Law Commons^™

Unification Of Payments Law And The Problem Of Insolvency Risk In Payment Systems, James S. Rogers

James S. Rogers

No abstract provided.

Save The Economy: Break Up The Big Banks And Shape Up The Regulators, Charles W. Murdock

Charles W. Murdock

Save the Economy: Break Up the Big Banks and Shape Up the Regulators

The U.S. economy is still reeling from the financial crisis that exploded in the fall of 2008. This article asserts that the big banks were major culprits in causing the crisis, by funding the non-bank lenders that created the toxic mortgages which the big banks securitized and sold to unwary investors. Paradoxically, banks which were then too big to fail are even larger today.

The article briefly reviews the history of banking from the Founding Fathers to the deregulatory mindset that has been present since 1980. It …

Held Hostage: How The Banking Sector Has Distorted Financial Regulation And Destroyed Technological Progress, Aaron Greenspan

Aaron Greenspan

In 2008, a global financial crisis second only to the Great Depression shed light on the utterly dysfunctional system of financial regulation governing the United States. A cacophony of laws and agencies, charged with regulating retail and investment banks, ultimately failed to prevent (and ultimately accelerated) an epic economic disaster that required enormous taxpayer bailouts of private enterprise, sunk two investment banks (Lehman Brothers and Bear Stearns), imploded an enormous insurance provider (A.I.G.), leveled the American auto industry (General Motors and Chrysler), and destroyed the student loan and mortgage industries, among many, many others. Drafted quickly amidst the wreckage, the …

How Consumer Bankruptcy Reforms Can Help Save Microfinance In India, David E. Solan

David E Solan

The microfinance industry, once touted as one of the best hopes for alleviating poverty in rural India, faced a near collapse in the winter of 2011 as nearly all borrowers in Andhra Pradesh, one of the largest states in India, stopped repaying their loans. This borrower backlash was fueled by widely reported stories of farmer suicides and unscrupulous lending practices. Politicians have responded with populist legislation aimed at curtailing microfinance in India—for example, by capping interest rates. The Article argues that these proposals are misguided in that they would constrict lending to poor villagers.

The Article questions why Indian policymakers …

U.S. Appellate Court Ruling Deals Fatal Blow To Argentina Brady Bond Debt Swap, Mark J. Calaguas

Mark J Calaguas

No abstract provided.

Implementing Dodd-Frank: A Review Of The Cftc‟S Rulemaking Process: Testimony, Michael Greenberger

Congressional Testimony

The Relationship of Unregulated OTC Derivatives to the Meltdown. It is now accepted wisdom that it was the non-transparent, poorly capitalized, and almost wholly unregulated over-the-counter (“OTC”) derivatives market that lit the fuse that exploded the highly vulnerable worldwide economy in the fall of 2008. Because tens of trillions of dollars of these financial products were pegged to the economic performance of an overheated and highly inflated housing market, the sudden collapse of that market triggered under-capitalized or non-capitalized OTC derivative guarantees of the subprime housing investments. Moreover, the many undercapitalized insurers of that collapsing market had other multi-trillion dollar …

Implementation Of Title Vii Of The Wall Street Reform And Consumer Protection Act. Hearing Before The United States Senate, Committee On Agriculture, Nutrition And Forestry - 112th Cong., 1st Sess., Michael Greenberger

Michael Greenberger

The Relationship of Unregulated OTC Derivatives to the Meltdown. It is now accepted wisdom that it was the non-transparent, poorly capitalized, and almost wholly unregulated over-the-counter (―OTC‖) derivatives market that lit the fuse that exploded the highly vulnerable worldwide economy in the fall of 2008. Because tens of trillions of dollars of these financial products were pegged to the economic performance of an overheated and highly inflated housing market, the sudden collapse of that market triggered under-capitalized or non-capitalized OTC derivative guarantees of the subprime housing investments. Moreover, the many undercapitalized insurers of that collapsing market had other multi-trillion dollar …

Review Of A Final Accounting, Holocaust Survivors And Swiss Banks, Adeen Postar

All Faculty Scholarship

No abstract provided.

The Federal Home Loan Bank System: A Vehicle For Job Creation And Job Retention, Cornelius K. Hurley, Rebecca Hicks Gallup

Faculty Scholarship

This paper discusses three proposals aimed at reorienting the mission of the System and of the FHLBanks: (1) liberalizing the System's collateral requirements to make the use of small business and other job-creation loans a more viable source of collateral for advances; (2) expanding the membership requirements of the FHLBanks to allow those financial institutions that currently lend to small businesses to become members; and (3) creating a job creation program that uses some of the best practices of the System's Affordable Housing Program. Taken together or separately, these proposals utilize the unique structure of the FHLB System as described …

Implementation Of Title Vii Of The Wall Street Reform And Consumer Protection Act. Hearing Before The United States Senate, Committee On Agriculture, Nutrition And Forestry - 112th Cong., 1st Sess., Michael Greenberger

Congressional Testimony

The Relationship of Unregulated OTC Derivatives to the Meltdown. It is now accepted wisdom that it was the non-transparent, poorly capitalized, and almost wholly unregulated over-the-counter (―OTC‖) derivatives market that lit the fuse that exploded the highly vulnerable worldwide economy in the fall of 2008. Because tens of trillions of dollars of these financial products were pegged to the economic performance of an overheated and highly inflated housing market, the sudden collapse of that market triggered under-capitalized or non-capitalized OTC derivative guarantees of the subprime housing investments. Moreover, the many undercapitalized insurers of that collapsing market had other multi-trillion …

A Test Case In International Bankruptcy Protocols: The Lehman Brothers Insolvency, Jamie Altman

San Diego International Law Journal

Part II of this Article, explains the competing theories underlying bankruptcy systems: universalism and territorialism. Part III details various statutory solutions to international bankruptcy problems. Next, Part IV analyzes the provisions of the Lehman Protocol in depth. Part V then examines the precedent upon which the Lehman Protocol relies. Part VI assesses potential threats to the Protocol?s success. This leads to Part VII, which contains suggestions for future protocols. Finally, Part VIII concludes.

Testimony Before The U.S. House Of Representatives, Committee On Agriculture - “Potential Excessive Speculation In Commodity Markets: The Impact Of Proposed Legislation", Michael Greenberger

Michael Greenberger

Testimony before the U.S. House of Representatives, Committee on Agriculture. 110th Congress, 2nd Session (July 10-11, 2008).

Testimony Before The U.S. House Of Representatives Appropriations Committee, Subcommittee On Agriculture, Rural Development. Food And Drug Administration, And Related Agencies, Regarding The “Commodity Futures Trading Commission”, Michael Greenberger

Michael Greenberger

Testimony before the U.S. House of Representatives Appropriations Committee, Subcommittee on Agriculture, Rural Development. Food and Drug Administration, and Related Agencies on the role of the Commodity Futures Trading Commission’s regulatory efforts Pertaining to excessive speculation within U.S. energy futures markets in general, and futures based on U.S. delivered crude oil contracts.

Islamic Legal Authority In A Non-Muslim Society: Designing The Islamic Credit Union Of Bellevue, Washington, Todd Williams

Todd Williams

This Article examines the current state of Islamic law within a community of Muslims in the United States as it relates to Shari’a-compliant financial products. After briefly reviewing the history of Islamic finance and Islamic authority structures within the United States, I rely on interviews with multiple parties involved in the establishment of one of the first Islamic credit unions in the United States to explore the development of Islamic law within American regulation and cultural mores. I examine the authority structure present among Muslims in the Puget Sound area, and I examine the qualities that define a credible religious …

Black Swans And Black Elephants In Plain Sight: An Empirical Review Of Central Bank Independence, Timothy A. Canova

Faculty Scholarship

No abstract provided.

Islamic Banking In India, Mubashshir Sarshar

Mubashshir Sarshar

No abstract provided.

Both Giving And Taking: Should Misuse Of Atms And Electronic Payment Systems Be Theft, Fraud Or Neither?, Alex Steel

Alex Steel

Although transactions via automatic teller machines and other computerised cash payment systems are now very widespread the criminal law relating to their misuse remains confused. Unauthorised withdrawals can be prosecuted as both theft and fraud. By contrast, similar behaviour involving interactions with human tellers is generally not criminal. The result is a deeply flawed and contradictory legal landscape. This article provides an analysis and critique of the case law and legislation that has led to this result and proposes an alternative statutory offence that better reflects the commercial and consumer realities of electronic transactions.

Why The Crisis Was Unavoidable And Why Tarp Did Not Help, Aditya (Adi) Habbu

University of Baltimore Journal of Land and Development

No abstract provided.

An Evolving Foreclosure Landscape: The Ibanez Case And Beyond, Peter R. Pitegoff, Laura S. Underkuffler

Faculty Publications

Mortgage securitization, subprime lending, a persistently weak housing market, and an explosion of residential mortgage defaults – today’s homeowners and banks face a new and challenging landscape. Recently, courts in several states have issued decisions that alter the terrain for mortgage foreclosures. In Massachusetts, New Jersey, and New York, among other states, courts have dismissed foreclosure actions on the basis of what might seem to be highly technical deficiencies in the pleading or proof. The most well-known–and controversial–in this cluster of cases is U.S. Bank National Ass’n v. Ibanez, decided by the Supreme Judicial Court of Massachusetts this year. In …

Cuomo V. Clearing House Association, L.L.C.: States Enforcing State Laws Against National Banks, Louis P. Malick

Journal of Business & Technology Law

No abstract provided.