For once, we have a story about Cadwalader that isn’t about layoffs and doesn’t employ the phrase “Shark Tank” (whoops). The Cadwalader web site’s ‘client memo’ section is, as you’d expect, stocked with such potboilers as “ISDA Auction Hardwiring and other Market Initiatives: Strengthening the Infrastructure for CDS Transactions” and “Interim Guidance on Deferred Compensation Arrangements Under Section 457A of the Internal Revenue Code.” But the latest entry, “The Manny Ramirez Lightbulb” instantly joins the Sushi Memo in that tiny pantheon of law firm memos that are actually memorable.
The author is Steven Lofchie, co-chair of Cadwalader’s financial services department. The memo begins: "I am enraged! and outraged! plus morally reprehensibled (did I say I am outraged!) that Manny Ramirez has inked another huge contract." The rest of it is even farther out in left field. The gist, I think, is a Swiftian “Modest Proposal” that Massachusetts implement a confiscatory (up to 110%!) retroactive tax on Manny’s millions, in order to punish him for his high crimes and misdemeanors against RedSoxNation.
Obviously, the memo is a comment on the AIG retention payment hysteria, but it also manages to be a mash note to Bill Belichick and to take some digs at Andrew Cuomo, Arlen Specter, and The Watchmen movie. Mr. Lofchie has some impressive range. Read the whole thing before some killjoy partner of Lofchie has it taken down. (via The AmLawDaily).
-posted by brian
Manny does not agree with Lofchie about the AIG tax proposal
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