This doesn’t mean insider traders should be any less scared, but it’s interesting nonetheless.
Richard Holwell sentenced Raj Rajaratnam to 11 years in prison last year. Last night, according to Bloomberg, he quit his job. The weird thing about it is how everyone found — in a press release advertising his new firm Holwell Shuster & Goldberg.
Holwell is a graduate of Columbia Law School, and he’s starting his new firm with some of his former partners from his days at White and Case. They’ll be practicing complex commercial litigation and a specialty in antitrust, bankruptcy and securities law — so maybe he’ll find himself on defendants side of his next insider trading case.
“It’s an extremely rewarding job but can also be an extremely isolating job, and that can be challenging,” the mustachioed Judge Holwell said. “Your role is to stand away from the fray. No one sends you e-mail or calls you on the phone. It’s a fact of life, and every judge feels that isolation.”
In recent years, several federal judges have stepped down from the bench, bemoaning their low salary, currently $174,000 a year. John G. Roberts Jr., the chief justice of the United States Supreme Court, has in the past advocated for higher pay for the judiciary.
Judge Holwell said that his decision had nothing to do with his compensation.
“It wasn’t an issue of the woefully inadequate pay,” he said. “I worked for 30 years in the private sector. It’s simply the opportunity to do something completely different, so I’m going to take that opportunity.”
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