As the old "light bulb and coffee cake" tale is told, a brokerage firm customer (often a widow) is befriended by the stockbroker who had handled her former husband's transactions. The widow regaled her family and friends with stories about how the charming, young stockbroker came to her home and changed the light bulbs she could not reach, brought her a coffee cake, and picked up the brokerage statements that he told her not to worry about and leave for him to review. After the widow's death, when an accountant reviews the estate assets, a lot of curious trading is disclosed, much of which seems to be churning or unsuitable. Then there are a number of unexplained outbound wire transfers to some unknown destination. As if those revelations were not distressing enough, it often gets worse when it turns out that the stockbroker was listed in a recently revised will as the deceased's sole beneficiary -- or the stockbroker's spouse was so listed.
As Guest Blogger Aegis Frumento reports, a $125 million gift from the W.P. Carey Foundation bought the naming rights for what used to be Penn Law but is now Carey Law. Many in the Penn Law/Carey Law community are up in arms about the renaming. To be a graduate of Penn Law carries a certain cachet that Carey Law lacks, they say. As reported in the campus newspaper, "More than 500 students and alumni have signed a petition demanding the school revert its short-form name from 'Carey Law' back to 'Penn Law,' arguing that employers will not recognize the new name, and the prestige of the 'Penn Law' name will help them with their careers."