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A Whole New World: Income Tax Considerations Of The Bitcoin Economy, Benjamin W. Akins JD, LLM, Jennifer L. Chapman JD, CPA, Jason M. Gordon JD, MBA 2015 SelectedWorks

A Whole New World: Income Tax Considerations Of The Bitcoin Economy, Benjamin W. Akins Jd, Llm, Jennifer L. Chapman Jd, Cpa, Jason M. Gordon Jd, Mba

Benjamin W. Akins

Bitcoin is a virtual, cryptocurrency growing rapidly in influence throughout the world. Numerous characteristics associated with the bitcoin system, including low transaction costs and greater user privacy, make it appealing as a medium of electronic payment. The number of users of bitcoin, including merchants accepting the currency as a form of payment, has grown considerably in recent years. Estimates indicate that there are more than 60,000 active bitcoin users as of September 2012, with nearly 11 million bitcoins in existence. According to the latest estimates, bitcoin market capitalization is roughly $9 billion. The growth of bitcoin as an accepted ...


Gambling On Our Financial Future: How The Federal Government Fiddles While State Common Law Is A Safer Bet To Prevent Another Financial Collapse, Brian M. McCall 2015 University of Oklahoma College of Law

Gambling On Our Financial Future: How The Federal Government Fiddles While State Common Law Is A Safer Bet To Prevent Another Financial Collapse, Brian M. Mccall

Brian M McCall

Many politicians and commentators agree that credit default swaps (CDS) played a significant role in the financial crisis of 2008. Yet, few who observe this role are aware that CDS were set loose on the economy by the federal pre-emption of thousands of years of public policy. Since the time of Aristotle law, philosophy and public policy have been hostile to gambling. Viewed as a socially unproductive zero sum wealth transfer, the law has generally refused to permit parties to use the courts to enforce wagers. Courts and legislatures worked in harmony to control and in some cases punish financial ...


Banking And Financial Regulation, Steven L. Schwarcz 2015 Duke Law

Banking And Financial Regulation, Steven L. Schwarcz

Faculty Scholarship

This chapter provides a basic overview of banking and financial regulation for the forthcoming Oxford Handbook of Law and Economics (Francesco Paris, ed.). Among other things, the chapter compares traditional and shadow banking and their regulation, differentiating “micro prudential” regulation (which focuses on protecting individual components of the financial system, such as banks) and “macro prudential” regulation (which focuses on protecting against systemic risk). The chapter also examines how regulation can help to correct market failures that undermine financial efficiency. In that context, it discusses, among other things, capital requirements, ring-fencing, and stress testing. Finally, the chapter examines how regulation ...


The New Wild West: Preventing Money Laundering In The Bitcoin Network, Kavid Singh 2014 SelectedWorks

The New Wild West: Preventing Money Laundering In The Bitcoin Network, Kavid Singh

Kavid Singh

Bitcoin is the most popular online decentralized currency in the world. Created by an enigmatic figure, Satoshi Nakamoto, in 2009, its propagation and use has caused heated controversy. On the legal side of its use, businesses both large and small have started to accept bitcoins as a form of payment. On the illegal side of its use, large quantities of bitcoins worth hundreds of millions of dollars have been stolen from businesses and large Bitcoin currency exchanges. The aim of this article is to introduce workable federal regulation that will help deter money laundering, a pervasive problem in the world ...


Against Regulatory Displacement: An Institutional Analysis Of Financial Crises, Jonathan C. Lipson 2014 SelectedWorks

Against Regulatory Displacement: An Institutional Analysis Of Financial Crises, Jonathan C. Lipson

Jonathan C. Lipson

This paper uses “institutional analysis”—the study of the relative capacities of markets, courts, and regulators—to make three claims about financial crises.

First, financial crises are increasingly a problem of “regulatory displacement.” Through the ad hoc rescues of 2008 and the Dodd-Frank reforms of 2010, regulators displace market and judicial processes that ordinarily prevent financial distress from becoming financial crises. Because regulators are vulnerable to capture by large financial services firms, however, they cannot address the pathologies that create crises: market concentration and complexity. Indeed, regulators may inadvertently aggravate these conditions through resolution tactics that consolidate firms, and the ...


Reward The Stalking Horse Or Preserve The Estate: Determining The Appropriate Standard Of Review For Awarding Break-Up Fees In § 363 Sales, Zachary Frimet 2014 SelectedWorks

Reward The Stalking Horse Or Preserve The Estate: Determining The Appropriate Standard Of Review For Awarding Break-Up Fees In § 363 Sales, Zachary Frimet

Zachary Frimet

Following the surge of bankruptcies in the wake of the Great Recession, a growing and somewhat controversial trend has emerged whereby companies seeking to purchase a debtor’s assets in bankruptcy frequently make use of Section 363 of the United States Bankruptcy Code (“§ 363”). In general, § 363 sales are accomplished via public auction. This aspect of § 363 exposes initial bidders, known in bankruptcy as “stalking horses bidders”, to the risk that they will commit time and resources in pursuit of the acquisition and yet fail to succeed as the prevailing bidder. To hedge against this risk, stalking horse bidders frequently ...


The Law And Economics Of Microfinance, Katherine Helen Mary Hunt 2014 SelectedWorks

The Law And Economics Of Microfinance, Katherine Helen Mary Hunt

Katherine Helen Mary Hunt

Financial inclusion may be jargon which appeals to international donors and academics, but the strategic implementation in developing countries is often based on international du jour priorities, such as microfinance. The topic of microfinance is highly debated in the academic literature, although little empirical work has been published. Further, no literature to date has considered microfinance from a law and economics perspective. This paper seeks to contribute to the gap in the literature by considering how microfinance has evolved to address the credit market failure, and how microfinance regulation should be designed to promote long term financial inclusion via financially ...


Encouraging Cooperation: Harmonizing The Battle Of Association And Mortgagee Lien Priority In America’S Common Interest Communities, Christian J. Bromley 2014 SelectedWorks

Encouraging Cooperation: Harmonizing The Battle Of Association And Mortgagee Lien Priority In America’S Common Interest Communities, Christian J. Bromley

Christian J Bromley

As the United States grappled with millions of foreclosures in recent years, the delinquency of mortgage and community association payments threatened the sustainability of over 300,000 common interest communities that house 63.4 million Americans. When owners of residential property fall behind on mortgage and association assessments, a battle for lien priority emerges between the associations and mortgagees. Each respectively holds a lien on the property to secure the debt owed to them, but it is the priority of these liens that determines the amount the lienholder recovers from a foreclosure sale.

There is no uniform approach to priority ...


Bank Resolution In The European Banking Union: A Transatlantic Perspective On What It Would Take, Jeffrey N. Gordon 2014 SelectedWorks

Bank Resolution In The European Banking Union: A Transatlantic Perspective On What It Would Take, Jeffrey N. Gordon

Jeffrey N Gordon

The project of creating a European Banking Union is designed to overcome the fatal link between sovereigns and their banks in the Eurozone. As part of this project, political agreement for a common supervision framework and a common resolution scheme has been reached with difficulty. However, the resolution framework is weak, underfunded and exhibits some serious flaws. Further, Member States’ disagreements appear to rule out a federalized deposit insurance scheme, commonly regarded as the necessary third pillar of a successful Banking Union.

This paper argues for an organizational and capital structure substitute for these two shortcomings that can minimize the ...


Pena De Advertência E Incorporação, Bruno Meyerhof Salama, Francisco Satiro 2014 Latin American and Caribbean Law and Economics Association

Pena De Advertência E Incorporação, Bruno Meyerhof Salama, Francisco Satiro

Bruno Meyerhof Salama

Uma questão jurídica recorrente nas indústrias reguladas diz respeito à sucessão, ou não, da pena de advertência após incorporação. O caso típico é aquele em que uma empresa recebe a advertência do regulador por atos praticados pela empresa sucedida ainda antes da incorporação. Como a personalidade jurídica da empresa sucedida foi extinta, a pergunta que se põe ao aplicador é se a superveniente incorporação extingue ou não a punibilidade.


The New Corporate Web, Anthony J. Casey 2014 SelectedWorks

The New Corporate Web, Anthony J. Casey

Anthony J. Casey

Business firms often separate commonly owned assets into distinct legal entities. The assets can then be financed in discrete bundles to reduce creditors’ monitoring and enforcement costs. Law-and-economics literature has viewed these legal partitions as either all or nothing. That view is flawed and has led the analysis of corporate groups astray.

In reality, firms have developed sophisticated legal mechanisms that partition assets across some dimensions and not others. The result is a complex web of interconnected affiliates. For example, an asset that is placed in one legal entity may serve as collateral guaranteeing the debts of another legal entity ...


Dois Equívocos Sobre O Fgc, Bruno Meyerhof Salama, Vicente Braga 2014 Latin American and Caribbean Law and Economics Association

Dois Equívocos Sobre O Fgc, Bruno Meyerhof Salama, Vicente Braga

Bruno Meyerhof Salama

O Fundo Garantidor de Créditos, ou FGC, é um ex-desconhecido do grande público que recentemente migrou das notas de rodapé para a primeira página dos noticiários. Em parte, isso tem ocorrido por conta de pendengas jurídicas. A mais importante diz respeito a algumas tentativas de fazer o FGC pagar por aquilo que não deve.


The Future Of The Private Label Securities Market, David J. Reiss 2014 SelectedWorks

The Future Of The Private Label Securities Market, David J. Reiss

David J Reiss

The PLS market, like all markets, cycles from greed to fear, from boom to bust. The mortgage market is still in the fear part of the cycle and recent government interventions in it have, undoubtedly, added to that fear. In recent days, there has been a lot of industry pushback against the government’s approach, including threats to pull out of various sectors. But the government should not chart its course based on today’s news reports. Rather, it should identify fundamentals and stick to them. In particular, its regulatory approach should reflect an attempt to align incentives of market ...


Insider Trading And Evolutionary Psychology: Strong Reciprocity, Cheater Detection, And The Expanding Boundaries Of The Law, Steven R. McNamara 2014 SelectedWorks

Insider Trading And Evolutionary Psychology: Strong Reciprocity, Cheater Detection, And The Expanding Boundaries Of The Law, Steven R. Mcnamara

Steven R. McNamara

Insider trading law has expanded in recent years to cover instances of trading on non-public information that fall outside of the fiduciary duty framework set forth in the landmark cases of Chiarella and Dirks. The trend towards a broader insider trading law moves the law closer towards what evolutionary psychology tells us humans desire when engaging in collective action: that individuals benefit in proportion to the effort or investment they make in a common enterprise. Insider trading law can therefore be understood as a societal response to cheating in group activities, and the recent expansion of the law as reflecting ...


"Competitiveness" Has Nothing To Do With It, Edward D. Kleinbard 2014 BLR

"Competitiveness" Has Nothing To Do With It, Edward D. Kleinbard

University of Southern California Legal Studies Working Paper Series

The recent wave of corporate tax inversions has triggered interest in what motivates these tax-driven transactions now. Corporate executives have argued that inversions are explained by an “anti-competitive” U.S. tax environment, as evidenced by the federal corporate tax statutory rate, which is high by international standards, and by its “worldwide” tax base. This paper explains why this competitiveness narrative is largely fact-free, in part by using one recent articulation of that narrative (by Emerson Electric Co.’s former vice-chairman) as a case study.

The recent surge in interest in inversion transactions is explained primarily by U.S. based multinational ...


The Saga Of Income From Income-Producing Collateral Treatment In Bankruptcy For Undersecured Creditors, Ian D. Ghrist 2014 SelectedWorks

The Saga Of Income From Income-Producing Collateral Treatment In Bankruptcy For Undersecured Creditors, Ian D. Ghrist

Ian D. Ghrist

Abstract

Who gets the income from income-producing collateral during bankruptcy—the debtor or the undersecured creditor? Throughout the history of bankruptcy law in America, this question has not had a bright-line answer. It is one of those indelible questions whose answer lies even to this day within the equitable power of courts of equity. In 2014, the First Circuit looked at this question and adopted the Fifth Circuit’s “flexible approach.”

With the flexible approach growing in popularity, the lower courts’ tendency to adopt rigid valuation methodologies should fade. Instead of taking positions on either the addition method or the ...


The Protection Of Deposits And Depositors: A Limited Interpretation Of 12 U.S.C. § 1833a, Alyssa King 2014 The Catholic University of America, Columbus School of Law

The Protection Of Deposits And Depositors: A Limited Interpretation Of 12 U.S.C. § 1833a, Alyssa King

Catholic University Law Review

No abstract provided.


Unfit For Duty: The Officer And Director Bar As A Remedy For Fraud, Renee Jones 2014 Boston College Law School

Unfit For Duty: The Officer And Director Bar As A Remedy For Fraud, Renee Jones

Renee Jones

Many commentators have questioned the efficacy of the SEC’s enforcement program in the aftermath of the 2008 financial crisis. Some criticize the agency for allowing corporate defendants to settle charges without admitting or denying liability. Others dispute the impact of astronomical fines levied against too-big-to-fail financial institutions. Still others urge prosecutors to bring criminal charges against those who led the failed financial firms to ruin. This Article, written for a symposium on SEC enforcement, focuses attention on an underutilized weapon in the SEC’s arsenal: the power to bar officers and directors of public companies from future service in ...


Conselhinho Usa Lei Anticorrupção E Isenta Citi, Bruno Meyerhof Salama 2014 Latin American and Caribbean Law and Economics Association

Conselhinho Usa Lei Anticorrupção E Isenta Citi, Bruno Meyerhof Salama

Bruno Meyerhof Salama

Prevaleceu no julgamento o voto do conselheiro Bruno Salama, para quem a Lei Anticorrupção demonstrou "uma clara opção do legislador pela inaplicabilidade de penas pessoais de mera advertência à sociedade sucessora". De acordo com ele, a dúvida sobre a sucessão de penalidades decorria de uma omissão nas regras sobre o assunto - por isso, a Lei Anticorrupção foi usada por analogia. Esta foi a primeira vez que o Conselhinho decidiu a questão diferenciando penas pessoais daquelas em dinheiro.


The Price Of Crisis: Eminent Domain, Local Governments, And The Value Of Underwater Mortgages, Raymond H. Brescia, Nicholas Martin 2014 SelectedWorks

The Price Of Crisis: Eminent Domain, Local Governments, And The Value Of Underwater Mortgages, Raymond H. Brescia, Nicholas Martin

Raymond H Brescia

In response to the lingering fallout from the Financial Crisis of 2008, local governments have begun to explore whether it is wise and legal to use the power of eminent domain to seize distressed home mortgages. This Article attempts to situate this approach to such mortgages within the larger economic, legal and policy context and asks three key questions. First, are local governments appropriate actors to address the lingering problem of underwater mortgages? Second, assuming they are appropriate actors to address this problem, how should localities and, if necessary, courts, value underwater mortgages in the context of condemnation proceedings: i ...


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