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Articles 1 - 22 of 22
Full-Text Articles in Law
Helping Yourself While Serving Two Masters: Do Specialists Violate Rule 10b-5 When They Interposition?, Roman Asudulayev
Helping Yourself While Serving Two Masters: Do Specialists Violate Rule 10b-5 When They Interposition?, Roman Asudulayev
Fordham Urban Law Journal
The decision of the Second Circuit in United States v. Finnerty (Finnerty III) was the culmination of a number of District Court decisions that found that specialists on the New York Stock Exchange (NYSE) could not be held liable for fraud under Rule 10b-5 for interpositioning, whereby they put themselves between buy and sell limit orders, in violation of NYSE rules, and profited on the spread. Finnerty III and its District Court sibling decisions were wrongly decided. Specialists presented a uniquely thorny issue of agency law to the Federal Courts in New York. This issue was under-analyzed by the Federal …
Citizens Versus Bondholders, Richard C. Schragger
Citizens Versus Bondholders, Richard C. Schragger
Fordham Urban Law Journal
No abstract provided.
Bondholders And Financially Stressed Municipalities, Clayton P. Gillette
Bondholders And Financially Stressed Municipalities, Clayton P. Gillette
Fordham Urban Law Journal
No abstract provided.
In Pursuit Of Safety And Soundness: An Analysis Of The Occ's Anti-Predatory Lending Standard, Diana Mcmonagle
In Pursuit Of Safety And Soundness: An Analysis Of The Occ's Anti-Predatory Lending Standard, Diana Mcmonagle
Fordham Urban Law Journal
In order to combat the escalating problem of predatory lending, the Office of the Comptroller of the Currency (“OCC”), a federal regulator of the national banking industry, issued a Final Rule in 2004 which sets forth a uniform federal standard to guide banking policies on predatory practices and to aid regulator’s identification of predatory loans. The anti-predatory standard states that “a national bank shall not make a consumer loan . . . based predominantly on the bank’s realization of the foreclosure or liquidation value of the borrower’s collateral, without regard to the borrower’s ability to repay the loan according to …
Bank Mergers: Agency Review And The Changing Line Of Commerce, Tommy Leung
Bank Mergers: Agency Review And The Changing Line Of Commerce, Tommy Leung
Fordham Urban Law Journal
Conflicting criteria put forth by Congress and the Justice Department have caused confusion among the bank regulatory agencies and within the banking idustry with respect to two important issues: (1) whether the antitrust laws should be applied to bank mergers within the vacuum of Justice Department analysis or whether there should be a greater emphasis on agency participation in reviewing proposed mergers, and (2) whether commercial banking should continue as the relevant line of commerce when antitrust standards are applied.
Bank Certificates Of Deposit: Notes Not In Tune With Securities Regulation, Mitchell S. Berkey
Bank Certificates Of Deposit: Notes Not In Tune With Securities Regulation, Mitchell S. Berkey
Fordham Urban Law Journal
This Note analyzes the legislative history of the Securities Act of 1933, the Securities Exchange Act of 1934, and the Banking Act of 1933 to ascertain whether Congress may have intended to include modern instruments such as high-yield time deposit savings certificates - items utilized today as alternative investment vehicles to minimize the effects of double digit inflation and interest rates. This Note examines the split among the circuits which have attempted to reconcile statutory language and congressional intent with the practicalities of the modern complex financial marketplace in determining whether promissory notes, including certificates of deposit, are securities. This …
The Small Business Investment Incentive Act Of 1980 And Venture Capital Financing, Richard G. Tashjian
The Small Business Investment Incentive Act Of 1980 And Venture Capital Financing, Richard G. Tashjian
Fordham Urban Law Journal
The small business community is a diverse component of the national economy and if very often the leader of developing new technology, products and services. Traditionally, small businesses do not raise capital in the conventional public markets; rather, they generally receive their capital from the venture capital industry. Once a venture capital company becomes publicly held or reaches a certain size, however, it becomes subject to detailed regulation under the Investment Company Act of 1940. The venture capital industry has consistently maintained that it cannot operate and function efficiently under the 1940 Act, and the result has been a lack …
Royalty Financing As A Tool For Economic Development, Michael Katovitz
Royalty Financing As A Tool For Economic Development, Michael Katovitz
Fordham Urban Law Journal
Venture capital funding is the segment of the capital market most oriented toward financing new, high-risk companies. Since 1970, however, fewer firms have been able to go public, decreasing the importance of venture capital as a mechanism for financing new firms. Because many new firms have been unable to go public, venture capitalists have to seek other methods of investments. These alternate methods have proven unacceptable and have contributed to a decrease in the use of venture capital as a source for financing new firms. This Note will first discuss the role that government has played in providing adequate financing …
A Model For Small Business Financing: The Canada Development Corporation, Marshall A. Heinberg
A Model For Small Business Financing: The Canada Development Corporation, Marshall A. Heinberg
Fordham Urban Law Journal
Development finance institutions which provide equity capital have been used to stimulate economic growth worldwide. The potential uses for equity development finance organizations in the United States have been recognized. Probably the most dramatic use, and one with broad economic ramifications is the establishment of an equity development finance institution to correct imperfections in the private capital market system of this country. One of the major flaws of the American capital market has been that the supply of capital for new small sized businesses has been artificially scarce. The focus of this Note will be , first to examine the …
Debt-Equity Financing Guidelines: Capital Problems For Closely Held Businesses, Donald R. Ames
Debt-Equity Financing Guidelines: Capital Problems For Closely Held Businesses, Donald R. Ames
Fordham Urban Law Journal
Section 385 of the Internal Revenue Code authorized the Treasury to prescribe regulations to help both courts and taxpayers determine whether an interest in a corporation qualified as debt or equity for federal income tax purposes. On December 29, 1980, Treasury Decision 7747 was issued stating the final regulations for determining whether certain interests in a corporation should be treated as stock or indebtedness. The regulations are intended to provide certainty through objective tests for an area heretofore plagued by confusion. The new rules will generally apply to certain interests in small, closely held corporations created after April 30, 1980. …
Insider Loans: How Restricted Is The Banker?, Patricia A. Murphy
Insider Loans: How Restricted Is The Banker?, Patricia A. Murphy
Fordham Urban Law Journal
This article examines the Federal Institutions Regulatory and Interest Rate Control Act of 1978 ("FIRA"), bank reform legislation that imposed stricter controls on insider lending transactions that Congress had seen as one of the primary threats to the successful operations of banks. It highlights the differences between state and federally chartered banks, illustrating that state chartered banks are not subject to federal banking provisions unless they become a member of the Federal Reserve System. It argues that FIRA provides the safeguards necessary to control bank insider abuses by imposing a myriad of lending limitations and reporting mechanisms. It discusses and …
The Fordham Symposium On The Local Finance Project Of The Association Of The Bar Of The City Of New York: An Introductory Essay, Eugene W. Harper, Jr.
The Fordham Symposium On The Local Finance Project Of The Association Of The Bar Of The City Of New York: An Introductory Essay, Eugene W. Harper, Jr.
Fordham Urban Law Journal
This article is an introduction to the symposium held at Fordham Law School on March 24, 1979, focused on a report entitled "Proposals to Strengthen Local Finance Laws in New York State" published by The Committee on Municipal Affairs of the Association of the Bar of the City of New York. This article describes the report and its merits.
The Proposed Constitutional Amendments To The Local Finance Article: A Critical Analysis, Richard L. Sigal
The Proposed Constitutional Amendments To The Local Finance Article: A Critical Analysis, Richard L. Sigal
Fordham Urban Law Journal
This paper examines the recent proposals of the Committee on Municipal Affairs of the Association of the Bar of the City of New York to amend Article VIII of the New York State Constitution. These amendments would modify the powers of local governments to raise and spend money. The paper considers philosophical, political and judicial theories of local finance, and summarizes the effects of the proposals, concluding that they have merit and should be explored.
Discussion, Edward M. Kresky
Discussion, Edward M. Kresky
Fordham Urban Law Journal
This is an edited transcript of comments made after Mr. Sigal's paper, The Proposed Constitutional Amendments to the Local Finance Article: A Critical Analysis, was presented. They respond to the points made in the paper and also describe the speaker, Edward M. Kresky's, first hand experience with finance and city government.
Discussion, John C. Burton
Discussion, John C. Burton
Fordham Urban Law Journal
This is an edited transcript of remarks made by John C. Burton in response to Thomas S. Currier's paper "Mandating Disclosure in Municipal Securities Issues: Proposed New York Legislation." The remarks focus on the importance of the federal government in mandating disclosure.
Discussion, James L. Magavern
Discussion, James L. Magavern
Fordham Urban Law Journal
This is a transcript of remarks given by James L. Magavern in response to Donald H. Elliot's paper "Proposed Fiscal Monitoring Legislation in New York: A Comparative Analysis." This discussion emphasizes the political nature of budgetary decisions and the speaker's concern that there is a more general need for financial integrity and accountability in government.
Local Finance: A Brief Constitutional History, Robert W. Cockren, Maria L. Vecchiotti, Donna M. Zerbo
Local Finance: A Brief Constitutional History, Robert W. Cockren, Maria L. Vecchiotti, Donna M. Zerbo
Fordham Urban Law Journal
This Comment traces the constitutional history of local finance from the seventeeth century through the present. The authors conclude that the New York City Bar Association Committee on Municipal Affairs' report places the New York State Legislature at a crossroad in its history of dealing with local finances, and the well travelled path of patchwork amendment and politically expedient compromise is unacceptable for the future in light of New York City's recent fiscal problems. However, the authors recognize that the alternative may be politically dangerous to members of the legislature hiding from the challenge and may jeopardize the fiscal stability …
Mandating Disclosure In Municipal Securities Issues: Proposed New York Legislation, Thomas S. Currier
Mandating Disclosure In Municipal Securities Issues: Proposed New York Legislation, Thomas S. Currier
Fordham Urban Law Journal
This article surveys the existing mechanisims (primarily stemming from federal law) resulting in financial disclosure in connection with the offering and sale to the public of securities of New York municipal issuers. It also describes and compares alternative models for regimes of municipal issuer financial disclosure, such as the MFOA Guidelines, the federal Williams Bill and Industrial Bond Act and New York's Disclosure Proposals. The article ultimately concludes that although the isolated purpose of protecting investors in a municipal securities market that is largely national could most effectively be pursued by the imposition of uniform disclosure requirements through federal law, …
Proposed Fiscal Monitoring Legislation In New York: A Comparative Analysis, Donald H. Elliot
Proposed Fiscal Monitoring Legislation In New York: A Comparative Analysis, Donald H. Elliot
Fordham Urban Law Journal
This article argues that the recent financial difficulties of New York City, Cleveland and other financially strapped municipalities demonstrate the need for the preparation and maintenance of balanced budgets and effective monitoring of local budget planning and administration. The article examines the City Bar Association Committee on Municipal Affairs' proposed revision of the existing debt limits, exclusion in the New York Constitution of a provision mandating localities to adopt and maintain balanceed budgets and the establishment of a state-operated fiscal monitoring system to supplant the traditional approach to budgetary control in light of the monitoring systems employed in Pennsylvania and …
The Constitutional Debt Limit And New York City, Nicholas P. Giuliano, Timothy J. Heine, Tammy Elaine Tuller
The Constitutional Debt Limit And New York City, Nicholas P. Giuliano, Timothy J. Heine, Tammy Elaine Tuller
Fordham Urban Law Journal
This Comment describes how New York City abused both its short-term and long-term borrowing powers in response to its financial problems. The Comment concludes that New York City is guilty of fiscal practices that underscore the conclusion that constitutional debt ceilings are phantom regulations of municipal debt incurrence. The authors encourage thorough and decisive reform, and commend the Association of the Bar of the City of New York's proposed Local Finance Article.
Enhancing The Security Behind Municipal Obligations: Flushing And U.S. Trust Lead The Way, Kenneth W. Bond
Enhancing The Security Behind Municipal Obligations: Flushing And U.S. Trust Lead The Way, Kenneth W. Bond
Fordham Urban Law Journal
When bond counsel' render their legal opinion approving the issuance and delivery of a municipal obligation, one of the opinions traditionally expressed is that the obligation is "valid and legally binding according to its terms." Significant, here, are the words "valid" and "binding." The validity of a municipal obligation can usually be determined by straightforward observation. Bond counsel must be satisfied that (1) the issuer has statutory and sometimes constitutional authority to borrow and incur indebtedness (2) the funds borrowed are to be used for a public purpose and (3) the issuer has complied with the preconditions to issuing debt …
Usury--Attorneys' Fees--Bank's Collection Of In-House Legal Department Costs On Default Judgments Constitutes Usury And Illegal Fee-Splitting, William Kirschner
Usury--Attorneys' Fees--Bank's Collection Of In-House Legal Department Costs On Default Judgments Constitutes Usury And Illegal Fee-Splitting, William Kirschner
Fordham Urban Law Journal
At the request of the Attorney General, the Administrative Judge of the Civil Court of New York brought an action against Chemical Bank to recover all attorneys' fees collected by the bank in obtaining numerous default judgments during 1973 and 1974. These judgments resulted from unpaid consumer loans and were based on certain notes signed by each borrower. The consumer notes included provisions for the recovery of attorneys' fees even though the defaults were not prosecuted by an independent law firm but by the bank's salaried in-house counsel. The plaintiff in Thompson v. Chemical Bank argued that Chemical Bank, by …