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Defi: Shadow Banking 2.0?, Hilary J. Allen
Defi: Shadow Banking 2.0?, Hilary J. Allen
Articles in Law Reviews & Other Academic Journals
The growth of so-called “shadow banking” was a significant contributor to the financial crisis of 2008, which had huge social costs that we still grapple with today. Our financial regulatory system still hasn’t fully figured out how to address the risks of the derivatives, securitizations, and money market mutual funds that comprised Shadow Banking 1.0, but we’re already facing the prospect o fShadow Banking 2.0in the form of decentralized finance, or “DeFi.” DeFi’s proponents speak of a future where sending money is as easy as sending a photograph–but money is not the same as a photograph. The stakes are much …
Non-Party Interests In Closing Opinion Letters, Heather Hughes
Non-Party Interests In Closing Opinion Letters, Heather Hughes
Articles in Law Reviews & Other Academic Journals
INTRODUCTION: What do transactional lawyers do when they issue third-party opinion letters in financial transactions? This descriptive question turns out to be quite complex'-so complex that the normative question of what lawyers should do when they issue opinions, as well as the practical question of what they could do, are difficult to answer. This Symposium Article reflects upon third-party closing opinions as a central aspect of business law practice that can be opaque to outsiders. The ideas expressed here are exploratory. In the spirit of reflecting on what transactional lawyers do, this contribution considers deal lawyer strategies as potential tools …