It was a rough weekend in terms of the weather and the financial markets, as Hurricane Ike blazed a destructive path through southern and plain states – sending gas prices skyrocketing in the process – and the sale of Merrill Lynch and the planned bankruptcy filing by Lehman Brothers are causing a tempest on Wall Street.
Meanwhile, around the capital and beyond:
Sorry, Lehman: The Fed said it would not bail out Lehman Brothers like it did Fannie Mae and Freddie Mac. (NYT)
Extension for Ike victims: Taxpayers and tax preparers in areas affected by Hurricane Ike will get an extra week to file returns and make payments due Sept. 15, the Internal Revenue Service said Friday. (AP)
Bankruptcy laws clash with the First Amendment: Separate rulings in the span of a week from a federal appeals court and a federal district judge found that a provision of U.S. bankruptcy law violates the free-speech rights of lawyers by barring them from advising clients to incur additional debt before filing bankruptcy. (Legal Blog Watch)
Gimme shelter: Are more law firms in the IRS’s sights in its ongoing tax shelter probe? (ABA Journal)
From court to gridiron: It’s not all work and no play for Chief Justice John G. Roberts, Jr., who took some time last week to watch the University of Notre Dame’s Fighting Irish football team practice. (South Bend Tribune via How Appealing).