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Full-Text Articles in Law
Merging The Sec And Cftc - A Clash Of Cultures, Jerry W. Markham
Merging The Sec And Cftc - A Clash Of Cultures, Jerry W. Markham
Faculty Publications
The massive subprime losses at Citigroup, UBS, Bank of America, Wachovia, Washington Mutual, and other banks astounded the financial world. Equally shocking were the failures of Lehman Brothers, Merrill Lynch, and Bear Stearns. The conversion of Goldman Sachs and Morgan Stanley into bank holding companies left no large independent investment banks standing. If all that was not enough, Bernard Madoff's incredible $50 billion Ponzi scheme was a new milestone in the nation's financial history. Those failures and Madoff's fraud were unforeseen and undetected by the regulator, the Securities and Exchange Commission (SEC), which was responsible for overseeing the broker-dealers that …
The Commodity Exchange Monopoly – Reform Is Needed, Jerry W. Markham
The Commodity Exchange Monopoly – Reform Is Needed, Jerry W. Markham
Faculty Publications
In theory, the commodity futures markets are the essence of competition. All orders are required to be exposed to trading pits where traders vie competitively and aggressively to assure the best possible execution price. On the surface, as observed from the exchange galleries or on television, the exchanges do appear to be highly competitive, particularly when one views hundreds of traders screaming and gesticulating wildly for orders. The now famous sting operations on the Chicago exchanges in 1989, however, have provided dramatic evidence that a dangerous symbiotic relationship has developed among traders on the floor that is undermining competition and …