Digital Commons Network^™

Engineering An Orderly Greek Debt Restructuring, Mitu Gulati, Jeromin Zettelmeyer

Faculty Scholarship

For some months now, discussions over how Greece will restructure its debt have been constrained by the requirement that the deal be “voluntary” – implying that Greece would continue debt service to any creditors that choose retain their old bonds rather than tender them in an exchange offer. In light of Greece’s deep solvency problems and lack of agreement with its creditors so far, the notion of a voluntary debt exchange is increasingly looking like a mirage. In this essay, we describe and compare three alternative approaches that would achieve an orderly restructuring but avoid an outright default: (1) “retrofitting” …

Regulating Shadow Banking, Steven L. Schwarcz

Faculty Scholarship

Inaugural Address for Boston University Review of Banking & Financial Law's Inaugural Symposium: “Shadow Banking” February 24, 2012.

Although shadow banking is said to be huge, estimated at over $60 trillion, it is not well defined. This short and accessible paper attempts to define shadow banking by identifying its overall scope and its basic characteristics. Based on the definition derived, the paper also conceptually examines how shadow banking can be regulated to try to maximize its efficiencies while minimizing its risks.

The Organization For Economic Cooperation And Development’S Role In International Law, James Salzman

Faculty Scholarship

The Organization for Economic Cooperation and Development (OECD) has played, and continues to play, an important and largely unrecognized role as a lawmaking body. The OECD occupies a unique space in the international lawmaking field, in large part because it was not established with lawmaking as a priority. In a small number of cases, however, it has played a significant role in crafting the emerging architecture of global governance. Case studies of the hazardous waste trade, the Bribery Convention, and the OECD Guidelines for Multinational Enterprises are presented to demonstrate a clear pattern. A topic of major concern arises on …

Controlling Financial Chaos: The Power And Limits Of Law, Steven L. Schwarcz

Faculty Scholarship

This Essay examines how law can help to control financial chaos. To that end, regulation should strive to not only maximize economic efficiency within the financial system but also protect the financial system itself. Any regulatory framework for achieving these goals, however, will be imperfect and have tradeoffs. Increasing financial complexity has created information failures that even disclosure cannot remedy, whereas law-imposed standardization would have its own flaws. Bounded human rationality limits the effectiveness of even otherwise ideal laws. Furthermore, the increasing dispersion of financial risk is undermining monitoring incentives. We also do not yet fully understand how systemic risk …

The Stages Of Scandal And The Roles Of General Counsel, Deborah A. Demott

Faculty Scholarship

This Essay examines the roles of a general counsel, as the corporation’s chief legal officer, in responding to scandals when they happen and in developing and enforcing internal preventive practices prior to the occurrence of any particular scandal. The Essay differentiates between scandals and crises more generally, emphasizing the integral connection between scandal and jeopardy to reputation and tracing the interrelationships between a corporation’s reputation and that of its general counsel. The Essay argues that risks associated with scandal may strengthen general counsel’s power within the senior management team, in particular in general counsel’s relationship with the corporation’s CEO. Although …

Understanding Regulatory Capture: An Academic Perspective From The United States, Lawrence G. Baxter

Faculty Scholarship

Although it sometimes seems that financial regulatory agencies have been entirely captured by the larger players in the industry they regulate, a closer examination reveals that a variety of factors contribute to policy outcomes in this arena. Agencies have different agendas and stakeholders, and banks often perform quasi-governmental roles that blur the line between the captors and the captured. The real danger is that public policy can be distorted as a result of excessive influence by one set of interests at the expense of others. This danger is best thwarted or at least mitigated through the application of a range …

Responses To The Five Questions, Charles J. Dunlap Jr.

Faculty Scholarship

No abstract provided.

When Copyright Law And Science Collide: Empowering Digitally Integrated Research Methods On A Global Scale, Jerome H. Reichman, Ruth L. Okediji

Faculty Scholarship

Automated knowledge discovery tools have become central to the scientific enterprise in a growing number of fields and are widely employed in the humanities as well. New scientific methods, and the evolution of entirely new fields of scientific inquiry, have emerged from the integration of digital technologies into scientific research processes that ingest vast amounts of published data and literature. The Article demonstrates that intellectual property laws have not kept pace with these phenomena.

Copyright law and science co-existed for much of their respective histories, with a benign tradition of the former giving way to the needs of the latter. …

Brief Of Professors Of Law As Amici Curiae In Support Of Appellants, Neil Vidmar, David Zevan

Faculty Scholarship

No abstract provided.

Ethical Issues Of The Practice Of National Security Law: Some Observations, Charles J. Dunlap

Faculty Scholarship

No abstract provided.

Fundamental Forces Driving United States And International Financial Regulations Reform, Lawrence G. Baxter

Faculty Scholarship

Multiple forces create a systemic crisis of the proportions of the Global Financial Crisis of 2008. Global and domestic financial reform is a difficult and perplexing task, one that is likely to take many years, and one that will surely continue to be shaped by a diverse range of forces. Recent measures remain incomplete and in some cases are even proving to be misdirected. This article considers seven fundamental forces shaping actions on future reform, specifically the (1) long term impact of the Crisis (and all financial crises); (2) increase in the “financialization” of the global economy, seemingly disproportionate to …

Freedom Of Expression And Its Competitors, George C. Christie

Faculty Scholarship

The recognition of an increasing number of basic human rights, such as in the European Convention on Human Rights, has had the paradoxical effect of requiring courts in the common-law world to consider whether the extensive protection given by the common law to expression that was not false or misleading must be modified to accommodate these newly recognized basic rights. The most important of these newly recognized rights is the right of privacy, although expression has other competitors as well, such as what might be called a right to be spared the emotional trauma caused by abusive language. This article …

Book Review, Samuel W. Buell

Faculty Scholarship

No abstract provided.

The Micro And Macro Causes Of Prison Growth, John F. Pfaff

Faculty Scholarship

No abstract provided.

Broadband Localism, Olivier Sylvain

Faculty Scholarship

Today, local governments are supplying broadband service to residents to fill the service gap left by major providers. Municipalities are joining forces with local anchor institutions and private providers to close the digital divide and incubate novel public-minded service models. This is the new broadband localism. Some stakeholders fear that local public participation in the broadband market will negatively impact competition. They have articulated this concern in state legislation across the country: nineteen states forbid or otherwise restrict municipal ownership or administration of broadband and three may enact similar restrictions this year. No matter the substantive policy merits of such …

Sports In America, John D. Feerick

Faculty Scholarship

A speech written and delivered by Dean John Feerick on April 17, 2009 at the Fordham Law School Sports Law Symposium gives us an insightful look into what sports mean to the world around them. Dean Feerick has been involved first hand in a number of influential sports law decisions in his time as a practitioner and this speech serves as a reminder as to the meaningful role that sports play in each one of our lives. Feerick draws from life experiences of his own as well as that of colleagues and family members to observe the timeless and universal …

Making Good Lawyers, Eli Wald, Russell G. Pearce

Faculty Scholarship

Today, the criticism of law schools has become an industry. Detractors argue that legal education fails to effectively prepare students for the practice of law, that it is too theoretical and detached from the profession, that it dehumanizes and alienates students, too expensive and inapt in helping students develop a sense of professional identity, professional values, and professionalism. In this sea of criticisms it is hard to see the forest from the trees. “There is so much wrong with legal education today,” writes one commentator, “that it is hard to know where to begin.” This article argues that any reform …

Libya: A Multilateral Constitutional Moment?, Catherine Powell

Faculty Scholarship

The Libya intervention of 2011 marked the first time that the UN Security Council invoked the “responsibility to protect” principle (RtoP) to authorize use of force by UN member states. In this comment the author argues that the Security Council’s invocation of RtoP in the midst of the Libyan crisis significantly deepens the broader, ongoing transformation in the international law system’s approach to sovereignty and civilian protection. This transformation away from the traditional Westphalian notion of sovereignty has been unfolding for decades, but the Libyan case represents a further normative shift from sovereignty as a right to sovereignty as a …

Creating A Clearinghouse To Evaluate Environmental Risks To Fetal Development, Kate Bloch

Faculty Scholarship

No abstract provided.

R2p= Mdgs: Implementing The Responsibility To Protect Through The Millennium Development Goals, Jennifer Moore

Faculty Scholarship

This essay is a peaceful call to arms based on the understanding that an essential way to fight the most egregious and widespread human rights abuses is through a broad-spectrum approach to human security grounded in the Millennium Development Goals and a new, non-military, understanding of humanitarian intervention. The responsibility to protect, often cited as a justification for military force to stop genocide, crimes against humanity, and other widespread human rights abuses, is better seen as a commitment by all nations to strengthen their own social welfare and human rights systems, and for those nations with more resources to assist …

Remediating Discrimination Against African American Females At The Intersection Of Title Ix And Title Vi, Alfred Dennis Mathewson

Faculty Scholarship

In Part I, I present a brief treatment of intersectionality in anti-discrimination law focusing on the distinction between cause of action and remedy. Harm caused by gender or racial discrimination may give rise to causes of action based on equal protection principles." In Part II, I go further and argue that the primary intersectionality problem presented by Title IX is one of remedy. I conclude that the differences in the remedial effects of Title IX result, in part, from unremedied racial discrimination, a conclusion that begins with Professor Jerome Dees's argument that Brown v. Board of Education and anti-discrimination laws …

The Alliance Between Payday Lenders And Tribes: Are Both Tribal Sovereignty And Consumer Protection At Risk?, Nathalie Martin

Faculty Scholarship

This Article explores how tribal sovereign immunity is being used in the context of payday lending to avoid state law and explores the ramifications of this for both consumer-protection regulation and tribes. It discusses payday loans and tribal sovereignty generally, as well as tribal sovereign immunity, then discusses what might be done to address this consumer protection issue. More specifically, we discuss who in society has the power and resolve to dissolve this alliance, identifying tribes themselves, the Supreme Court, Congress, the Federal Trade Commission, and the Consumer Financial Protection Bureau as possibilities. We summarize the debate about whether payday …

The Unconstitutionality Of Urban Poverty, Dawinder S. Sidhu

Faculty Scholarship

This Article argues that the Thirteenth Amendment is a proper federal vehicle for correcting the conditions of the urban underclass. The Amendment, I posit, contemplates federal intervention in the state and local governments' handling of its most troubled areas. Such federal involvement is appropriate because those responsible for these physical areas have not ensured that their residents have the necessary predicates for full and independent participation in society. The Thirteenth Amendment, in other words, supports the federal government's establishment of a minimum floor of economic and educational conditions such that the urban underclass may possess meaningful horizontal and vertical liberty, …

Egypt's Protracted Revolution, Sahar F. Aziz

Faculty Scholarship

Although the current political landscape differs from the day preceding the January 25 revolution, Egypt appears to suffer from a familiar syndrome: for every step taken towards meaningful reform, it falls back two steps due to entrenched counter- revolutionary forces. This began the moment the military took control of the executive branch on February 11, 2011 only to unilaterally replace the 1971 constitution with its own interim Constitutional Declaration on March 30, 2011. This dubious document unilaterally imposed by SCAF barely holds Egypt together as the country faces one legal crisis after another.

Even when Parliament existed, the Constitutional Declaration …

The Confucian Challenge To Intellectual Property Reforms, Peter K. Yu

Faculty Scholarship

Written for a special issue on intellectual property and culture, this essay examines the longstanding claim that culture presents a major barrier to intellectual property reforms. In the context of Asia -- China, in particular -- that claim invokes Confucianism, a non-Western culture, to account for the region's -- or the country's -- continued struggle with massive piracy and counterfeiting problems. The claim draws on a century-old tradition of condemning Confucianism for being antithetical to Western modernity.

The first half of this essay focuses on the Confucian challenge to intellectual property reforms in China. Drawing on the important distinction between …

Denial And Concealment Of Unwanted Pregnancy: "A Film Hollywood Dared Not Do", Susan Ayres, Prema Manjunath

Faculty Scholarship

The actual cases and two films examined in this essay challenge stock narratives of mothers who deny or conceal unwanted pregnancy as a monster, or a victim, and also challenge "legal norms, logic and structures" pertaining to unwanted pregnancy and neonaticide. This essay draws on films because of their influential power to "reach enormous audiences by combining narratives and appealing characters with visual imagery and technological achievement, ... stir deep emotions and leave deep impressions." For these reasons, Orit Kamir asserts that films are more compelling than "theoretical legal texts or even judicial rhetoric."

The two films examined -- Stephanie …

Enforcement, Enforcement, What Enforcement?, Peter K. Yu

Faculty Scholarship

The protection and enforcement of intellectual property rights has been a very hot topic in the past few years. From the introduction of the PROTECT IP Act of 2011 to the adoption of the Anti-Counterfeiting Trade Agreement (ACTA) to a recent U.S.-China dispute before the WTO, the topic has dominated policy debates at both the domestic and international levels. While most policymakers, industry representatives, and commentators have recognized the critical importance of intellectual property enforcement, there has been neither philosophical nor normative consensus on the appropriate norms in this area. Like three blind men trying to describe an elephant, different …

Challenging Detention: Why Immigrant Detainees Receive Less Process Than Enemy Combatants And Why They Deserve More, Faiza Sayed

Faculty Scholarship

No abstract provided.

A Conceptual Learner-Centered E-Learning Framework, Fletcher H. Glancy, Susan K. Isenberg

Faculty Scholarship

e-Learning has increased rapidly in higher education. Most online education attempts to mirror the traditional face-to-face (FtF) classroom with less than favourable results. This paper proposes a conceptual e-learning framework based on andragogy theory, transformative learning theory, and media synchronicity theory. The conceptual e-learning framework supports the self-directed learning. e-learning based on this framework has the potential to out-perform not only current learning management systems such as Blackboard, but also traditional FtF learning for adult education and with different and better outcomes. Results of early testing of the concept showed increased learner’s online activity, innovation, and creativity.

Free Speech Versus Free Education: First Amendment Considerations In Limiting Student Athletes' Use Of Social Media, Mary Margaret Penrose

Faculty Scholarship

This article considers the First Amendment implications regarding limitations placed on student athletes' use of social media. Schools have a vested interest in controlling their athletes' public expressions, whether such expressions are found in tattoos, public interviews or tweets. Like it or not, a great deal of damage can occur in "140 words or less." And, displeased student-athletes have choices. Twitter or touchdowns. Facebook from your dorm or facetime on television hitting three-pointers. While universities are generally places that encourage robust speech and debate, there are defensible, and arguably lawful, reasons why schools should limit student-athletes' use of social media. …