Four indicted in U.S. for fraud in Dewey & LeBoeuf collapse

Comments (8)
Dr_Steve wrote:

No hay abogados buenos. Translated: There are no good lawyers.

Mar 06, 2014 4:05pm EST  --  Report as abuse
johnzbesko wrote:

Maybe they should change the name to Dewey, Cheatem & Howe…

Mar 06, 2014 4:55pm EST  --  Report as abuse
SunnyDaySam wrote:

We need to bring back pillories for just this kind of occasion. All along Wall Street.

Mar 06, 2014 7:38pm EST  --  Report as abuse
Kahnie wrote:

Of course no agency is looking for jail time for these crooks. As Henry IV said, “The first thing we do is kill all the lawyers.”

Mar 06, 2014 8:24pm EST  --  Report as abuse

The firm certainly could have prevented its collapse by cutting the guaranteed pay packages of the partners. Would some of them have left if their guarantees were cut from, say $4 million per year to $3 million? Maybe, but given the overall upheaval at big law firms, it is more likely most of them would have stayed.
A 25% reduction in partner salaries looks like it would have freed up enough cash for the firm to satisfy its covenants and therefore avoid the accounting fraud.
There is a great summary of the charges against the Dewey execs at the truthorfinance site (google ‘truthorfinance dewey’).
So why didn’t the execs just do this? Ego? Some sort of ironic fear that the firm would collapse if salaries were cut because of a loss of confidence?

Mar 06, 2014 9:16pm EST  --  Report as abuse
DougAnderson wrote:

Are they really stupid enought to send each other incriminating e-mails?

Mar 07, 2014 5:27am EST  --  Report as abuse
njglea wrote:

Good Job,Manhattan District Attorney Cyrus Vance Jr. and USSEC! What a perfect expample of the unregulated corruption and greed that has taken over the world’s financial systems and BIG businesses. They think they are too big to fall. I hope they spend many years in jail before they have to answer to their higher power.

Mar 07, 2014 8:05am EST  --  Report as abuse
DelronDaThugg wrote:

Dewey Cheat’em & Howe

Mar 07, 2014 2:43pm EST  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.