from The American Heritage® Dictionary of the English Language, 4th Edition
- adv. Law Deliberately or knowingly.
from Wiktionary, Creative Commons Attribution/Share-Alike License
- adv. deliberately, knowingly
- n. knowledge of one's own illegal acts; intent
from the GNU version of the Collaborative International Dictionary of English
- adv. Knowingly; willfully.
from The Century Dictionary and Cyclopedia
- In law, knowingly; wilfully.
- n. In law, the clause in a complaint or indictment charging that, the defendant has knowledge which renders him responsible or guilty; also, the fact that the defendant has such knowledge.
from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
- adv. (law) deliberately or knowingly
Missing the little element called scienter, or in lay terms, the requisite intent.
Seems to me that the basic issue is corporate mens rea or scienter, which isn’t any bigger problem conceptually than corporate contracts whose enforcement requires intention to be bound.
First they knock the requirements for recklessness to prove "scienter" out of the park:
The "scienter" requirement, necessary to sustain allegations against the auditors in a securities claim under Section 10b, is notoriously difficult to meet.
"It was more about whether intent should be relevant," since part of the Third Circuit's decision the first time around had to do with whether CBS had intent (the legal term is "scienter").
& Bockius -- argued that the case should be dismissed because the plaintiffs had failed to establish "scienter," meaning there was insufficient evidence that any public statements were knowingly false.
The agency alleged that Cuban acted with "scienter," a legal term indicating knowledge of wrongdoing.
"scienter" in a securities fraud action against an accountant.
No scienter + no competition + First Amendment = no violation.
Goldman cannot have it both ways, as you note: either they are the smartest guys ever, and there is loads of scienter, or they were complete morons riding the same roller coaster as their clients and no one should give them money to manage.