Jacob Frenkel
Jacob Frenkel
Jacob Aharon Frenkelis an Israeli economist and the Chairman of JPMorgan Chase International. He served as Governor of the Bank of Israel between 1991 and 2000...
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We have the government being very aggressive on the concept of criminal intent in jury charges. And now we have the number two example of it being overturned.
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The only time the Department of Justice asks for a stay is because it is going down the road of returning an indictment.
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What it means is they have locked down a key cooperator who can, at a minimum, disprove what has been a publicly articulated key element of her defense, that being the stop-loss order,
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What it really means is a shorter, more focused trial, which is better for the government. It probably takes out of the equation some of the more complex accounting issues. The defense was likely hoping to make this case seem like a complex civil financial fraud case, and without Causey, that will be more difficult.
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The fact that some dire predictions didn't materialize mainly reflects the robustness of the U.S. economy. 2005 has showed us that it is able to absorb more shocks than previously thought.
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The experience of the oil shocks in the 1970s is not a guide for the future.