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Category Archives: Financial System

Trump ‘Absolutely Immune’ From NY Tax Subpoena, Justices Told

Law360 – “President Donald Trump asked the U.S. Supreme Court on Thursday to find that he has “absolute immunity” from criminal investigations while president and to block the Manhattan district attorney’s subpoena of tax and financial records from his accounting firm.  The Second Circuit found President Donald Trump’s presidential immunity from state criminal process doesn’t extend to the grand jury subpoenas at issue in the case. (AP) Trump lawyers petitioned the justices to overrule a Nov. 4 decision by the Second Circuit, which found his accounting firm, Mazars USA LLP, is required to furnish his tax returns to New York County District Attorney Cyrus Vance. The tax returns and financial records are part of an investigation into hush-money payments made to two women alleged to have had affairs with Trump, according to Vance’s office. The high-profile case involves the limits of state investigative powers and the ability to obtain the president’s tax returns, an issue that’s been an object of intense scrutiny since before Trump became president and has been the subject of multiple court disputes…”

Over half of Fortune 500 exposed to remote access hacking

Axios – “Over a two-week period, the computer networks at more than half of the Fortune 500 left a remote access protocol dangerously exposed to the internet, something many experts warn should never happen, according to new research by the security firm Expanse and 451 research…According to Coveware, more than 60% of ransomware is installed… Continue Reading

Artificial Intelligence, Finance, and the Law

Lin, Tom C. W., Artificial Intelligence, Finance, and the Law (November 4, 2019). 88 Fordham Law Review 531 (2019); Temple University Legal Studies Research Paper No. 2019-31. Available at SSRN: https://ssrn.com/abstract=3480607 “Artificial intelligence is an existential component of modern finance. The progress and promise realized and presented by artificial intelligence in finance has been thus… Continue Reading

Next in Google’s quest for consumer dominance – banking

WSJ via FoxNews: “Google will soon offer checking accounts to consumers, becoming the latest Silicon Valley heavyweight to push into finance. The project, code-named Cache, is expected to launch next year with accounts run by Citigroup Inc. and a credit union at Stanford University, a tiny lender in Google’s backyard. Big tech companies see financial services as a… Continue Reading

Business Roundtable Ranked How Well Apple, IBM, and Amazon Actually Serve Stakeholders

Fortune: “In August, almost 200 leading business executives—including Amazon CEO Jeff Bezos, Apple CEO Tim Cook, JPMorgan Chase CEO Jamie Dimon, and IBM CEO Ginni Rometty—made news headlines by offering a new definition for the purpose of a corporation that challenged long-held corporate orthodoxy. These chief executives, collectively known as the Business Roundtable, argued that… Continue Reading

LLRX October 2019 New articles and columns

Articles and Columns for October 2019 Blockchain: What Information Professionals Need to Know – Anna Irvin, Ph.D. and Janice E. Henderson, Esq. presented this comprehensive 64 page guide at the LLAGNY Education Committee Program on October 15, 2019. The guide is an multidisciplinary resource that includes: articles from law, business and finance journals, CLE programs/materials,… Continue Reading

Being a Law Firm Partner Was Once a Job for Life. That Culture Is All but Dead

WSJ.com [paywall]: “At the modern law firm, not all partners are created equal, and data and billings rule – “Four hundred of Kirkland & Ellis LLP’s top lawyers gathered in May at an oceanfront resort in Southern California to toast another banner year. Kirkland was the highest-grossing law firm in the world for the second… Continue Reading

401(k) contribution limit increases to $19,500 for 2020; catch-up limit rises to $6,500

“The Internal Revenue Service today announced that employees in 401(k) plans will be able to contribute up to $19,500 next year. The IRS announced this and other changes in Notice 2019-59 (PDF), posted today on IRS.gov. This guidance provides cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2020.… Continue Reading

Blockchain: What Information Professionals Need to Know

Via LLRX – Blockchain: What Information Professionals Need to Know – Anna Irvin, Ph.D. and Janice E. Henderson, Esq. presented this comprehensive 64 page guide at the LLAGNY Education Committee Program on October 15, 2019. The guide is an multidisciplinary resource that includes: articles from law, business and finance journals, CLE programs/materials, smart contracts, Westlaw and… Continue Reading

D.C. Nonlawyer Partner Rule Spurs Interest as States Mull Change

Via Mary Whisner – Sam Skolnik, D.C. Nonlawyer Partner Rule Spurs Interest as States Mull Change, Bloomberg Law News: “Some law firms in the nation’s capital have incorporated non-legal experts as co-owners, capitalizing on a unique District of Columbia Bar rule modification that could be instructive as changes to the same rule are considered elsewhere.… Continue Reading

Pete Recommends – Weekly highlights on cyber security issues, October 26, 2019

Via LLRX – Pete Recommends – Weekly highlights on cyber security issues, October 26, 2019 – Privacy and security issues impact every aspect of our lives – home, work, travel, education, health and medical records – to name but a few. On a weekly basis Pete Weiss highlights articles and information that focus on the increasingly… Continue Reading