Another Defeat for Preet

It's starting to look like a pattern: another resounding defeat for the U.S. attorney for the Southern District of New York, Preet Bharara, dealt by the federal judges who ride the U.S. Court of Appeals for the Second Circuit. Today the opinion came from Judges Raggi, Wesley, and Droney, who struck down a $1.2 billion civil penalty that had been imposed on Bank of America. The appellate judges found that the federal prosecutors had failed to show any evidence that the bankers had violated the federal mail and wire fraud laws under which they had been charged.