Madoff to Plead Guilty: Bernard Madoff, the brains behind a multibillion-dollar Ponzi scheme, will plead guilty according to his lawyer, Daniel Horwitz of Dickstein Shapiro. The New York Law Journal, via Law.com, reports on Thursday in the Southern District of New York, Madoff will be arraigned on information and enter a guilty plea.
Legal Jobs Lost: Last month, according to the U.S. Department of Labor’s Bureau of Labor Statistics, about 4,200 legal jobs were cut reports The American Lawyer, via Law.com. Last week, BigLaw firms including Akin Gump Strauss Hauer & Feld, King & Spalding, and Pillsbury Winthrop Shaw Pittman all cut lawyers and staff.
Obama to OK Stem Cell Research: President Barack Obama is expected to lift restrictions on funding for human embryonic stem cell research later today, reports The Washington Post. Obama is also expected to issue a presidential memorandum that is aimed to keep politics out of scientific decisions.
GOP Unhappy with Obama Bank Plan: According to The Washington Post, yesterday, Republican leaders called President Obama’s plan to rescue the nation’s banks unrealistic and wasteful. They also urged Obama to allow some of country's biggest banks to fail. In response, Obama emphasized a need for patience and has said that he inherited the nation’s financial situation from the Bush administration.