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Full-Text Articles in Law
Looking Forward: 2005-2010 - A Sovereign Debt Restructuring Reverie, Steven L. Schwarcz
Looking Forward: 2005-2010 - A Sovereign Debt Restructuring Reverie, Steven L. Schwarcz
Faculty Scholarship
In a prior article, the author asked why, if a sovereign debt restructuring treat would be effective and easy to implement, one does not yet exist. There appeared to be at least three reasons: the very novelty of the approach; the opposition of interest groups who believe that a treaty approach would make it too easy for sovereign debtors to default; and the failure of parties to appreciate the importance of a treaty approach, coupled with concern over ceding sovereignty. In this short reverie, the author hopes to show that these reasons are flawed and that, even where bond issues …
The Confused U.S. Framework For Foreign-Bank Insolvency: An Open Research Agenda, Steven L. Schwarcz
The Confused U.S. Framework For Foreign-Bank Insolvency: An Open Research Agenda, Steven L. Schwarcz
Faculty Scholarship
No abstract provided.
The Limits Of Lawyering: Legal Opinions In Structured Finance, Steven L. Schwarcz
The Limits Of Lawyering: Legal Opinions In Structured Finance, Steven L. Schwarcz
Faculty Scholarship
Significant controversy surrounds the issuance of legal opinions in structured finance transactions, particularly where accountants separately use these opinions, beyond their traditional primary use, for determining whether to characterize the transactions as debt. Reflecting at its core the unresolved boundaries between public and private in financial transactions, this controversy raises important issues of first impression: To what extent, for example, should lawyers be able to issue legal opinions that create negative externalities? Furthermore, what should differentiate the roles of lawyers and accountants in disclosing information to investors? Resolution of these issues not only helps to demystify the mystique, and untangle …