Academic

I'm still digesting the transcripts, but didn't want to let the day end without a big congratulations to Maggie Sachs, whose argument on Congressional intent regarding the extraterritorial application of the antifraud provisions was raised by Justice Breyer.  Maggie made that argument in a 1990 article entitled The International Reach of Rule 10b-5: The Myth of Congressional Silence, at 28 Colum. J. Transnat'l L. 677.  In that piece, she concluded that "Congress ... chose to protect only those investors whose trades occur inside the United States ... regardless of whether the securities traded are domestic or foreign."  As she noted at the time, the argument challenged what remains the conventional wisdom on Congress' intent, which was that Congress had not spoken to the question of cross-border application.

More tomorrow.