LexisNexis Corporate & Securities Law Community 2011 Top 50 Blogs

Bon mots

"You can observe a lot just by watching." Yogi Berra

"We do not distain to borrow wit or wisdom from any man who is capable of lending us either." Henry Fielding, Tom Jones

"In our complex society the accountant's certificate and the lawyer's opinion can be instruments for inflicting pecuniary loss more potent than the chisel or the crowbar." United States v. Benjamin, 328 F.2d 854, 862 (2d Cir. 1964)

Dennis A. Pearson, Securities Exchange Act Rel. 55597 (April 6, 2007)

Motion for reconsideration, NASD disciplinary appeal


This matter involves a motion for reconsideration of a December 11, 2006, Commission opinion reviewing a NASD Disciplinary action.

The initial commission decision can be found here. The Commission rejected the motion for reconsideration with no explanation other than a cryptic footnote stating that reconsideration is only appropriate to correct manifest errors of law or fact or if there is newly discovered evidence. The Commission does not explain what points the motion raised or why it was deficient in meeting the standard. One would have hoped that the Commission could have provided a more complete explanation to guide practitioners in the future, hence the ipse dixit label.