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...subprime-mortgage mess. Because of that, many saw it as a litmus test for cases against others who were thought to have had a role in causing last year's financial crisis. But the case may ultimately have much greater significance. The not-guilty outcome may signal the end of the era of e-mail prosecutions...
Still, legal experts say executives and others could end up getting bitten when they hit "Reply." Law professor Richard Painter of the University of Minnesota says e-mail will continue to be admitted as evidence and play an important role, particularly in white-collar prosecutions. "The fact of the matter is that people say things they shouldn't by e-mail," says Painter. "So as long as we continue to use e-mail, you are going to see it in cases...
Nevertheless, the days of e-mails driving prosecutions may be coming to an end. Eliot Spitzer exploded e-mail onto the legal scene in the early part of this decade. As New York attorney general, Spitzer used internal e-mails sent by analysts to prove that Wall Street firms were pushing stocks their professionals didn't believe were good investments just to generate investment-banking fees. In one famous case, former Merrill Lynch analyst Henry Blodget told investors to buy stocks about which he privately wrote in e-mails to colleagues were "horrible," a "disaster" and a "POS," or piece...
...lying to his investors, but the e-mail that prosecutors cited was just one of many between the two managers. At other times, the managers seemed to be less sure that the fund was doomed. They said aggressive bets might pull the fund out of its problems. In the end, the jurors didn't think there was enough evidence to prove that the managers were intentionally trying to mislead investors...
...end of the day, though, the competition wasn’t really about just music, or cocaine, or money—it was about the art of gaming. “In a lot of circles, games aren’t accepted as legitimate forms of art,” said Adam R. Gold ’11, president of the HCIMG. At least to the screaming virtual crowds, those circles were dead wrong...