Reynolds Holding is a Breakingviews editor who also writes from New York about the law. Before joining Breakingviews, he was a national editorial producer for the Law & Justice Unit at ABC News, a senior writer for Time magazine and the executive editor of Legal Affairs, the first general interest magazine about the law. He spent more than a decade as an investigative reporter and columnist for The San Francisco Chronicle, where he was named a Pulitzer Prize finalist for explanatory writing. Before becoming a journalist, he practiced corporate law at the New York firm of Debevoise & Plimpton. He graduated from Harvard College and Duke University School of Law.
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The 150-year-old printer is splitting in three, spinning off fast-growing services from stodgier publishing. Investors like the deal and the better value it portends. So much so, the only vexing question is whether the firm keeps giving all employees its classic holiday books.
Plea deals for the likes of Barclays may be coming in Britain but have already flopped in America. Promises to clean up, even with fines and monitors, often turn out empty. U.S. enforcers are now pushing JPMorgan and others to admit guilt. Both regimes could stand to toughen up.
New York regulators say the politically cozy firm whitewashed a probe of the bank and have suspended it from advising lenders. The penalty may curb conflicts and stings more than a mere fine. Maybe U.S. watchdogs will take the hint and stop waiving the consequences of misdeeds.
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