Law Commons^™

We Need A New Glass-Steagall Act To End The Toxic Symbiosis Between Universal Banks And Shadow Banks, Which Professor Corrigan Has More Fully Revealed, Arthur E. Wilmarth Jr.

GW Law Faculty Publications & Other Works

Patrick Corrigan’s recent article highlights the abuses of securitization by universal banks during the subprime lending boom that led to the Global Financial Crisis of 2007–09 (GFC). Professor Corrigan’s article focuses on what Zoltan Pozsar and other researchers have called “internal” shadow banking—namely, the origination and securitization of hazardous loans by universal banks through nonbank affiliates, including broker-dealer subsidiaries and off-balance- sheet securitization vehicles. I agree with Professor Corrigan that the enormous credit risks generated by universal banks and their “internal” shadow banking affiliates played a major role in precipitating the GFC.

Professor Corrigan’s article gives less attention to what …

The New Gender Perspective: The Dawn Of Intersectional Autonomy In Women’S Rights, Rosa Celorio

GW Law Faculty Publications & Other Works

International human rights jurisprudence has increasingly mandated state action which integrates a gender perspective, taking into consideration the discriminatory norms, harmful social practices, stereotypes, and violence that women have and still suffer. A range of supranational bodies have issued case decisions promoting the adoption of gender-sensitive legislation, policies, programs, and the establishment of administration of justice systems well-trained and equipped to address women’s rights violations.

This article discusses how the conception of this gender perspective has evolved over time and is now centered on the pursuit of autonomy for women. Autonomy is presented as a key ingredient to ensure due …

Interpreting Ethics Rules, Samuel J. Levine

Scholarly Works

This Article explores the interpretation of ethics rules through the prism of two rules that have been the subject of ongoing controversy and contention: Rule 4.2, the “no-contact” rule, which prohibits a lawyer from communicating with a represented client absent the consent of that client’s lawyer, and Rule 8.4(g), which prohibits various forms of discrimination and harassment. Each of these rules provides a model for a wider examination of different interpretive approaches to ethics rules, grounded in different attitudes toward the features and functions of ethics codes. Specifically, the debate revolving around Rule 4.2 illustrates competing approaches to interpreting a …

Do Americans Support More Housing?, Michael Lewyn

Scholarly Works

An analysis of opinion poll data on housing issues. The article finds that Americans generally believe that their community needs more housing of all types, but are more closely divided about whether such housing should be in their own neighborhoods. The article further finds that members of minority groups, lower-income Americans, and younger Americans are more pro-housing than older, affluent whites.

Truth Bounties: A Market Solution To Fake News, Yonathan A. Arbel, Michael D. Gilbert

Articles

False information poses a threat to individuals, groups, and society. Many people struggle to judge the veracity of the information around them, whether that information travels through newspapers, talk radio, TV, or social media. Concerned with the spread of misinformation and harmful falsehoods, much of the policy, popular, and scholarly conversation today revolves around proposals to expand the regulation of individuals, platforms, and the media. While more regulation may seem inevitable, it faces constitutional and political hurdles. Furthermore, regulation can have undesirable side effects and be ripe for abuse by powerful actors, public and private.

This Article presents an alternative …

Eroding The Bedrock: The Future Of Public Administration Without Chevron Deference, Rose Keller

Honors Projects

When Congress passes a bill, it produces words on a page. Who decides what those words mean? Historically, the onus of a statute’s interpretation has rested with the federal agencies charged with its implementation. The Chevron doctrine, a two-step standard that affords federal agencies significant latitude in interpreting their own enabling legislation, has been the applicable deference regime in statutory interpretation cases since 1984. Contrary to this tradition, recent Supreme Court jurisprudence has reasserted the primacy of the judiciary in statutory interpretation cases, often ignoring Chevron entirely. In 2023, the Court granted certiorari to Loper Bright Enterprises v. Raimondo, a …

Racial Bias Within Capital Punishment: Instructional Comprehension, Marcus Gadsden

Honors Projects

This dissertation examines the existence of racial bias within capital punishment. Since colonial times discriminatory death sentencing has impacted racial minorities, and despite living in a post-colonial epoch, the United States Justice system continues to produce alarming racial disparities. Consequently, both law reviews and social science journals indicate that race remains a significant factor in criminal trials. So, to what extent does racial bias influence capital punishment trials? Given that it does exist, how can it be alleviated? Through a statistical/qualitative analysis of psychological studies, Supreme Court cases, and jury instructions, this dissertation suggests that implicit cognitive bias continues to …

An International Law Framework For Climate-Aligned Investment Governance, Martin Dietrich Brauch, Elena Klonsky, Fanny Marie Everard, Qiaozi Guanglin, Tyler Alviano, Justin Cuddihey, Mary Wang

Columbia Center on Sustainable Investment

The January 2024 CCSI Working Paper, An International Law Framework for Climate-Aligned Investment Governance, outlines a framework — and invites and hopes to inspire further thinking, research, and discussion — on how to bridge gaps and build cohesion among various areas of international law relevant to investment in climate mitigation and adaptation. The working paper identifies areas of international law that are or could be relevant to investment governance, highlights points of inconsistency, and proposes a framework to reform and integrate international law with the objective of promoting and facilitating climate investment flows and achieving climate-aligned regulation of investment.

Uncitral Working Group Iii: Contribution On The ‘Right To Regulate’ Provision, Columbia Center On Sustainable Investment, International Institute For Environment And Development, South Centre

Columbia Center on Sustainable Investment

"UNCITRAL Working Group III: Contribution on the ‘Right to Regulate’ Provision" is a joint submission to the Secretariat's request for comments on the procedural and cross-cutting issues. The commentary focuses on the states' right-to-regulate provision, proposed in the Draft provisions on procedural and cross-cutting issues, and proposes additional policy options aimed at preserving the states' sovereign right (and duty) to regulate.

Granting Rights To Rivers In The Shadow Of Extractivism, Helena Alviar Garcia

FIU Law Review

In Colombia, the Atrato River, situated in the region of Chocó, was granted rights in a 2016 ruling. More than ten other rivers have been granted rights in the following years. This judicial intervention has been influenced by other jurisdictions where rights have been granted to rivers like New Zealand and India. The article situates itself within this trend by providing a more granular, local context. In particular, the goal is to foreground the structural characteristics—specifically the historical, economic, and social centrality of extractivism—within which granting rights to nature takes place. The final objective will be to explore the possibilities …

The Influence Of The Spanish Legal System And Socialist Legal Systems On Cuban Civil Law, María Elena Cobas Cobiella

FIU Law Review

The essay “The influence of the Spanish legal system and socialist legal systems on Cuban civil law” fulfills an old desire to analyze how the current Cuban civil law has been shaped. The work addresses the influence of the law of the former socialist countries and Spanish law in the configuration of current Cuban civil law.

A Major Question For The Sec: Analyzing Constitutional Limits On Regulatory Authority, Matthew Diller, Meredith Berger, Samuel W. Buell, John M. Golden, Suzanne Ashley, Coy Garrison, Aaron Saiger, Suman Naishadham, Mary Jo White

Fordham Journal of Corporate & Financial Law

No abstract provided.

Why Do Banks Fail Together? Evidence From Executive Compensation, Deniz Anginer, Jinjing Liu, Cindy A. Schipani, H. Nejat Seyhun

Fordham Journal of Corporate & Financial Law

Recent bank failures have elicited extensive interest about the causes, focusing on incompetence of bank executives, policymakers, bank regulators and supervisors and even uninsured depositors. Yet, before we can prescribe solutions to bank failures, we need to identify the correct causes of the underlying problems. We argue that the problem is not so much with incompetence of executives, depositors, or regulators per se, but rather with managerial incentives.

We provide both a conceptual basis as well as empirical evidence to show that bank executives have incentives to increase systemic risks in order to maximize the benefits of bank bailouts. Consequently, …

Minutes Are Worth The Minutes: Good Documentation Practices Improve Board Deliberations And Reduce Regulatory And Litigation Risk, Given As The 21st Annual Destefano Lecture, Leo E. Strine Jr.

Fordham Journal of Corporate & Financial Law

This Essay, originally the basis for the 21st Annual Albert A. DeStefano Lecture on Corporate, Securities & Financial Law given on February 27, 2024, at Fordham University School of Law, addresses the importance of good corporate minuting and board documentation practices. Using lessons from Delaware cases where the quality of these practices has determined the outcome of motions and cases, this Essay identifies effective and efficient practices to better address this decidedly not sexy, but unquestionably essential, corporate governance task. The recent Delaware cases underscore the importance of quality and timely documentation of board decision-making, the material benefits of doing …

A Bona Fide Dispute: Can Bankrupt Debtors Sell Assets Free And Clear Of Federal Civil Forfeiture Claims?, Joseph Peter Gomez

Fordham Journal of Corporate & Financial Law

Auctions are wheeling-dealing extravaganzas in which frenzies of bidders fight over shiny objects. What would happen if the government busted down the doors of the auction house, took the shiny objects, and sold them online? An asset sale through section 363(b) of the Bankruptcy Code provides a court-supervised opportunity to maximize economic value for the bankruptcy estate. To sell estate assets, the debtor must either (1) pay off each creditor holding an interest in the assets or (2) strip the creditor’s interest and attach it to the proceeds of the sale. When the government asserts a civil forfeiture claim against …

Another Major Question: The Department Of Labor Should Retire The Tiebreaker Rule And Reemploy Pecuniary Language In Erisa, Brandon Chesner

Fordham Journal of Corporate & Financial Law

The Employee Retirement Income Security Act of 1974 (“ERISA”) soon turns 50. Instead of celebrating with cake, retirees and future retirees alike get to witness a new chapter in the debate over the consideration of Environmental, Social, or Governance (“ESG”) factors in investing with plan assets. As employees cross the bridge into retirement, they look to their 401(k)s and pension plans for peace of mind, for it is ERISA that has been working silently in the background establishing minimum standards, practices, and fiduciary duties to protect participants. In recent years, the U.S. Department of Labor (“DOL”) has passed three regulations—two …

Corporate Esg Falls Short: Systemic Anti-Black Racism And Inequality Should Be Addressed Through A Cumulative Integrated Approach, Ferrell L. Littlejohn

Fordham Journal of Corporate & Financial Law

In the 1896 case Plessy v. Ferguson, the Supreme Court endorsed the “separate but equal” doctrine, essentially codifying racial segregation. This decision guaranteed that systemic racism would permeate every fabric of society despite the abolition of slavery. Recently, many corporate institutions have pledged to actively support the fight against systemic racism through their environmental, social, and governance (“ESG”) initiatives. Corporate stakeholders have actively advocated for these initiatives, particularly in response to recent scholarship revealing the significant involvement of capitalist institutions in historical slavery, and the continued perpetuation of anti-Black racism. Nevertheless, such initiatives, for example, internal diversity, equity, and …

Speech Without Speakers: Eliminating Artificial Barriers To Pleading Corporate Scienter In Securities Fraud Claims, Jennifer Ligansky

Fordham Journal of Corporate & Financial Law

To successfully plead securities fraud claims under Rule 10b–5, the Private Securities Litigation Reform Act (“PSLRA”) requires that plaintiff-investors raise a “strong inference” that the defendant acted with scienter when issuing a false statement. But pleading scienter presents a challenging issue when the defendant is not a person, but an entity. When the defendant is a corporation, U.S. Circuit Courts of Appeals have adopted different approaches for determining whether the plaintiff has pleaded a strong inference of scienter. Some circuits hold that plaintiffs can raise a strong inference of corporate scienter only if the complaint identifies a speaker who knew …

The Lease Of All Evils: How A Middle-Ground Approach Can Resolve The Bankruptcy Code Conflict Between Section 363(F) Sales And Section 365(H) Lessee Protections, Kate Christensen

Fordham Journal of Corporate & Financial Law

The Fifth Circuit’s recent decision in In re Royal St. Bistro, LLC has awakened an unsettled issue in the Bankruptcy Code that has divided the bankruptcy community for over two decades. The question examined by the Fifth Circuit was whether a non-debtor lessee with a right to continued possession through section 365(h) of the Bankruptcy Code loses this right if the debtor-lessor can sell its property “free and clear” under section 363(f). While early decisions held that section 365(h) always protects lessees against debtors’ free and clear sales, some subsequent decisions created a circuit split by ruling that section 365(h) …

How The International Investment Law Regime Undermines Access To Justice For Investment-Affected Stakeholders, Ladan Mehranvar

Columbia Center on Sustainable Investment

For over a decade now, the international investment law regime, which includes investment treaties and their central pillar, the investor-state dispute settlement (ISDS) mechanism, has been facing sustained calls for reform. These have largely centered on the concerns regarding the high costs of ISDS, the restrictions placed by the investment treaty regime on the right—or duty—of states to regulate in the public interest, and the questionable benefits arising from these treaties in the first place. Several states have taken proactive measures: some have revised investment treaty standards to better protect their regulatory powers; others have introduced new approaches to investment …

Inadequate Demonstration: Epa’S Latest Effort To Force A Clean Energy Transition On The Power Sector Rests On Technologies That Have Not Been Adequately Demonstrated, Mario Loyola

FIU Law Review

The Environmental Protection Agency's (EPA) proposed regulations of power plant carbon emissions under Section 111 of the Clean Air Act, which were proposed in May of 2023, raise a number of concerns. The proposed regulations target a transition in the U.S. power sector towards clean energy, relying heavily on Carbon Capture & Storage (CCS) and green hydrogen technologies to achieve nearly net zero carbon emissions from existing fossil fuel power plants. These technologies, however, do not seem to satisfy the Section 111 requirement that the Best System of Emissions Reduction (BSER) be adequately demonstrated at the scale and for the …

Table Of Contents

FIU Law Review

No abstract provided.

Editorial Board

FIU Law Review

No abstract provided.

Introduction: Comparative Comparative Law, Jorge L. Esquirol

FIU Law Review

This introduction illuminates the multifaceted nature of comparative law, transcending its conventional perception as merely a methodological tool. Rather, it emerges as a dynamic arena of political struggle, embodying diverse perspectives and objectives across various discursive exchanges. The volume delves into this complexity through contributions from esteemed scholars exploring topics ranging from granting rights to rivers in Colombia to the constitutional interpretive politics of Italian abortion rights. It underscores how comparative law shapes governance and policy, both reinforcing hegemonic norms and providing avenues for resistance and alternative perspectives. Ultimately, the volume celebrates the rich diversity and interconnectedness within comparative law, …

"Bricolage" As Comparative Research Method For Critical Legislative Innovation, Marie-Claire Belleau

FIU Law Review

Comparative law incentivize imagination to create new solutions to social problems intrinsically linked to different parts of the world. It consists in the analysis of multiple legal solutions revealed by research. Meanwhile, the understanding of the documentation put forward is influenced by the social, cultural, linguistic, political, and economic context where it evolved in the first place. Consequently, the interpretation of those elements leads to varying results. In response to this reality, we offer a modest comparative methodology rooted in creativity inspired by the concept of “bricolage” for the purpose of legislative innovations. In light of some descriptive examples pertaining …

The Spree Of Principles And The Abuses Of The Balancing Doctrine In Brazil, Ronaldo Porto Macedo

FIU Law Review

This article delves into the nuanced distinction between principles and rules in legal discourse, emphasizing their differing grammatical functions. While acknowledging the necessity of principles in legal reasoning, it cautions against their unchecked proliferation, exemplified by the Ellwanger case. The analysis underscores the importance of contextual understanding in discerning between principles and policies, advocating for a philosophical-political reflective approach. It critiques the overreliance on balancing-proportionality as a universal method, warning against its potential for dogmatic reduction and infringement on fundamental rights like freedom of expression. Ultimately, it calls for a balanced, reflective interpretation of principles to mitigate the risks inherent …

Publisher

FIU Law Review

No abstract provided.

A Philosophical Look Into The Morality And Legality Of Abortion, Alexis J. Agnew

Honors College Theses

In his Nicomachean Ethics, Greek philosopher Aristotle posits an understanding of ethics and how human life is characterized by the “good.” Aristotle argues that (I) ethics involve humans possessing a rational capacity and specific function; (II) ethics are habitual, and the “doctrine of the mean” is used to gauge proper action; and (III) justice is linked to virtue. A moral issue that can be analyzed through Aristotle’s Ethics, as well as works of contemporary philosophers, is abortion. Abortion has been a controversial topic and has been brought before the Supreme Court to determine its morality and legality. Using …

Editors' Note

City University of New York Law Review

No abstract provided.

Legal Hurdles And Pathways: The Evolution (Progress?) Of Climate Change Adjudication In Canada, Camille Cameron, Riley Weyman, Claire Nicholson

Articles, Book Chapters, & Popular Press

Citizens, civil society, and environmental organisations throughout the world are increasingly turning to courts to find solutions to the perils of climate change. In July 2023, the United Nations Environment Programme (“UNEP”) reported that as of November 2022, there were 2,180 climate change litigation cases underway throughout the world, that this number is 2.5 times higher than it was five years ago, and that the number of jurisdictions involved has grown from 24 in 2017, to 39 in 2020, to 65 in 2023. The authors of this report describe climate litigation as “a frontier solution to change the dynamics of …