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Full-Text Articles in Law
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.
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 …