Government prosecutors have amply proved their ability to persuade white- collar offenders on Wall Street to confess and plead guilty, but can the Feds convict anybody in a court trial? In attempting to try an important case stemming from the Ivan Boesky stock-fraud scandal, the Government is striking out. Last week the criminal stock-manipulation case against GAF and its vice chairman, James Sherman, ended in a second mistrial. After six weeks of testimony and more than 90 hours of deliberations, Federal Judge Mary Johnson Lowe decided the jury was hopelessly deadlocked.
The GAF case evolved from the testimony of Boesky, who...
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