Banking and Finance Law Commons^™

The Insurability Of Claims For Restitution, Christopher French

Faculty Scholarship

Does and should a wrongdoer’s liability insurance cover an aggrieved party’s claim for restitution (e.g., a claim for the disgorgement of ill-gotten gains)? This article answers those questions. It does so by first answering the question of whether claims for restitution are covered under the terms of liability insurance policies. Then, after concluding that they are, it addresses the question of whether claims for restitution should be insurable as a matter of public policy and insurance law theory. There are long-standing legal and equitable principles that, on the one hand, dictate that a wrongdoer should not be allowed to benefit …

“Settling The Question: Did Bank Settlement Agreements Subvert Congressional Appropriations Powers?” : Hearing Before The United States House Of Representatives Committee On Financial Services Subcommittee On Oversight And Investigations, 114th Congress, Nicholas Quinn Rosenkranz

Georgetown Law Faculty Publications and Other Works

The Constitution provides: ―No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law . . . ." This is not a mere technical provision but rather a fundamental element of constitutional structure.

It sounds, first, in democracy, reflecting the deep constitutional principle that the power of the purse should be vested in the most representative branch. Every dollar appropriated from the Treasury may represent a dollar of taxes, and so this principle applies to both taxing and spending.

Defend And Protect: National Security Restrictions On Foreign Investments In The United States, Matthew Aglialoro

University of Cincinnati Law Review

No abstract provided.

Banks, Break-Ins, And Bad Actors In Mortgage Foreclosure, Christopher K. Odinet

University of Cincinnati Law Review

No abstract provided.

Operational Autonomy And Public Accountability In Statutory Corporations: A Case Study Of Ghana’S Development Experience And A Blueprint For Reform, E. A. Botchwey

Georgia Journal of International & Comparative Law

No abstract provided.

Front Matter

Michigan Business & Entrepreneurial Law Review

No abstract provided.

Sloppy, Sloppy, Sloppy: The State Of The Mortgage Market, David Reiss

Cornell Law Faculty Publications

Much of the discussion about the recent California Supreme Court case Yvanova v New Century Mortgage Corp. (2016) 62 C4th 919 has focused on the scope of the Court’s narrow holding, “a borrower who has suffered a nonjudicial foreclosure [in California] does not lack standing to sue for wrongful foreclosure based on an allegedly void assignment merely because he or she was in default on the loan and was not a party to the challenged assignment.” 62 C4th at 924.This is an important question, no doubt, but I want to spend a little time contemplating the types of sloppy behavior …

The Balanced Scorecard Framework For Financial Advisers: A Pandora's Box, Kee Yang Low

Research Collection Yong Pung How School Of Law

The much-anticipated Balanced Scorecard Framework for determining the remuneration of representatives and supervisors in the financial advisory industry came into force on 1 January 2016. The framework is a major development and is likely to transform the industry. This article seeks to explain the framework and its challenges.

Judicial Review On Administrative Action: Reflection On The Bank Century Bailout Policy, Lily Evelina Sitorus

Indonesia Law Review

Accountability is the key to good governance. In global administrative law, every policy made should be accountable. The given law should be accessible to the public. At the time of the global financial crisis, many countries did not have the necessary rules to solve the problems that arose. In Indonesia, the government’s decision to bail out Bank Century has remained controversial up to the present time. The need for a comprehensive law dealing with economic, political and social factors should be considered. The Indonesian Law regarding Government Administration provides for the code of conduct for government action. An entire chapter …

The Proper Reach Of Territorial Jurisdiction: A Case Study Of Divergent Attitudes, Philippe Schreiber

Georgia Journal of International & Comparative Law

No abstract provided.

Prostitution Policy: Legalization, Decriminalization And The Nordic Model, Ane Mathieson, Easton Branam, Anya Noble

Seattle Journal for Social Justice

No abstract provided.

Don’T Risk It; Wait Until She’S Sober, Patrick John White

Seattle Journal for Social Justice

No abstract provided.

Let’S Talk About Sex: A Call For Guardianship Reform In Washington State, Sage Graves

Seattle Journal for Social Justice

No abstract provided.

Living Under The Boot: Militarization And Peaceful Protest, Charlotte Guerra

Seattle Journal for Social Justice

No abstract provided.

Let’S Invest In People, Not Prisons: How Washington State Should Address Its Ex-Offender Unemployment Rate, Sara Taboada

Seattle Journal for Social Justice

No abstract provided.

His Feminist Facade: The Neoliberal Co-Option Of The Feminist Movement, Anjilee Dodge, Myani Gilbert

Seattle Journal for Social Justice

No abstract provided.

In Her Words: Recognizing And Preventing Abusive Litigation Against Domestic Violence Survivors, David Ward

Seattle Journal for Social Justice

No abstract provided.

Credit Is A Double Edge Sword, Mehrsa Baradaran

Popular Media

This commentary, which appeared in the Atlantic on April 26, 2016 discusses the Marquette decision by the Supreme Court and how it de-stigmatized the practice of usury.

Courts And Sovereigns In The Pari Passu Goldmines, Anna Gelpern

Georgetown Law Faculty Publications and Other Works

U.S. federal court rulings against Argentina since 2012 have turned the pari passu clause in sovereign bond contracts into the most promising debt collection tool against immune governments since the days of gunboat diplomacy. The large literature on pari passu (“equal step” in Latin) assumes that the clause had not been used for enforcement before the late 1990s, and that it was first construed by a Belgian court in a case against Peru in the year 2000. The Belgian decision was criticized for wrongly concluding that pari passu promised ratable payment to all holders of Peru’s external debt. A decade …

The Volcker Rule And The Presumption Against Extraterritoriality: Utterly Incompatible, Christine P. Henry

William & Mary Business Law Review

The Volcker Rule, enacted in 2010 as part of the Dodd-Frank Wall Street Consumer Protection Act to address the “too big to fail” problem in today’s interconnected global economy, has been controversial from the outset. The deadline for banks to comply with Volcker regulations has been extended several times, with the most recent deadline set for July 21, 2016. This Note examines the impact of the Volcker Rule on foreign banks, detailing the specific effects of Volcker regulations on two prominent German banks, Deutsche Bank and Commerzbank, and analyzes the countervailing European approach to regulating proprietary trading and risky investment. …

Cfpb Collection Activities Comment Letter, David J. Reiss

Cornell Law Faculty Working Papers

No abstract provided.

Financial Misconduct, Ethical Theory, And Regulatory Ethics— Promoting Accountability, P. M. Vasudev

The Journal of Business, Entrepreneurship & the Law

This paper examines developments in the financial sector and identifies a role for regulatory ethics in promoting integrity and accountability. In this effort, the paper also explores theoretical perspectives in ethics and how they can shape business behavior. Specifically, the article proposes corporate codes of ethics, a mandatory requirement under the New York Stock Exchange Listing Rules, as instruments to promote morality in corporate conduct. Ethics codes, which are internally generated, must be tailored to reflect the experience and made more effective. They can be amplified to specify standards to govern the fiduciary duty of care applicable to executives, personal …

The Conscious Parallelism Of Wolf Packs: Applying The Antitrust Conspiracy Framework To Section 13(D) Activist Group Formation, William R. Tevlin

Fordham Law Review

Section 13(d) of the Williams Act requires all persons and groups that acquire 5 percent or more of an issuer’s outstanding stock to disclose their holdings to the Securities and Exchange Commission. Whether a group is formed under section 13(d) often is unclear. The legal precedent is ambiguous; courts give more weight to certain forms of circumstantial evidence than others without explaining why. With the substantial increase of hedge fund activism—in particular, the wolf pack tactic—further clarity or uniformity is necessary. A “wolf pack” is a loose association of hedge funds that employs parallel activist strategies toward a target corporation …

Resetting The Baseline Of Ownership: Takings And Investor Expectations After The Bailouts, Nestor M. Davidson

Maryland Law Review

During the economic crisis that began in 2008, the federal government nationalized several of the nation’s most significant private companies as part of a broad effort to forestall a global depression. Shareholders in those companies later filed suit, alleging that the federal government in so doing—and in subsequent actions while in control of the firms—took their property without compensation in violation of the Fifth Amendment. To date, those claims have not succeeded. If these cases continue on their current trajectory, with courts rejecting arguments that the rescue of systematically important firms on the brink of collapse requires compensation for shareholders, …

Collaborative Gatekeepers, Stavros Gadinis, Colby Mangels University Of California - Berkeley

Washington and Lee Law Review

In their efforts to hold financial institutions accountable after the 2007 financial crisis, U.S. regulators have repeatedly turned to anti-money-laundering laws. Initially designed to fight drug cartels and terrorists, these laws have recently yielded billion-dollar fines for all types of bank engagement in fraud and have spurred an overhaul of financial institutions’ internal compliance. This increased reliance on anti-money-laundering laws, we argue, is due to distinct features that can better help regulators gain insights into financial fraud. Most other financial laws enlist private firms as gatekeepers and hold them liable if they knowingly or negligently engage in client fraud. Yet, …

The Order To Pay Money In Medieval Continental Europe, Benjamin Geva

Articles & Book Chapters

This chapter discusses the evolution of non-cash payment mechanisms in the course of the development of the medieval banking system in Europe. The chapter sets out three categories of a medieval continental financier. The first category, pawnbrokers, consisted of lenders who lent out of their capital primarily for consumption who played no role in the development of the payment system. The second category consisted of moneychangers who accepted deposits and whose practices were rooted in in the manual exchange of coins. The third category consisted of exchange bankers whose practices emerged from the exchange of money in long distance trade. …

Where Kafka Reigns: A Call For Metamorphosis In Unlawful Detainer Law, John Campbell

University of Michigan Journal of Law Reform

This story reflects a new reality in which nonjudicial foreclosure, combined with draconian unlawful detainer laws, concretizes the injuries associated with wrongful foreclosure, degrades the perceived legitimacy of the courts, and suppresses valid claims of wrongful foreclosure. Indeed, this very scenario happens regularly in a variety of states. This story is a very real tale of how homeowners are harmed by a foreclosure process that has largely escaped scholarly review. Rooted in the belief that sunshine is a powerful disinfectant, this Article aims to shed light on states that hogtie homeowners and makes a normative argument that such a process …

Student Loan Derivatives: Improving On Income-Based Approaches To Financing Law School, Benjamin M. Leff, Heather Hughes

Villanova Law Review (1956 - )

No abstract provided.

Moving Beyond Bitcoin To An Endogenous Theory Of Decentralized Ledger Technology Regulation: An Initial Proposal, Carla L. Reyes

Villanova Law Review (1956 - )

No abstract provided.

Bitcoin And The Uniform Commercial Code, Jeanne L. Schroeder

Articles

Much of the discussion of bitcoin in the popular press has concentrated on its status as a currency. Putting aside a vocal minority of radical libertarians and anarchists, however, many bitcoin enthusiasts are concentrating on how its underlying technology – the blockchain – can be put to use for wide variety of uses. For example, economists at the Fed and other central banks have suggested that they should encourage the evolution of bitcoin’s blockchain protocol which might allow financial transactions to clear much efficiently than under our current systems. As such, it also holds out the possibility of becoming that …