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In Options Probes, Private Law Firms Play Crucial Role

Publication Date: 
October 28, 2006
Wall Street Journal
James Bandler and Kara Scannell

"Wall Street Journal" quotes Professor Joseph A. Grundfest

The threat of criminal prosecution "is a lot like the guillotine - it tends to focus the mind," says Joseph Grundfest, a former SEC commissioner and a professor of law at Stanford University. "Here you have over 140 companies spending millions each doing the equivalent of Maoist self-criticisms and turning the results over to the authorities."