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Full-Text Articles in Law
A Transactional Genealogy Of Scandal: From Michael Milken To Enron To Goldman Sachs, William W. Bratton, Adam J. Levitin
A Transactional Genealogy Of Scandal: From Michael Milken To Enron To Goldman Sachs, William W. Bratton, Adam J. Levitin
All Faculty Scholarship
Three scandals have reshaped business regulation over the past thirty years: the securities fraud prosecution of Michael Milken in 1988, the Enron implosion of 2001, and the Goldman Sachs “ABACUS” enforcement action of 2010. The scandals have always been seen as unrelated. This Article highlights a previously unnoticed transactional affinity tying these scandals together—a deal structure known as the synthetic collateralized debt obligation involving the use of a special purpose entity (“SPE”). The SPE is a new and widely used form of corporate alter ego designed to undertake transactions for its creator’s accounting and regulatory benefit.
The SPE remains mysterious …
Slides: Environmentally Friendly Drilling Systems Program (Efd), Rich Haut
Slides: Environmentally Friendly Drilling Systems Program (Efd), Rich Haut
Best Practices for Community and Environmental Protection (October 14)
Presenter: Rich Haut, Houston Advanced Research Center
23 slides
Worker Ownership In Enron's Wake - Revisiting A Community Development Tactic, Peter R. Pitegoff
Worker Ownership In Enron's Wake - Revisiting A Community Development Tactic, Peter R. Pitegoff
Faculty Publications
Worker ownership of business enterprise has long been touted as a vehicle for community economic development. Employee stock ownership plans in leveraged buy-outs, ESOPs and broad-based stock options in going concerns, and worker cooperatives in selected sectors - the experience has varied widely in goals, method, and outcome.
This Article reflects on the continued utility of worker ownership as a component of community development and calls attention to contrasts with conventional corporate governance and goals. Rather than an end in itself or just another way of doing business, worker ownership can be a vital element of a broader job creation, …