Banking and Finance Law Commons^™

The Italian Job — Voice Over Internet Protocol Mtic Fraud In Italy, Richard Thompson Ainsworth

Faculty Scholarship

On February 8, 2010 a speculative paper on the likelihood that fraudsters proficient in missing trader intra-community (MTIC) fraud might move into voice over internet protocol (VoIP) was submitted to the Boston University School of Law Working Paper Series.

Prior to that paper there was very little (if any) public discussion of VoIP MTIC. There were no assessments, no arrests, and not a hint of litigation. Fifteen days later, and before final publication the financial press exploded with coverage of a massive VoIP MTIC fraud (the Operazione “phuncards-broker” investigation). The Wall Street Journal reported: An [Italian] judge…ordered the arrest of …

Corporate Governance Reform In A Time Of Crisis, Christopher M. Bruner

Scholarly Works

In this article I argue that crisis-driven corporate governance reform efforts in the United States and the United Kingdom that aim to empower shareholders are misguided, and offer an explanation of why policymakers in each country have reacted to the financial crisis as they have. I first discuss the risk incentives of shareholders and managers in financial firms, and examine how excessive leverage and risk-taking in pursuit of short-term returns for shareholders led to the crisis. I then describe the far greater power and centrality that U.K. shareholders have historically possessed relative to their U.S. counterparts, and explore historical and …

The Global Financial Crisis And Proposed Regulatory Reform, Randall D. Guynn

BYU Law Review

No abstract provided.

"If You Poison Us Do We Not Die?" - A Critical Analysis Of The Legality Of Poison Puts In The Wake Of San Antonio Fire And Police Pension Fund V. Amylin, Inc., Marcus Kai Hintze

BYU Law Review

No abstract provided.

Does The ‘Ease Of Doing Business’ In A Country Influence Its Foreign Direct Investment Inflows?, Katherine Piwonski

Honors Projects in Finance

Foreign direct investment has been studied for years. It is generally accepted as a positive influence on the domestic market and governments have begun actively seeking it out. This study is meant to possibly connect government actions, for which the World Bank’s ‘Doing Business Index’ was used as a proxy, to an increase in foreign direct investment inflows. The goal of this study is to help governments make more informed decisions about if and how to attract foreign direct investment. The research was done by running a regression model to find a connection between changes in foreign direct investment inflows …

Bank Privitization In Vietnam: Examining Changes To Management In Vietnam's New Banking Law, Decree No. 59/2009/Nd-Cp, George B. Radics

Washington International Law Journal

Due to its WTO obligations, by 2010 Vietnam must open its banking system to the world. As a result, the nation attempted to drastically modernize its state owned banks through partial privatization. This partial privatization, locally translated as equitization, proposed serious challenges to the existing legal infrastructure facilitating banks. To cope with these new challenges, in September 2009, Vietnam’s new banking law, Decree 59/2009/ND-CP, was passed. An important change in the new banking law is its stricter regulation on the qualifications of managers. It is suspected that such regulation signals the nation’s resistance to surrender control over its banks and …

Taking A Gamble: Money Laundering After United States V. Santos, Rachel Zimarowski

West Virginia Law Review

No abstract provided.

Fiduciary Exemption For Public Necessity: Shareholder Profit, Public Good, And The Hobson's Choice During A National Crisis, Robert J. Rhee

UF Law Faculty Publications

This Article is written as two discrete, independently accessible topical sections. The first topical section, presented in Part I of this Article, is a case study of Bank of America’s acquisition of Merrill Lynch and the impact of a flawed merger execution on the board’s subsequent decisions. The second topical section, presented Parts II-IV of this Article, advances a theoretical basis for fiduciary exemption during a public crisis. The financial crisis of 2008 was the worst economic disaster since the Great Depression. It nearly resulted in a collapse of the global capital markets. A key event in the history of …

Implications Of Reputation Economics On Regulatory Reform Of The Credit Rating Industry, Paul Lasell Bonewitz

William & Mary Business Law Review

Credit rating agencies have for years averred that they would never intentionally issue or maintain inaccurate ratings due to the damage their reputation, and therefore their business, would suffer as a result. The reputation of credit rating agencies perhaps never suffered more than when thousands of structured debt securities proved to hold inflated ratings during the run-up to the credit crisis. Yet credit rating agencies remain as ingrained as ever in the global financial system. What is more, congressional testimony shows that credit rating agencies had the ability to rate more accurately, but intentionally failed to do so. Therefore, credit …

Harmonization Of International Legal Structure For Fostering Professional Services: Lessons From Early U.S. Federal-State Relations, Amar Gupta, Deth Sao

Cardozo Journal of International and Comparative Law

In the current global marketplace, liberalization of trade in professional services (services) presents both big challenges and profitable opportunities for the international community. Changes in technology and state-privatization polices over the past half century have made services the fastest growing sector in international trade. Despite such a transformation, the potential for further innovation and expansion in services industries is in jeopardy. In response to public-policy initiatives, regulatory concerns, and political pressures to protect domestic jobs and industries, states have adopted a plethora of discriminatory and restrictive policies against trade in services. Because existing international legal mechanisms are ill-equipped to resolve …

Fair Value Accounting: Friend Or Foe?, Ian E. Scott

William & Mary Business Law Review

No abstract provided.

Consumer Credit And Competition: The Puzzle Of Competitive Credit Markets, Edward J. Janger, Susan Block-Lieb

Faculty Scholarship

No abstract provided.

A Case Study On The Credit Guarantee Scheme., Mohd Rizal Zubair

Student Works (2010-2019)

A brief description of Bank Perusahaan Kecil dan Sederhana Malaysia Berhad (SME Bank) and Credit Guarantee Scheme (CGS) Bank Perusahaan Kecil dan Sederhana Malaysia Berhad or better known as SME Bank was established more than 30 years ago as Bank Industri dan Infrastruktur Malaysia Berhad. SME Bank is a Development Financial Institution and 100% owned by Ministry of Finance Incorporated and Ministry of Industrial and International Trade acts as the Supervising Ministry. As a Government Agency, SME Bank has its mandated role to provide financing as well as financial and business advisory services to Malaysian SMEs residing within predefined categories …

Our Not-So-Great Depression, Craig Green

Michigan Law Review

A Failure of Capitalism by Richard Posner is not a great book, and it does not pretend to be one. Posner summarizes the economic crisis of 2008-09 and considers proposals to reduce current suffering and avoid future recurrence (p. xvi). But when the book's final edits were made in February 2009, it was still too soon for authoritative solutions or full accounts of what had happened. Instead, Posner wrote a conspicuously contemporary-and thus incomplete-description of the crisis as it looked to him at the time (p. xvii). Now one year later, readers may need a reminder about the value of …

Voip Mtic — Vat Fraud In Voice Over Internet Protocol, Richard Thompson Ainsworth

Faculty Scholarship

In the beginning, the VAT fraud known as missing trader intra-community (MTIC) fraud appeared to be a UK problem concentrated in the cell phone and computer chip markets. MTIC has mutated (to other commodities) and migrated (to other Member States). This paper describes how this fraud operates in the VoIP market, and how in this mutation it is no longer confined to the EU, but can infiltrate any VAT/GST anywhere.

Canada, Botswana, Japan, Iceland and Jamaica (to mention a few jurisdictions) have consumption taxes that are just as vulnerable as is the EU VAT to VoIP missing trader fraud. It …

Virtual Intermediaries In The Lodging Industry: Consumption Tax Problems In The U.S. And Japan, Richard Thompson Ainsworth

Faculty Scholarship

Marketplace technology is (inadvertently) chipping away at the effectiveness of consumption taxes – the Japanese Consumption Tax (CT), the European value added tax (VAT), and the American sales tax (ST) are all affected. Frequently a technology-patch or a law change can repair the tax-damage, but sometimes even though a patch or a change is known the design of the levy (or the politics behind the design) impedes application. This paper assesses these consumption taxes by considering the impact that virtual travel agents have had on revenue yields. The paper draws specific conclusions for the Japanese CT, because this consumption tax …

Ponzi Schemes And Litigation Risks: What Every Financial Services Company Should Know, Kenneth C. Johnston, Kellie M. Johnson, Joseph A. Hummel

North Carolina Banking Institute

No abstract provided.

Automated Injustice: How A Mechanized Dispute System Frustrates Consumers Seeking To Fix Errors In Their Credit Reports, Chi Chi Wu

North Carolina Banking Institute

No abstract provided.

The North Carolina Banking Institute Symposium On The Foreclosure Crisis: Municipalities Fight Effects Of Foreclosure With Litigation And Neighborhood Stabilization Program Grants, S. Adeline Mckinney

North Carolina Banking Institute

No abstract provided.

The Aig Bailout: Constraining The Fed's Discretion, Andrew P. Atkins

North Carolina Banking Institute

No abstract provided.

Necessity Is The Mother Of Innovation During The Credit Crisis, David Line Batty

North Carolina Banking Institute

No abstract provided.

The Credit Card Act Of 2009: An Effective But Incomplete Solution Evidencing The Need For A Federal Regulator, Jaclyn Rodriguez

North Carolina Banking Institute

No abstract provided.

Citizens South: Innovative Use Of Tarp Funds Creates Value For Customers, Community, And The Bank, Patrick D. Craig

North Carolina Banking Institute

No abstract provided.

Cuomo V. Clearing House Association: The Latest Chapter In The Occ's Pursuit Of Chevron Deference, Ramyn Atri

North Carolina Banking Institute

No abstract provided.

The Fdic's Special Assessment: Basing Deposit Insurance On Assets Instead Of Deposits, Peter S. Kim

North Carolina Banking Institute

No abstract provided.

Keeping Secured Lending Secure: The Limited Legacy Of Chrysler's Section 363 Bankruptcy, Spencer C. Robinson

North Carolina Banking Institute

No abstract provided.

Credit Card Reform Goes To College, Regina L. Hinson

North Carolina Banking Institute

No abstract provided.

The North Carolina Banking Institute Symposium On The Foreclosure Crisis: Overview, Kathryn E. Johnson, Carolyn E. Waldrep

North Carolina Banking Institute

No abstract provided.

Private Equity Investment In Failed Banks: Appropriate Investors Welcome, Frank Righeimer Martin

North Carolina Banking Institute

No abstract provided.

In Re Yellowstone Mountain Club: Equitable Subordination To Police Inequitable Conduct By Non-Insider Creditors, Marina Montes

North Carolina Banking Institute

No abstract provided.