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Articles 1 - 30 of 31
Full-Text Articles in Law
Markham’S Opus Remembering The Past—Watching It Repeat From The Great Recession To The Covid-19 Pandemic: A Financial History Of The United States 2010–2020 (By Jerry W. Markham 2022), Christian A. Johnson
Markham’S Opus Remembering The Past—Watching It Repeat From The Great Recession To The Covid-19 Pandemic: A Financial History Of The United States 2010–2020 (By Jerry W. Markham 2022), Christian A. Johnson
FIU Law Review
This article discusses the impact and significance of Professor Jerry Markham's financial history entitled "From the Great Recession to Covid-19 Pandemic: A Financial History of the United States 2010-2020. The article describes how this volume 7 to his series on the financial history of the United States captures the significance of the financial events and tumult that occurred between 2010 and 2020.
Book Review On From The Great Recession To The Covid-19 Pandemic By Professor Jerry W. Markham, Ronald Filler
Book Review On From The Great Recession To The Covid-19 Pandemic By Professor Jerry W. Markham, Ronald Filler
FIU Law Review
A review of Professor Jerry Markham's book "From the Great Recession to the COVID-19 Pandemic."
Rational Investing Or Speculative Fever?: Spacs, Robinhood, And Digital Assets—Securities Markets Or Casinos?, Thomas Lee Hazen
Rational Investing Or Speculative Fever?: Spacs, Robinhood, And Digital Assets—Securities Markets Or Casinos?, Thomas Lee Hazen
FIU Law Review
This article focuses a recurring theme – speculation in the financial markets. The 2010-2020 decade set the stage for a new round of speculative activity starting in 2021. In the article that follows I reflect on a new wave of speculation and three current examples of speculative activity. The article concludes that regulators should be cautious about over-regulation of SPACs and gamified trading. The article also supports the regulation of digital assets (crypto currencies and NFTs) as securities.
From The Great Recession To The Covid-19 Pandemic: A Financial History Of The United States 2010-2020—A Comparison Of The Government’S Response To The Two Financial Crises That Bookended The 2010 To 2020 Decade, Lissa Lamkin Broome
FIU Law Review
This article compares the government's legislative and regulatory response to each of the two financial crises that bookended the 2010-2020 decade and how the response to the COVID-19 crisis was affected by various provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act enacted in 2010 in response to the 2008 financial crisis. The article concludes with six lessons we learned from these two financial crises experienced in relatively short order: act fast, act with force, act on multiple fronts, regain or retain citizens' confidence in the financial system, ensure access to liquidity, and aid those who are struggling.
Celebrating Markham’S Approach To Financial History: Getting At The Macro One Deal At A Time, José Gabilondo
Celebrating Markham’S Approach To Financial History: Getting At The Macro One Deal At A Time, José Gabilondo
FIU Law Review
Professor Markham's financial history does an excellent job of reviewing and analyzing financial history for the period from the Great Recession to the COVID pandemic. His granular approach to financial history conveys macro-trends by focusing on the most defining transactions and episodes from this period.
Entre La Espada Y La Pared: Obstacles To U.S. Investment In Cuba, Thais Lopez
Entre La Espada Y La Pared: Obstacles To U.S. Investment In Cuba, Thais Lopez
FIU Law Review
Investing in Cuba poses several obstacles to U.S. investors. Cuba’s new Law of Foreign Investment and new Constitution do not provide remedies or protections against the state’s takings of private property or imprisonment without charge. On the U.S. side, Title III of the Helms-Burton Act has made U.S. investors the most vulnerable to claims worth billions in damages under the Act.
Book Review From The Great Recession To The Covid-19 Pandemic A Financial History Of The United States, Rigers Gjyshi
Book Review From The Great Recession To The Covid-19 Pandemic A Financial History Of The United States, Rigers Gjyshi
FIU Law Review
A review of Professor Jerry Markham's book "From the Great Recession to the COVID-19 Pandemic."
Transition-Denial And Structural Adjustment: Causation And Culpability In The Cuban Economy Culpability In The Cuban Economy, Jose Gabilondo
Transition-Denial And Structural Adjustment: Causation And Culpability In The Cuban Economy Culpability In The Cuban Economy, Jose Gabilondo
Faculty Publications
In 2020, Cuba implemented the Tarea Ordenamiento (Tarea), the most significant economic reform since the construction of the socialist economy after the Revolution. Signaling an eclectic brand of Cuban socialism, the Tarea clears away three decades of tried and failed economic doctrines, drawing a new fiscal border around state enterprises, nodding to market realities, and preparing the island for greater insertion into the world economy. While the political economy of post-Castro Cuba has changed in this way, the United States continues to subject the island to an unprecedented program of unilateral sanctions, universally condemned as a breach of human rights, …
Transition-Denial And Structural Adjustment: Causation And Culpability In The Cuban Economy, José Gabilondo
Transition-Denial And Structural Adjustment: Causation And Culpability In The Cuban Economy, José Gabilondo
FIU Law Review
In 2020, Cuba implemented the Tarea Ordenamiento (Tarea), the most significant economic reform since the construction of the socialist economy after the Revolution. Signaling an eclectic brand of Cuban socialism, the Tarea clears away three decades of tried and failed economic doctrines, drawing a new fiscal border around state enterprises, nodding to market realities, and preparing the island for greater insertion into the world economy. While the political economy of post-Castro Cuba has changed in this way, the United States continues to subject the island to an unprecedented program of unilateral sanctions, universally condemned as a breach of human rights, …
Credit Supports For Italian Specialty Products: The Case Of Prosciutto And Long-Aged Cheese, Jorge L. Esquirol
Credit Supports For Italian Specialty Products: The Case Of Prosciutto And Long-Aged Cheese, Jorge L. Esquirol
FIU Law Review
No abstract provided.
Mphaea & Marble Cake: Parity & The Forgotten Frame Of Federalism, Taleed El-Sabawi
Mphaea & Marble Cake: Parity & The Forgotten Frame Of Federalism, Taleed El-Sabawi
Faculty Publications
Federal parity laws, and their state equivalents, have been shown to increase access to substance use disorder (SUD) treatment, by decreasing the cost of SUD treatment borne by the insured, and has resulted in little increase in health plan costs. Despite these improvements, the effects of parity on access to SUD treatment have been lower than expected. Recent reports suggest that states have varied in their enforcement parity, failures which may explain why persons surveyed still report having inadequate insurance coverage for SUD treatment despite the parity legislation. While other articles have offered suggestions for improving parity, most have lumped …
Securities & Exchange Commission Vs. Elon Musk & The First Amendment, Jerry W. Markham
Securities & Exchange Commission Vs. Elon Musk & The First Amendment, Jerry W. Markham
Faculty Publications
No abstract provided.
Regulating The “Too Big To Jail” Financial Institutions, Jerry W. Markham
Regulating The “Too Big To Jail” Financial Institutions, Jerry W. Markham
Faculty Publications
This article addresses the “too big to jail” regulatory model in which large banks pay hundreds of billions of dollars to settle multiple and duplicative regulatory charges brought by a horde of state, federal, and even foreign regulators. The banks pay those massive settlements in order to keep their banking charters and to obtain immunity from prosecution for senior executives. In turn, regulators benefit from the headlines these fines generate. Much criticism has been directed at these settlements because the banks are allowed to continue business as usual and no senior executives are jailed. Other critics contend that these settlements …
Regulating The Moneychangers, Jerry W. Markham
Regulating The Moneychangers, Jerry W. Markham
Faculty Publications
No abstract provided.
Regulating The U.S. Treasury Market, Jerry W. Markham
Regulating The U.S. Treasury Market, Jerry W. Markham
Faculty Publications
The market for U.S. Treasury securities is critical to our monetary policy and government funding. It also serves as a benchmark for pricing other investments and has provided a haven for investors seeking safety and stability. However, concern has recently arisen that “primary dealers” in that market might have manipulated prices. In addition, an unusual market volatility event that occurred in October 2014, and the growth of high-frequency trading have raised further questions over the adequacy of regulation in that market. This article addresses those concerns. It first describes the U.S. Treasury market and identifies efforts by traders over the …
High-Speed Trading On Stock And Commodity Markets - From Courier Pigeons To Computers, Jerry W. Markham
High-Speed Trading On Stock And Commodity Markets - From Courier Pigeons To Computers, Jerry W. Markham
Faculty Publications
A growing concern in the stock and commodity markets over the last several years has been the rise of high-frequency traders (HFTs). Those traders employ high-speed computer technology for the algorithmic origination, transmission and execution of their orders through fiber optic cables and microwave towers. That technology allows HFT orders to be executed in times measured in fractions of a second. As a result of this technological advance, HFTs are now dominating trading volumes. This phenomenon has, on the one hand, led to claims by proponents of highspeed trading that HFTs are an important source of market liquidity and should …
Revisiting The Causes Of The Financial Crisis, Antony Page
Revisiting The Causes Of The Financial Crisis, Antony Page
Faculty Publications
Much has been written on the legal causes of the financial crisis and its aftermath, often referred to as the Great Recession. Presumably the debate will continue for many years to come, much as scholars continue to debate the causes of the Great Depression. Lost, however, in the descriptions of arcane laws and complex derivative financial products, is a relatively brief and straightforward account of the crisis and its most likely causes for interested lawyers, law students, or graduate students who are not specialists and do not want to become specialists. This Essay, based on a presentation at the Indiana …
Custodial Requirements For Customer Funds, Jerry W. Markham
Custodial Requirements For Customer Funds, Jerry W. Markham
Faculty Publications
A series of bankruptcies by large financial institutions in recent years resulted in massive shortages of customer funds. The first of those failures, Refco, Inc. (Refco), occurred in 2005 after the exposure of a massive fraud by its officers. That debacle was followed in 2007 by the failure of Sentinel Management Group, Inc. (Sentinel), which had used several hundred million dollars of customer assets to leverage the firm's trading position. The failure of Lehman Brothers Holdings Inc. (Lehman or Lehman Brothers) during the Financial Crisis in 2008 was the largest bankruptcy in U.S. history and resulted in extensive litigation over …
Financial Hospitals: Defending The Fed’S Role As Market Maker Of Last Resort, Jose M. Gabilondo
Financial Hospitals: Defending The Fed’S Role As Market Maker Of Last Resort, Jose M. Gabilondo
Faculty Publications
No abstract provided.
Dodd-Frank, Liability Structure, And Financial Instability Cycles: Neither A (Ponzi) Borrower Nor A Lender Be, Jose M. Gabilondo
Dodd-Frank, Liability Structure, And Financial Instability Cycles: Neither A (Ponzi) Borrower Nor A Lender Be, Jose M. Gabilondo
Faculty Publications
No abstract provided.
Merging The Sec And Cftc - A Clash Of Cultures, Jerry W. Markham
Merging The Sec And Cftc - A Clash Of Cultures, Jerry W. Markham
Faculty Publications
The massive subprime losses at Citigroup, UBS, Bank of America, Wachovia, Washington Mutual, and other banks astounded the financial world. Equally shocking were the failures of Lehman Brothers, Merrill Lynch, and Bear Stearns. The conversion of Goldman Sachs and Morgan Stanley into bank holding companies left no large independent investment banks standing. If all that was not enough, Bernard Madoff's incredible $50 billion Ponzi scheme was a new milestone in the nation's financial history. Those failures and Madoff's fraud were unforeseen and undetected by the regulator, the Securities and Exchange Commission (SEC), which was responsible for overseeing the broker-dealers that …
Leveraged Liquidity: Bear Raids And Junk Loans In The New Credit Market, Jose M. Gabilondo
Leveraged Liquidity: Bear Raids And Junk Loans In The New Credit Market, Jose M. Gabilondo
Faculty Publications
No abstract provided.
Financial Moral Panic! Sarbanes-Oxley, Financier Folk Devils, And Off-Balance Sheet Arrangement, Jose M. Gabilondo
Financial Moral Panic! Sarbanes-Oxley, Financier Folk Devils, And Off-Balance Sheet Arrangement, Jose M. Gabilondo
Faculty Publications
No abstract provided.
Sending The Right Signals: Using Rent-Seeking Theory To Analyze The Cuban Central Bank, Jose M. Gabilondo
Sending The Right Signals: Using Rent-Seeking Theory To Analyze The Cuban Central Bank, Jose M. Gabilondo
Faculty Publications
No abstract provided.
Accountants Make Miserable Policemen: Rethinking The Federal Securities Laws, Jerry W. Markham
Accountants Make Miserable Policemen: Rethinking The Federal Securities Laws, Jerry W. Markham
Faculty Publications
This Article describes the background of the federal securities laws and the assumptions about full disclosure that where made to justify the intrusive legislation. It also considers the problems encountered by the SEC in the nearly seven decades that have passed since the Stock Market Crash of 1929 and then reviews the market meltdown over the last three years and describes how full disclosure regulation failed. Finally, the author focuses on a principal flaw in the system – the misguided effort to turn accountants into policeman.
Super Regulator: A Comparative Analysis Of Securities And Derivatives Regulation In The United States, The United Kingdom, And Japan, Jerry W. Markham
Super Regulator: A Comparative Analysis Of Securities And Derivatives Regulation In The United States, The United Kingdom, And Japan, Jerry W. Markham
Faculty Publications
This article describes the development of the competing regulatory bodies for banking, insurance, securities and derivatives. It then focuses on the regulatory roles of the Securities and Exchange Commission ("SEC") and the Commodity Futures Trading Commission ("CFTC"). The competition between those two agencies and its effects are described. After that review, the article examines the roles of the FSA-GB and FSA-Japan. Finally, the article discusses the arguments favoring and disfavoring competitive regulation and tries to discern whether a unified regulatory structure such as that in Japan and England is preferable to the competitive approach of the SEC and CFTC. The …
Banking Regulation: Its History And Future, Jerry W. Markham
Banking Regulation: Its History And Future, Jerry W. Markham
Faculty Publications
This article traces the history of the growth and regulation of banking services in the United States. That history will show how the existing regulatory structure was developed in response to demands of the Civil War and a populist crusade against the “money trust.” That effort reached its zenith with the New Deal legislation of the 1930s, but began to fall apart as financial services consolidated. The article will then show how the financial services industries (banking, insurance, securities and derivatives) began to merge in their product base while at the same time separating on a fault line between institutional …
Confederate Bonds, General Custer, And The Regulation Of Derivative Financial Instuments, Jerry W. Markham
Confederate Bonds, General Custer, And The Regulation Of Derivative Financial Instuments, Jerry W. Markham
Faculty Publications
The phenomenal growth of derivative financial instruments has sparked a near revolution in finance. These instruments take many forms and come in literally hundreds of varieties. Some, such as commodity futures and options, are heavily regulated when they are traded on organized exchanges. Other derivatives, particularly those traded over-the-counter, are subject to little regulation. Included on the list of unregulated derivatives are swap transactions. The swaps market alone is equal in size to the regulated markets with which it competes. The lack of regulation over such a large financial market and the losses suffered by some large firms in recent …
The Commodity Exchange Monopoly – Reform Is Needed, Jerry W. Markham
The Commodity Exchange Monopoly – Reform Is Needed, Jerry W. Markham
Faculty Publications
In theory, the commodity futures markets are the essence of competition. All orders are required to be exposed to trading pits where traders vie competitively and aggressively to assure the best possible execution price. On the surface, as observed from the exchange galleries or on television, the exchanges do appear to be highly competitive, particularly when one views hundreds of traders screaming and gesticulating wildly for orders. The now famous sting operations on the Chicago exchanges in 1989, however, have provided dramatic evidence that a dangerous symbiotic relationship has developed among traders on the floor that is undermining competition and …
"Front-Running" - Insider Trading Under The Commodity Exchange Act, Jerry W. Markham
"Front-Running" - Insider Trading Under The Commodity Exchange Act, Jerry W. Markham
Faculty Publications
On ‘Black Monday,’ October 19, 1987, ‘perhaps the worst day in the history of U.S. equity markets,’ the Dow Jones Industrial Average fell by 508 points, representing a loss of approximately $1 trillion in the value of all outstanding United States stocks. In the wake of the crash, numerous studies were conducted and reports published in which a host of regulatory issues were considered, including a disturbing phenomenon called ‘front-running.’ Simply stated, the practice of front-running involves a transaction in a commodity futures contract or a stock option contract by a trader with ‘material’ nonpublic information concerning a ‘block’ transaction …