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April 4, 2012

Rakoff Seeking Truth of Wall Street Wrongdoing Labeled Rogue

“U.S. District Judge Jed Rakoff doesn’t shy away from high-profile fights.”

“In 2005, he challenged the Department of Defense for holding suspected terrorists at Guantanamo Bay in Cuba without identifying them. The Pentagon protested his order to release their names, saying it would undermine their privacy rights and in a few cases threaten national security. The judge rejected most of the arguments from the military and forced it to reveal the names, Bloomberg Markets magazine reports in its May issue.”

“‘I’m not by nature reticent,’ Rakoff, 68, says from behind his glass-topped desk in his chambers in lower Manhattan. ‘I wonder if Rush Limbaugh is ever going to come after me.'”

“The penalties have been too small — totaling $765 million — to serve as a deterrent, says Dennis Kelleher, chief executive officer of Better Markets Inc., a nonprofit group that promotes transparency in markets.”

“‘The SEC penalties are not even a slap on the wrist,’ he says”


Read full Bloomberg article here.

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