Where words have their say):
So many WOW's blur WOW you said and WOW we were Administrator
dbauder Aug. 16, 10:42 p.m.
Response to post #101: Might this show that it's more remunerative to shake down big corporations than poor people? I'm not saying that, but others have. Best, Don Bauder
dbauder Aug. 16, 10:43 p.m.
Response to post #103: I don't know either. Best, Don Bauder
dbauder Aug. 16, 10:44 p.m.
Response to post #104: I don't know a thing about that. Best, Don Bauder
dbauder Aug. 16, 10:47 p.m.
Response to post #105: The Roaring 20s ended so badly. This is not the propitious time to bring them up. Best, Don Bauder
nan Aug. 17, 10:32 a.m.
yes mam...dat surfpuppy is hilarious and smart as a whip 2
Twister Aug. 17, 4:41 p.m.
I hope this topic isn't "offed" by off-ended administrators--I mean no offense, yet "Repentance oft I swore, but was I sober when I swore?"
While I agree that discussions should not be PERSONAL, and would PREFER that they be RELEVANT, I will defend (well, maybe not to my death) y'all's right to DEVIANCE. What is interpreted by some as "Perfectly Reasonable Deviations (From the Beaten Track)" [ISBN 0-7382-0636-9], is oft where the cutting-edge resides, yet tend to be most eagerly condemned by (editorial, etc.) power.
En absurdity lies veritas.
refriedgringo Aug. 17, 5:25 p.m.
@ Twister: I agree that the course of normal discussion often wanders. I've not seen the Reader delete much of any comments that didn't simply start to get a little too personal and often downright rude. And some of the best twists often happen in the threads of Don's posts.
dbauder Aug. 17, 9:39 p.m.
Response to post #112: SurfPup is a wit. Best, Don Bauder
dbauder Aug. 17, 9:42 p.m.
Response to post #111: I can't remember that any colloquy on this particular site has ever been aborted by the administrator because it veered off original topic. Best, Don Bauder
dbauder Aug. 17, 9:44 p.m.
Response to post #112: Which is another way of saying that I'm dull and the posters make things more interesting. I accept that. Best, Don Bauder
refriedgringo Aug. 17, 10:45 p.m.
@ #115: I was thinking more along the lines that interesting stories often take on a life of their own. Dull would be if no one commented.
thestoryteller Aug. 18, 2:27 a.m.
What kind of idiot judge would believe anything a defendant says? Teaching classes? The historical society? Let this guy shovel dog crap at the county animal shelter like I did to work off a traffic ticket. Did you know that if you're caught shoplifting in Saudi Arabia they cut off your hands? In Taiwan, they shoot you in the mall if you are suspected of having illegal drugs!
Where's Judge Judy when you need her?
nan Aug. 18, 5:07 a.m.
115
Which is another way of saying that I'm dull and the posters make things more interesting. I accept that. Best, Don Bauder
U R NOT AND I NEVER WANT TO HEAR U SAY THAT AGAIN POOH!!!
dbauder Aug. 18, 8:18 a.m.
Response to post #116: We certainly don't have a problem with a dearth of commenters. Best, Don Bauder
dbauder Aug. 18, 8:20 a.m.
Response to post #117: On the other hand, I believe our legal system is better than that in Saudi Arabia. Best, Don Bauder
SurfPuppy619 Aug. 18, 8:49 a.m.
On the other hand, I believe our legal system is better than that in Saudi Arabia.
Saudi Arabia does not have a legal system, it is a totalitarian dictatorship.
And I can GUARANTEE you that if you're from the royal family and you're caught shop lifting you're not getting your hand cut off.
Thats the thing about punishment that is out of line with the criminal act-it never applies to the wealthy or connected-just the poor.
If anyone wants to read a funny case along these lines it is Oklahoma v Skinner.
dbauder Aug. 18, 9:12 a.m.
Response to post #118: Whew! I worried that I was getting boring in my dotage. Best, Don Bauder
jv333 Aug. 22, 11:16 a.m.
Let's look at the big picture. This judge was appointed by Geo W Bush. Judge Walter respresented nothing but corporate interests throughout his career as a defense attorney. The judge has a strong dislike for Lerach...as does much of Wall Street. Do you think there are any politics involved in getting Lerach out of the way?
If you want to look at things objectively and fairly...and want to compare relative wrongdoing in terms of dollars, I am sure that Lerach's infraction pales in comparison to the scams perpetrated by Wall St...now to the tune of trillions. Lerach has admitted he broke the law and he paid his debt to society. He also said he is proud of his work and his recoveries on behalf of defrauded shareholders. And I would venture to say that shareholders who shared in those recoveries are grateful.
How many Wall St bankers have gone to jail for their crimes in these two recent economic fiascos? 75% of the cases filed by Lerach involved insider trading, stock fraud and stock price manipulation. Let's look at that side of the criminal ledger, eh? Trillions of worthless securities out there, wouldn't you say?
jv333 Aug. 22, 12:38 p.m.
Another point...if the Lerach case went to trial, Walter would have been the presiding judge. Knowing that he was appointed by Bush and represented business interests in his career, Lerach would have been foolish to risk a trial and getting 9 years. Walter would have given him 99 years, if he could. So the judge popping his cork recently is no surprise.
btw, Lerach and Patrick Dillon appeared at a book signing at Warwick's in June. It is on City TV 24 this weekend 4 times. San Diegans can see or record it tonite at 5pm. It is also schedule to be on next Fri, Sat and Sun at 5pm for 60 minutes.
http://www.sandiego.gov/citytv/pdf/programschedule.pdf
dbauder Aug. 23, 6:25 p.m.
Response to post #123: I have no doubt that American corporations were behind the prosecution of both Lerach and Eliot Spitzer. I have also said many times that Lerach was an excellent lawyer. I agree with his view that regulators are not doing their jobs and therefore the plaintiff bar has to pick up the slack in tort cases. That said, Lerach crossed far over the line. First, despite his denials, he filed a lot of shakedown suits. His firm capitalized itself by suing any company whose stock dropped sharply. The company chose to pay him off rather than spend even more in court. Secondly, Lerach broke the law by bribing plaintiffs. He admitted it. Lerach had much to offer but fouled his own nest. Best, Don Bauder
dbauder Aug. 23, 6:32 p.m.
Response to post #124: I don't think Dillon should be showing up at all these events with Lerach. The book about Lerach co-authored by Dillon was fairly objective, but far too favorable to Lerach. The co-author's going on the circuit with the subject of the book is probably costing him some sales. Potential readers will feel the book is non-critical, and that's not true. But many people will feel it is too favorable, as it is, and therefore not worth reading. Best, Don Bauder
Burwell Aug. 23, 8:11 p.m.
Let's look at the big picture. This judge was appointed by Geo W Bush. Judge Walter respresented nothing but corporate interests throughout his career as a defense attorney.
It's unfortunate that this political hack ward heeler of a judge is presiding over the SEC's civil case against Angelo Mozilo. He likely bought his judgeship by raising campaign funds for the Republicans.
Burwell Aug. 23, 8:23 p.m.
Maybe Judge Walter will allow Lerach to earn public service hours by mucking out the horse stables at Ted Gildred's Rancho Santa Fe estate. Ted could certainly use the help.
SurfPuppy619 Aug. 23, 9:41 p.m.
And I would venture to say that shareholders who shared in those recoveries are grateful.
By jv333
On this point you're wrong, very wrong.
In my securities class in LS we studied these class actions very closely (mainly Milberg Weiss), and extensively researched the monetary benefits to the class and the law firm, and it was not a pretty sight.
The law firm representing the class would take anywhere from 35% to 90% of a recovery, and what was left in the recovery was usually peanuts given the size of the classes, usually amounting to less than $2-3 dollars PER CLASS MEMEBER!
In addition, that $2-3 was usually in the form of a "coupon" for a future product or service of the defendant- not even legal tender.
If Don can recount the Pioneer Mortgage scam a few years back, the victims in that scam faced the same problem-the lawyers took like 90% of the remaining assets in fees-leaving just a few pennies on the dollar for the investors that were scammed-maybe Don can remember how that worked out better than I do, but it was not pretty-and the investors had very legit complaints about the lawyer fees that wiped out the remaining assets.
SurfPuppy619 Aug. 23, 10:05 p.m.
He likely bought his judgeship by raising campaign funds for the Republicans.
By Burwell
I have to laugh at this statement b/c it is 100% true-NO ONE is getting nominated to the federal bench without connections-deep connections-same thing with being appointed as a US Attorney-has nothing to do with merit and everything to do with connections.
Since we are talking about The Presidents Bush and federal judges I can give a first hand account of this cronyism.
A sitting federal judge in Michigan taught my federal courts class. Did not have a good reputation for knowing the law or being the sharpest tool in the shed, but competent. So how did he get such a prestigious job???? Well, he was working for the republican party in 88 when senior Bush was running for President, and something happened with Bush in 88 in Michigan (don't remember what) where Bush was not going to be able to have his name on the states ballot as the republican nominee. He would have to be written in. So somehow my judge got the call to try to fix this issue. Long story short my judge DID get the problem fixed and as soon as Bush Senior was elected my judge was promptly appointed to a federal judgeship in Michigan. He freely tells this story about how he became a federal judge. But wait-it gets better.
My judge was an insider at this point and when an opening on the federal Court of Appeals for the 6th Circuit opened up, guess who got the nomination?? Yep, my judge, the connected insider nominated by Bush Junior the second time around. His nomination was held up for a few years due to the two parties blocking judges to the federal appeals court-but he was confirmed and is now sitting one short step below the SCOTUS.
Gov is ALL politics, especially at the senior positions and the higher comped positions.
dbauder Aug. 24, 6:45 a.m.
Response to post #127: You may be right, but I would like to see some evidence. Best, Don Bauder
dbauder Aug. 24, 6:46 a.m.
Response to post #128: But that would not be PUBLIC service. Best, Don Bauder
dbauder Aug. 24, 6:51 a.m.
Response to post #129: There is no doubt that the lawyers walk off with huge amounts in these class action cases and shareholders get crumbs. But I can't bless the numbers you gave for Milberg Weiss's cases, and I don't believe I ever attempted to calculate the lawyers' take in the Pioneer case. Best, Don Bauder
dbauder Aug. 24, 6:55 a.m.
Response to post #130: Unfortunately, judgeships are determined politically. This is especially true in San Diego. A person who gets no justice is well advised to find out how the judge got there. Best, Don Bauder
SurfPuppy619 Aug. 24, 8:37 a.m.
I don't believe I ever attempted to calculate the lawyers' take in the Pioneer case.
The lawyers in Pioneer took a wildly disportionate share of what remained of Pioneer's assets. That fact was well covered in the UT. I don't know who was reporting that but figured you were the one. This caused extreme resentment and grief for the investors who made loud and persistant complaints to the judge/receiver/whoever was in charge ( don't recall if it was a BK receiver or a receiver appointed by another court).
It was not a good example of our justice system.
dbauder Aug. 24, 2:18 p.m.
Response to post #135: Yes, I did almost 100% of the Pioneer coverage for the U-T and later did a piece for the Reader. The whole thing was disgusting. I never got the final count on what the lawyers raked in, but it was well north of $2 million. Investors got 12 cents on the dollar -- unless they got more after I stopped covering it. My story for the Reader appeared on June 19, 2003, "Bankruptcy Fattens Pioneer Attorneys." It tells the story of how the Pioneer Liquidating Corp. attorneys raked in fat bucks. Eventually, they were sued by the bankruptcy trustee, Richard Kipperman, for steering the money to themselves. It was a classic case of what you are talking about. You might look at it on the Reader website. Put "Pioneer Mortgage" and "Bauder" in the search box and it will come up. Best, Don Bauder
Burwell Aug. 24, 8:15 p.m.
Response to post #127: You may be right, but I would like to see some evidence. Best, Bud Bauder
================
The article below states that Gerald Parsky nominated Walter for judge. Other articles state that President Bush allowed Parsky to select all nominees for federal judge in California. I would like to know how Walter came by his nomination.
http://www.metnews.com/endmoapril02.html
jv333 Aug. 27, 2:39 p.m.
Just a few more questions...db, how do u know Lerach is cocky? have you ever spoken with or met the man? (either then--while he was practicing--or now?) i'm sure some of his behavior had something to do with posturing and negotiating techniques. i can tell u some stories that some sports agents have pulled off that would curl your hair. it's all part of the negotiating game.
when there is sparring over billions of dollars, i'm sure there will be outrageous statements made by all parties to a lawsuit. defense firms snow over plaintiffs attys with tons of documents. i learned recently that the Enron case documents could have filled the Astrodome plus two railroad cars. does anyone think that these defendants part with billions easily or readily?
also, Lerach has stated that about 75% of his class action suits involved insider trading...ala what the Enron officer were doing...call it a shakedown or whatever you like. These corporations were acting like criminal enterprises. And the really big ones now operate in unbridled mode with Lerach and class action suits out of the way.
If the de-regs of the 90s had not happened, would we have would up with the massive and global fraud perpetrated by AIG and Wall Street and its related entities? I think not.
Sign in to comment
Or login with:
OpenID