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Corporate & Securities Law

Truth on the Market

Academic commentary on law, business, economics and more.

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

Illinois Corporate Colloquium: Krawiec on Narratives of Corporate Board Diversity

Posted on September 24, 2010
Each fall I invite leading corporate scholars to present and discuss their recent work to faculty and students in the Illinois Corporate Colloquium. I plan to discuss these papers here on TOTM. This semester we started with Kim Krawiec (Duke) and her paper (with Lissa Broome and John Conley), Dangerous Categories: Narratives of Corporate Board [...

The SEC takes heat over the Goldman suit

Posted on September 23, 2010
Per the WSJ, the SEC?s internal watchdog told the Senate Banking Committee that the SEC?s suit against Goldman was a ?suspicious? attempt to ?to distract attention from a report criticizing the SEC for failing to detect an alleged Ponzi scheme.? It’s not like I’m surprised...

Commentary on Proxy Access Defenses

Posted on September 23, 2010
I was honored to get a paragraph in Wachtell Lipton Rosen and Katz’s recent client memo on proxy access. David Katz and Laura McIntosh published that memo in the New York Law Journal today with the following commentary on my work: Some commentators have suggested “hardball tactics” for circumventing the intended effect of the rules, [...

Antitrust and Congress

Posted on September 22, 2010
Last Thursday and Friday, I attended a conference at Case Western Law School on the Roberts Court’s business law decisions. I presented a paper on the Court’s antitrust decisions. (The paper, described here, is now available on SSRN.) Adam Pritchard, Matt Bodie, and Brian Fitzpatrick presented papers considering the Court’s treatment of, respectively, securities law, [...

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Time to go

Posted on September 21, 2010
This episode has had a profoundly negative impact on me. To be sure, I deserved and even welcomed criticism of my remarks. But the firestorm this created was completely unanticipated. Lies and misinformation, like that our family earns $450,000, spread uncontrollably...

Todd Henderson will be missed

Posted on September 21, 2010
I am saddened that our co-blogger Todd Henderson is putting up his blogging hat. He leaves us with an academic reputation that is unsurpassed, unfortunately I can’t say that the reputation of everyone involved has held up very well in light of the very personal nature of attacks from various corners...

Obama’s class warfare

Posted on September 20, 2010
A week ago my co-blogger Todd Henderson had some thoughts about the Obama plan to raise taxes for the “rich” — over-$25o,000 earners: If our taxes rise significantly, as they seem likely to, we can cut back on some things. The (legal) immigrant from Mexico who owns the lawn service we employ will suffer, as will [...

Antitrust Karma, the Microsoft-Google Wars, and a Question for Rick Rule

Posted on September 20, 2010
The WSJ recently published the next installment of the Microsoft-Google antitrust wars. A Google representative argues “competition is one click away”; Charles (“Rick”) Rule, Microsoft’s antitrust attorney, argues that Google’s conduct might harm competition...

Looking for a few good associates

Posted on September 20, 2010
The Philadelphia Inquirer’s Chris Mondics writes about statistics showing that first-year law firm associate salaries are not declining despite the apparent turmoil in the legal marketplace. He asks whether this means “the big-law-firm model has come through unscathed after the worst downturn since the Great Depression...

What my kids and I have in common

Posted on September 20, 2010
I like to tease my children about wanting to watch the same movies and read the same books over and over again. (Maybe I am the devil leftist bloggers and pundits make me out to be!) I know nothing about the brain development of kids, but there must be something attractive about the familiar and [...

I’m sorry II

Posted on September 20, 2010
Likewise. I don’t retract a word of my prior post, in which I ventured to suggest that economic arguments might substitute for personal attacks. If the comments to this blog over the last week represent the state of the discussion we are having about economic policy, then I truly fear for this country’s future...

I’m sorry

Posted on September 20, 2010
The posts that generated an unintended blogocane have been deleted. I stand by the posts, the facts in them, and the points they were making. The reason I took the very unusual step of deleting them is because my wife, who did not approve of my original post and disagrees vehemently with my opinion, did [...

Comments Policy

Posted on September 19, 2010
A reminder regarding our comments policy in light of the language and tone of a handful of comments to Todd’s post: We welcome comments. We do not intend to moderate them but may delete those that are profane, mean spirited, racist, sexist, or otherwise inappropriate...

Now I know I must be right

Posted on September 19, 2010
I’m ready to move on from this debate about taxes, especially given the overwhelmingly negative response my post generated. But now comes an attack by a Nobel-prize-winning economist. See here. With respect to Prof. Krugman, I’m feeling more confident I’m correct after seeing he is with the dissenters on this...

The new term limits?

Posted on September 19, 2010
Let’s say you want to reduce the size of government. How exactly can one accomplish this objective in our system, which, as Peggy Noonan somewhat cleverly observed, always seems to be fighting spending battles on one side of the ruler? One possibility is term limits...

10 Things

Posted on September 18, 2010
Whew! So this is what it feels like to be savagely attacked by people who don’t know you. I’m frankly appalled by the language, threats, and hostility in the comments to my post on how the Obama tax increases will impact my family and in the posts from the likes of Brad Delong...

The Complexity of Simple Economics

Posted on September 17, 2010
That’s the title of Steve Horwitz’s blog post reflecting on a recent celebration honoring the lifetime contributions of 1986 economics Nobel Prize winner James Buchanan. (HT: Art Cardin for pointing it out on FB) Horwitz describes Bachanan’s comments about how “the most basic insight of economics is fairly simple: the spontaneous order of the market...

Will CFPB Will We Get?

Posted on September 17, 2010
Todd mentions Elizabeth Warren’s “kick off” speech for the CFPB, in which she accepts the new “President and Special Advisor to the Secretary of the Treasury?” gig, and tells us what the new Bureau is all about: The new consumer bureau is based on a pretty simple idea: people ought to be able to read [...

When showing people where the Constitution is is a crime

Posted on September 17, 2010
A while back I stumped for my favorite public interest law firm, the Institute for Justice, and their work on behalf of monk casket makers. The latest suit filed by IJ involves a regulation in Washington, D.C. (similar to anti-competitive ones throughout the land) requiring a license to give a tour of the city...

Good luck, Prof. Warren

Posted on September 17, 2010
Assistant to the President and Special Advisor to the Secretary of the Treasury? (nee Professor) Warren makes her opening salvo on the future of consumer finance with remarks on the White House blog today. See here. In a post entitled “Fighting to Protect Consumers,” she writes: “The new consumer bureau is based on a pretty [...

Love, marriage and firms

Posted on September 17, 2010
I’ve been working on the relationship between family law and business associations. My current paper, discussed here, shows why business association standard forms may be inappropriate for domestic relationships. Another question regarding the relationship between families and firms concerns the extent to which the family is a substitute for the firm as a business organization [...

Top Ten Books in Corporate Law (Practitioner)

Posted on September 17, 2010
My previous post listing my favorite books in corporate governance turned out to be fairly popular. A few readers suggested however that my list contained few books that a practitioner would find useful in day to day practice. I don’t know whether that’s true, but I will accept that my list had an academic focus...

Funny but very, very sad

Posted on September 16, 2010
I love a good laugh, and a recent obituary for Donald Unsworth is pretty funny. But it is also very sad. Not just that he died, but that he cared so much about politics that his dying thoughts turned to our president and his policies. I love our country and care deeply about its future, [...

Some Links

Posted on September 16, 2010
The myth of razors and blades by Randy Picker (HT: Peter Klein) David Balto Against Regulating Google A new antitrust lawsuit against Wal-Mart claiming it forces the prices for agricultural goods too low Is another antitrust suit against the NFL (this time by the players) brewing? More on the Microsoft-Google Antitrust Wars Filed under: antitrust

The dregs of the Enron case

Posted on September 16, 2010
The government finally dropped its prosecution of Nigerian Barge defendant James A. Brown. Here’s part of the WSJ story by John Emshwiller: At the 2004 trial, prosecutors alleged that Enron’s sale of an interest in three power-producing barges, located off the coast of Nigeria, to Merrill was a sham that allowed the energy company to [...

Me Too @ Cato’s Constitution Day

Posted on September 15, 2010
Like Larry, I’ll be at Cato on Constitution Day. TOTM will be well represented. While Larry covers Jones v. Harris and mutual funds, I’ll have my sights on the Roberts Court’s recent decision in American Needle v. NFL. See you there! The abstract of my paper (co-authored with Judd Stone), Antitrust Formalism is Dead! Long [...

Now, Everyone, Gasp In Surprise

Posted on September 15, 2010
Alan Greenspan has been revered in political and media circles since his benevolent reign over times of fortune as the Chair of the US Federal Reserve. Now Mr. Greenspan has acknowledged what many of us have been saying for a long time: fiscal stimulus didn’t work...

Coase and the 800 Pound Man

Posted on September 15, 2010
Ronald Coase has been on my mind quite a bit lately. His ideas have made a couple of recent appearances in my business organizations class. As I’ve explained before, we spend the first day of Bus Orgs contrasting F.A. Hayek’s The Use of Knowledge in Society, which argues that central planning is destined to fail because planners cannot gather [...

On Forbes.com: Some thoughts on Wall Street 2

Posted on September 15, 2010
If you can’t wait for the movie, here’s my Forbes.com column. Filed under: truth on the market

Misinformation and crime prevention

Posted on September 15, 2010
One of my favorite ways to spend an hour is listening to Chicago Public Radio’s program “This American Life.” The stories are rich, compelling, funny, sad, and well done. I’m rarely disappointed. A recent episode (here) discussed the problem of police lying about crime statistics...

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