The federal government lent JPMorgan Chase the $240 million to buy Bear Stearns, the fifth largest Wall Street firm, after its spectacular plunge last week.  The feds’ tender mercies will allow Bear Stearns to wind down its collapse in a more orderly fashion.  In theory.

The rescue suggests to Blawgletter’s mind a delicacy that we

Friend of John Grisham, brother-in-law of Trent Lott, kajillionaire lawyer for the sick and hurting.  Richard "Dickie" Scruggs pleaded guilty today to conspiring to bribe a state court judge.  He faces up to a five-year stretch in a federal corrections facility, a $250,000 fine, and probable disbarment.  Stories here, here, here, and

Trial lawyer and jury consultant Anne Reed just got back from a sojourn in Japan, where she delivered a talk on jury stress and did lots of other cool stuff.  And she has started sharing her thoughts about things she learned and re-learned during the trans-Pacific trip. 

We especially like this snippet from her latest

The Federal Reserve yesterday announced a plan to lend up to $200 billion of taxpayer money to Wall Street banks.  The collateral?  Essentially, a bunch of mortgages that have a piece of twine holding them together.  The news sent the Dow Industrial Average reaching for the stars.  Not so much today though.  WSJ article here

Adam Liptak penned a Sidebar column today on a study of the influence that each of the 50 or so state supreme courts exerts over its brethren and sisteren. The big winner? The Golden State’s highest court — yes, the Supreme Court of California.

How did Blawgletter’s home state judicial Olympians fare? Not so great.