Bloomberg reports, “Lake Shore Asset Management Ltd., a hedge fund firm run by a former chairman of the Chicago Mercantile Exchange, had its assets frozen by a federal court after regulators said it overstated its holdings.”
I am guessing that stories such as these will continue on for a couple more years until there is another huge financial crisis. Then our lawmakers will go on a crusade to score political points and pass overly restrictive legislation that ends up hurting investors and businesses more than helping protect investors.
But it is difficult to argue with Geoffrey Aronow, the former head of enforcement at the CFTC. “Whether it’s conscious or not, everyone is more attuned to concerns to what’s going on with hedge funds.”
Fox News reports that Mike Nifong could get jail time as a result of his actions in the Duke rape case scandal. I for one would push for jail time in this instance for many reasons.
For starters, he nearly ruined the lives of those he sought to prosecute and cost their families millions of dollars in legal fees. He lied, withheld evidence and interfered with the administration of justice. He brought shame and dishonor to the legal profession. As a consequence, Nifong was disbarred. I’m unsure as to whether there is a good chance of Nifong serving jail time, but given the egregious nature of the case and the national attention it received there is definitely a larger chance that North Carolina will seek to make an example out of this disgraceful man.
