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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)

NYSE Sanctions Sustained After Remand

James Gerard O'Callaghan, Exchange Act Rel. 61134, December 10, 2009

Time since appeal – 8 months 30 days
Time since last brief – 3 months 7 days

NYSE found that O'Callaghan a floor trader violated its rules by executing trades over which he had investment discretion. He was suspended for three months and fined $30,000. On appeal the Commission sustained the findings of violations but remanded for reconsideration of the sanctions expressing concern that the sanctions might be deemed punitive rather than remedial. NYSE found the original sanctions appropriate on remand. In this decision the Commission sustained the sanctions.

The facts here have not changed significantly since the original Commission ruling. Only a cynic would note that what has changed is the membership of the Commission.