"This judge understands the end game that both sides are pursuing, " says Charles Elson, director of the John L. Weinberg Center for Corporate Governance at the University of Delaware.

FORBES: Lord Black's Bleak Outlook

"You have a much more diverse workforce today, and that kind of entertaining is viewed as nongermane to the client relationship, " said Charles Elson, Director, John L. Weinberg Center for Corporate Governance at the University of Delaware.

WSJ: Sex Scandal Damages Wall Street's Cleaner Image

The sharpened focus of the Securities and Exchange Commission under Chairman Mary L. Schapiro may well be the single most important shift in the corporate governance landscape this year.

FORBES: The SEC At A Crossroads