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Corporate & Securities Law

Truth on the Market

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Last Entry: April 01, 2011 at 00:51:38

ABA Section of Antitrust Spring Meeting

Posted on March 18, 2011
The 59th Annual Section of Antitrust Spring Meeting is coming up March 30th to April 1. For those who have not yet had the opportunity to attend and will be in DC or can make it — its a great event and I highly recommend it. If you are a law student interested in attending [...

Law school apps down

Posted on March 17, 2011
The WSJ reports: The number of law-school applicants this year is down 11.5% from a year ago to 66,876, according to the Law School Admission Council Inc. The figure * * * is the lowest since 2001 at this stage of the process. * * * Prospective law students increasingly are aware of the grim [...

Proposed Privacy Legislation

Posted on March 16, 2011
The Obama Administration is advocating a privacy bill. One provision will limit the use of data to the purpose for which it was collected unless a consumer gives permission for additional uses; another will give consumers increased rights to access information about themselves...

AALS unincorporated business section call for papers

Posted on March 16, 2011
CALL FOR PAPERS AALS Section on Agency, Partnerships, LLCs and Unincorporated Associations 2012 AALS Annual Meeting Washington, D.C. The AALS Section on Agency, Partnerships, LLCs and Unincorporated Associations will hold a program during the AALS 2012 Annual Meeting in Washington, D...

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March 15: Kick-Off for The Law School Hiring Cartel

Posted on March 15, 2011
If you’re currently a law professor and you’re thinking you might want to change schools (because, for example, your school continued its precipitous slide in the law school rankings . . . more about that later), you’d better hop on the phone...

Lawyers and the invention of the barometer

Posted on March 15, 2011
Stephen Baker, writing in yesterday’s WSJ: Watson doesn’t “know” anything, experts say. * * * This is all enough to make you feel reinvigorated to be human. But focusing on Watson’s shortcomings misses the point. It risks distracting people from the transformation that Watson all but announced on its “Jeopardy!” debut: These question-answering machines will [...

The NFL Lawyers Up

Posted on March 14, 2011
For a possible antitrust suit following from the players’ decertification: The National Football League geared up for its antitrust battle against players Saturday by hiring two prominent attorneys for its legal team. David Boies, who represented Al Gore in the Bush vs...

The continuing mystery of the Gupta case

Posted on March 14, 2011
Friday I wondered whether the SEC’s hurried decision to administratively charge former Goldman director Gupta with insider trading suggested it was “in league with Justice to patch a gaping hole in its case against R by tainting a key witness...

Congressmen as securities traders

Posted on March 13, 2011
With all of the attention being given to insider trading by hedge funds and malfeasance by corporate executives, it’s worth reminding ourselves that the politicians who seek to impose discipline are themselves no angels. An important study published seven years ago revealed that U...

Privacy Cost-Benefit Analysis

Posted on March 13, 2011
As I mentioned in my previous post, there is a strong effort to regulate the use of information on the web in the name of “privacy.” The basic tradeoff that drives the web is that firms use information for advertising and other purposes,and in return consumers get lots of things free...

Dilbert on Opportunity Cost

Posted on March 13, 2011
From today’s Washington Post: Filed under: economics, musings

Privacy and Tracking

Posted on March 12, 2011
First I would like to thank Geoff Manne for inviting me to join this blog. I know most of my fellow bloggers and it is a group I am proud to be associated with. For my first few posts I am going to write about privacy. This is a hot topic. Senators McCain and Kerry [...

Fuld, Mozilo and Raj

Posted on March 12, 2011
The WSJ reports that the investigation of Lehman’s collapse “has hit daunting hurdles that could result in no civil or criminal charges ever being filed against the company’s former executives.” The problem is that, despite Lehman’s examiner’s conclusion that Lehman used tricks (the famous Repo 105) to “paint a misleading picture of its financial condition,” Linklaters [...

The SEC’s shrinking credibility

Posted on March 11, 2011
Peter Henning discusses “the SEC under fire”, specifically Beckergate, which I’ve already discussed, and Guptagate, which I’ve been mulling since Sorkin’s Dealbook column last Monday. Henning observes that “the questions being asked could undermine the agency?s credibility as an effective regulator of the securities markets...

Appropriate Liability Rules for Tying and Bundled Discounting: A Response to Professor Elhauge

Posted on March 11, 2011
In recent years, antitrust scholars have largely agreed on a couple of propositions involving tying and bundled discounting. With respect to tying (selling one’s monopoly “tying” product only on the condition that buyers also purchase another “tied” product), scholars from both the Chicago and Harvard Schools of antitrust analysis have generally concluded that there should [...

The SEC’s internal controls problems

Posted on March 11, 2011
The WSJ discusses yesterday’s testimony by SEC chair Mary Schapiro. Former SEC GC David Becker, you’ll recall, had a family interest in a Madoff account but nevertheless was allowed to work on Madoff issues, including recommending Madoff victim payouts that directly affected the Becker family...

Time for a really new law school

Posted on March 10, 2011
Delaware is thinking about a new law school. Bainbridge and Pileggi don’t like it. Says Steve: the last thing Delaware–or the country as a whole–needs is another law school churning out graduates into a still dismal job market. We need to be killing off the bottom dwellers, not starting new ones...

Lawyers as capitalists

Posted on March 10, 2011
The WSJ reports: Clients are seeking ways to lower their legal costs, and more of them are asking law firms to share the risk of litigation, particularly in intellectual property cases, with contingency payment arrangements in which the clients pay no fees upfront...

Paul Rubin joins TOTM

Posted on March 10, 2011
You may have noticed the newest member of the TOTM Team. We’re very proud to welcome Paul Rubin, Samuel Candler Dobbs Professor of Economics at Emory University and one of the leading figures in law and economics. Paul has written seminal articles on, among other subjects, the forces shaping the common law, franchising, and [...

Jack Calfee, In Memoriam, by Paul Rubin

Posted on March 10, 2011
My good friend and coauthor John E. (Jack) Calfee died suddenly of a heart attack last month. He was bon in 1941 and was 69 years old. Jack came late to economics. After graduating from Rice with a major in mathematics, he studied international relations at the University of Chicago and then worked for AT&T [...

Comment to the Federal Reserve Board on Regulation II: Where’s the Competitive Impact Analysis?

Posted on March 10, 2011
I have submitted a comment to the Federal Reserve Board concerning Regulation II, along with the American Enterprise Institute’s Alex Brill, Christopher DeMuth, Alex J. Pollock, and Peter Wallison, as well as my George Mason colleague Todd Zywicki...

An executive MBA in law

Posted on March 10, 2011
The Canadians show the way: The year-long program, which runs in the evenings and on weekends, will examine the impact of globalization on laws, legal institutions and capital markets. * * * “This is a way for people to engage, in a more in-depth way academically, those issues they’re facing at work...

Revisiting the Supreme Court’s “Pro-Business” Bias

Posted on March 09, 2011
Ed Whelan chimes in on the perennial debate with the most recent data: Those sneaky ?corporatist? justices are at it again, cleverly disguising their biases by ruling in favor of employees and/or against corporations in two Supreme Court decisions issued today: 1...

DOJ to Waxman: Violating Net Neutrality Isn’t Anticompetitive

Posted on March 09, 2011
Congressman Waxman shares that the news that the DOJ Antitrust Division told him that cable or phone companies violating net neutrality principles with exclusive or discriminatory deals are not violating the antitrust laws: Waxman said during a net neutrality hearing Wednesday that Justice officials informed his office that existing competition laws cannot be used to [...

Small Business Financing Post-Crisis

Posted on March 09, 2011
Tomorrow I will be attending a symposium on small business financing sponsored by the Entrepreneurial Business Law Journal‘s at the Moritz College of Law at the Ohio State University. I’m on a panel entitled “Recessionary Impacts on Equity Capital,” which is a bit misleading–or at least a bit different that the topic I offered to [...

0 for 2

Posted on March 08, 2011
The Supreme Court denied cert in both S&M Brands v. Caldwell and Wine Country Gift Baskets v. Steen. I had participated in drafting amicus briefs, along with my colleague Todd Zywicki, supporting certiorari in each. The briefs are available here and here...

Manne and Downes on Ideas in Action

Posted on March 08, 2011
(Apologies for the technical difficulties. The video is here in case you can’t see it in the post below): Filed under: truth on the market

Watch me discuss the future of the Internet and its regulation on Ideas in Action

Posted on March 08, 2011
Larry Downes (who, like me, is a senior fellow at TechFreedom and a contributor to the excellent book, The Next Digital Decade: Essays on the Future of the Internet) and I taped an episode of Jim Glassman’s talking head show, Ideas in Action, a couple months ago, and it is airing this week on PBS [...

The Breathtaking Ruthlessness of the Proposed Budget Cuts

Posted on March 08, 2011
The New York Times is appalled at House Republicans’ plans to “eviscerate nondefense spending,” calling the vote in favor of the cuts an act of “breathtaking ruthlessness.” The budget cuts, the Times says, will “carve $61 billion out of the government for just the next seven months, which would throw hundreds of thousands of people [...

Little big law

Posted on March 07, 2011
According to AmLaw, citing unnamed sources, Howrey will vote this Wednesday on whether to dissolve. Given massive departures that the article says “have left Howrey a shadow of its former self” the conclusion would seem to be foregone. So now what? Consider some of the questions: How much does the firm owe, and what does [...

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