Recent Quotes of Note: Foreign Nationals Should Really Just Incorporate, Please Check My Math, and Enough is Enough
“The judgment is affirmed.”
The U.S. Supreme Court in Bluman v. FEC on Jan. 9, refusing to extend the holding of Citizens United v. FEC to foreigners seeking to spend money to influence U.S. elections. With no further elaboration, the Court effectively ruled that Congress had the authority to bar foreign nationals from contributing their private funds to any federal, state, or local election campaign. (SCOTUSblog)
“Corporations are people when it comes to influencing our political process with money. But people are not people if they are foreign born. Clearly, foreign nationals living in the United States should just incorporate themselves in Delaware if they want to regain their personhood.”
“I encourage the parties to double-check my math and confer regarding how the funds should be handled.”
Vice Chancellor Laster of the Delaware Court of Chancery in Steinhardt v. Howard-Anderson, in which he granted the motion for sanctions for trading on the basis of confidential information obtained in litigation while in a fiduciary capacity and ordered disgorgement of the funds to a class of stockholders.
“Their assertions are that the derivatives industry is not global and that the over-the-counter and exchange-traded derivatives markets are not converging and therefore do not compete. That’s a conclusion that results from a fundamentally flawed technical analysis that ignores the realities of the marketplace.”
NYSE Euronext CEO Duncan Niederauer, in a presentation to NYSE employees, arguing that the European regulators’ opposition to its takeover byDeutsche Boerse AG is without basis. The European Commission fears that the merger will stifle competition in derivatives trading. (Bloomberg News)
“RBS staff have faced endless speculation and uncertainty about their futures. Enough is enough.”
David Fleming, National Officer of the Unite labor union, regarding the ongoing woes at Royal Bank of Scotland Group Plc. RBS said in a Jan. 12statement that it would cut 4,800 jobs and close its cash equities, mergers advisory, corporate broking and equity capital markets operations. (Bloomberg News)
“The idea that . . . we have bred generations of American representative plaintiffs’ lawyers who are like pit bulls and they go and they do violent battle with defendants and irrationally waste—put at risk their client—like, the clients could get a good settlement, but the plaintiff’s lawyers are just pit bulls. They’re mindless fighters who will go to the end and die and that we can’t shape a fee system that creates an incentive for more of the senseless violence, this—this pugilism which is tying up courts, I—I mean, if somebody believes that’s the world we live in, I just—I don’t live in that world.”
Chancellor Strine of the Delaware Court of Chancery, musing on the state of litigation at the Dec. 23 hearing in In re Southern Peru Copper Corp. S’holder Litig., where he awarded the plaintiffs’ attorneys $300 million in fees in connection with a $2 billion judgment in a shareholder derivative suit. (WSJ Law Blog)
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