Shoring Up Credit: NLJ's sister publication, The Recorder, finds in a public filing with the California Secretary of State's office that Orrick, Herrington & Sutcliffe is borrowing against next year's partner profits to shore up available credit. The firm says that to secure a loan, its banks required that it defer capital payouts to ex-partners.
Underdog: The Washington Post examines the strategy being cobbled together by conservative groups to derail President Obama's nominee to replace Justice David Souter. Conservatives find themselves in a much weaker position than the last time there was a fight over a Supreme Court nominee, and it's unlikely their efforts will pay off, barring a scandal, says the WaPo.
Gonzo's Return: Former attorney general Alberto Gonzales will be in the District this weekend to attend the White House Correspondents' Association dinner, according to WaPo blog, The Sleuth. Gonzales is a confirmed guest of his hometown newspaper, the Houston Chronicle.
Stepping Down: Chairman of the Federal Reserve Bank of New York, Stephen Friedman, resigned yesterday after questions surfaced about his relationship with his former employer Goldman Sachs. The NYT reports that in his resignation letter, Friedman said his public service was characterized as "improper" despite his compliance with the rules.
Guilty Plea: In New York federal court yesterday, former Paul Hastings associate Eric Holzer admitted to securities fraud as part of an insider trading conspiracy. He is expected to receive 12 to 18 months in prison, according to the New York Law Journal.