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"You're slicing the onion awfully thin," Cedarbaum warns. I frankly don't get why he went there. Unless?
Bacanovic's lawyers are up. Their first witness is Kevin Rainin, a self-made man who turned $800 into $295 million. Mr. Rainin's an entrepreneur; he's launched multiple companies in field of medicine, companies that develop medical devices, intraocular lenses and artificial limbs. His testimony amounts to this: "Peter Bacanovic is the best investment banker in the world, and I'm a tough sell." He's embarrassingly effusive, calling Peter a Wunderkid for his ability to check stock prices on his blackberry. He tried to hard, smiled too widely, checked for the jury's approval too many times. Not a great start.
Monday Judge Cedarbaum will let us know which—if any—charges she'll drop. Her most promising comment of the day: "We've focused on the security charge the longest because it's the most problematic." Starting from "novel," that's a step in the right direction.