This is one judge you never want to face. If you’re an executive at the Securities and Exchange Commission and Bank of America, Judge Jed S. Rakoff is one court official you don’t want to mess with. During the takeover of troubled financial giant Merrill Lynch by Bank of America in 2008, the S.E.C. gave its blessing to the deal.   » Read more about: Accountability  »...

It’s not easy to do the right thing when everybody’s making money but you.  That’s why ’50s Manhattan College basketball star Junius Kellogg stood out in more ways than one. In the superb 1998 HBO documentary, City Dump: The Story of the 1951 Basketball Scandal, broadcaster Al McGuire remembers, “You didn’t even have $15 for laundry in those days.  You had no scratch,...

Here’s the scenario: You’re an executive at a large, retail store. Company policy clearly tells employees that if they witness any shoplifting, they are not to go after the suspected thief outside the store. Word comes of a shoplifting event at one of your stores. Two employees wrestle the suspect to the ground outside the store, but in spite of their best...

Right now an eminent TV actor, (an up-and-coming Dustin Hoffman type) is busy researching his role as the lead in the next made-for-cable hit. No, not “Weekend at Bernie’s III.” It’s “a gripping docu-drama” about the man who out-Ponzied Ponzi entitled “The Man who Made off with Other People’s Money.”  (Of course it’s a dumb title, it’s cable.) A little putty...

Ethics is not about what we say or what we intend, it’s about what we do. This is the heart of integrity – demonstrating a consistency between ethical principle and practice. Who we are is never more clearly revealed than in the daily moments of our lives. How we respond to some of those moments reveals whether we stand up for...

In an afternoon press conference, the Securities and Exchange Commission announced that former Countrywide CEO Angelo Mozilo has been charged with fraud. The Washington Post reports that “from 2005 to 2007, the SEC alleged, Countrywide dramatically loosened its standards even though these executives were warned that the company would have trouble selling loans into the market. Countrywide was required to...

“I’ll take ‘Political Conundrums’ for $600, Alex? “Minnesota’s second Senator takes his seat in the Senate.” …?…?…?… After months of recounts and appeals the contest between Republican incumbent Norm Coleman and Democratic challenger Al Franken could be resolved within weeks… maybe. “Mr. Coleman,” the New York Times reports, “is challenging the rulings of a state recount board and a lower...

On Monday, February 10, 2009, Alex Rodriquez’s life changed forever. The highest-paid player in baseball, called the greatest player in the modern game, also called Mr. Clean by some, because he was never directly tied to drug use, finally came clean (after reporter Selena Roberts broke the news in Sports Illustrated) when he admitted to using performance-enhancing drugs and lying about...

A recent conversation about the bonuses paid to some employees at AIG like Jack DeSantis, led to this question:  ‘Don’t you believe in honoring contracts?” In fact, I do believe in honoring commitments and obligations.  However, when a multi-billion dollar company like AIG runs into multi-billion dollar debt, asks for and then receives $182.5 billion in financial support from the federal...

According to today’s Wall Street Journal, in 2008, “Shellee Hale of Bellevue, Wash., posted in several online forums about a hacker attack on a company that makes software used to track sales for adult-entertainment Web sites. She claimed that personal information of the sites’ customers was compromised. “About three months later,” the Journal wrote, “the software company — which contends that no consumer...