While all the morning talk(ing heads’) shows were focusing on last night’s self-congratulatory industry awards for excellence in the field of excellent filmmaking results, I’ve been catching up on Depression Watch 2009. As proof that law school irredeemably changes the way you think, I offer my train of thought.
I keep reading about the people in charge of investing all kinds of money into what the media continues to call “toxic assets” – securities that aren’t worth nearly what investors were betting they’d be worth. This bit from today’s New York Times struck me:
Like Socrates, I know that I know nothing. (Unlike Socrates, if someone hands me a Hemlock smoothie, I’ll probably pass.) But I do know how to create a corporation.
It’s actually a remarkably simple process: you get a person called an “incorporator” to sign a legal document called the Certificate of Incorporation which has some Magic Language (dictated by statute). You send the document off to the Secretary of State (of your state, not Ms. Clinton), and some clerk stamps the document, files it, and proceeds to do the same for the next ten thousand documents in the inbox.
I have to confess to being completely ignorant of how income taxes work as recently as last month. I’m still pretty ignorant, but I’m law school ignorant, which is a fair sight more educated than the guy who smells like cheese and dances for nickels on the subway. Or investors who think that a 240% interest rate signals “safe bet.”
<sidebar> The people who lost their savings were, by and large, operating through brokers. If ever there were a time when judges should consider sentencing someone to serve as the aggrieved party’s butler, (like that show within a show on Seinfeld) I think this is it. It’s not nice to throw away other peoples’ money.</sidebar>
You’ve probably heard the crackerjack lawyers on Law and Order stand up and yell “objection, your honor!” when their opponents say or do something untoward. If the judge remembered to wear her mind reading helmet, or it’s plainly obvious that the other attorney is engaging in shenanigans, the judge can sustain the objection without further explanation. However, most of the time, you’re going to need to provide a reason for your objection.