Banking and Finance Law Commons^™

Market Definition, Jonathan Baker, Lawrence White, Eduardo Perez Motta, Joseph Simons

Presentations

The Department of Justice and the Federal Trade Commission (FTC) solicited public comments and held joint public workshops to explore the possibility of updating the Horizontal Merger Guidelines that are used by both agencies to evaluate the potential competitive effects of mergers and acquistions. The goal of the workshops was to determine whether the Horizontal Merger Guidelines accurately reflect the current practice of merger review at the Department and the FTC as well as to take into account legal and economic developments that have occurred since the last significant Guidelines revision in 1992.

Risky Ventures: The Impact Of Irs Health Care Joint Venture Policy, Roger P. Meyers

University of Michigan Journal of Law Reform

IRS oversight of joint ventures between exempt and for-profit organizations has undergone substantial change over the past thirty years. This change has important consequences for the health care industry, where joint ventures have grown increasingly common. In the face of unclear guidance and aggressive enforcement of exemption-policing tools such as the private benefit doctrine and the control test, a hospital risks revocation of its tax-exempt status, or liability for unrelated business income tax, when it engages in a joint venture directly. It may be able to eliminate this risk by operating the same joint venture through a for-profit subsidiary; however, …

Private Fund Adviser Registration Act Hr-3818, Anita Krug

All Faculty Scholarship

This paper comments on the Obama administration's 2009 proposal for the regulation of hedge fund investment advisers.

A Round Peg For A Square Hole: The Mismatch Between Subprime Borrowers And Federal Mortgage Remedies, Arielle L. Katzman

Cardozo Law Review

No abstract provided.

In Re Sigma Finance Corporation (In Administrative Receivership) And In Re The Insolvency Act 1986 [2009] Uksc 2 (29 Oct 09): Commentary, Chao-Hung Christopher Chen

Research Collection Yong Pung How School Of Law

The case of Sigma Finance Corp was about the priority of payment under a Security Trust Deed for a structured investment vehicle (SIV). In essence, the key issue in the case was about whether debts due within the ‘realisation period’ after the occurrence of an ‘enforcement event’ should be paid ahead of other shortterm creditors.

Ernst Freund, Felix Frankfurter And The American Rechtsstaat: A Transatlantic Shipwreck, 1894-1932, Daniel R. Ernst

Georgetown Law Faculty Publications and Other Works

From the passage of the Interstate Commerce Act of 1887 through the New Deal, American legislators commonly endowed administrative agencies with broad discretionary power. They did so over the objections of an intellectual founder of the American administrative state. The American-born, German-educated lawyer and political scientist Ernst Freund developed an Americanized version of the Rechtsstaat—a government bound by fixed and definite rules—in an impressive body of scholarship between 1894 and 1915. In 1920 he eagerly took up an offer from the Commonwealth Fund to finance a comprehensive study of administration in the United States. Here was his chance to show …

Regulate Otc Derivatives By Deregulating Them: Response To Comments, Lynn A. Stout

Cornell Law Faculty Publications

Response to comments by Jean Helwege, Peter Wallison, and Craig Pirrong on the author's article, "Regulate OTC Derivatives By Deregulating Them." Article predates the author's affiliation with Cornell Law School.

Voting With Their Feet And Dollars: The Role Of Investors And The Influence Of The Mutual Fund Market In Regulating Fees, Anna C. Leist

William & Mary Law Review

No abstract provided.

Regulate Otc Derivatives By Deregulating Them, Lynn A. Stout

Cornell Law Faculty Publications

When credit markets froze up in the fall of 2008, many economists pronounced the crisis inexplicable and unforeseeable. Lawyers who specialize in financial regulation, and especially the small cadre who specialize in derivatives regulation, knew better.That's because the roots of the catastrophe lay not in changes in the markets, but changes in the law. In particular, the credit crisis can be traced to Congress's 2000 passage of the Commodity Futures Modernization Act, which radically altered the traditional legal approach to financial derivatives.

This shift in the legal treatment of financial derivatives has brought the banking system to its knees. The …

Nonpatentability Of Business Methods: Legal And Economic Analysis, Peter Menell, Michael J. Meurer

Faculty Scholarship

In this brief filed in Bilski vs. Kappos, pending before the U.S. Supreme Court, we argue that the "useful Arts" limitation of the the Intellectual Property Clause of the U.S.Constitution restricts the scope of Congress's patent power to technological advances. Beyond this constitutional limitation, Congress has not extended patent protection to business methods. The subject matter provision of the 1952 Patent Act merely codified existing subject matter categories and limitations, including the exclusion of business methods. The First Inventor Defense Act of 1999 did not alter this limitation on patentable subject matter. It did not amend the subject matter provision. …

Nice Guys Finish Last: New Yorkers Leave Our Assets Exposed When We Plan For Forever, Audrey Rose Herman

Buffalo Journal of Gender, Law & Social Policy

No abstract provided.

The End Of The (Virtual) World, Joshua A.T. Fairfield

West Virginia Law Review

No abstract provided.

Governing Corporate Compliance, Miriam H. Baer

Faculty Scholarship

No abstract provided.

A Superfund Solution For An Economic Love Canal, Mehmet K. Konar-Steenberg

Pace Law Review

No abstract provided.

When Securitization Complicates The Issue: What Are The Homeowner's Defenses To Foreclosure?, Victoria V. Corder

Washington and Lee Journal of Civil Rights and Social Justice

No abstract provided.

Smoke And Mirrors: Predatory Lending And The Subprime Mortgage Loan Securitization Pyramid Scheme, Navid Vazire

Pace Law Review

No abstract provided.

Mortgage Market Reform And The Fallacy Of Self-Correcting Markets, Robin Paul Malloy

Pace Law Review

No abstract provided.

Disquiet On The Home Front: Disturbing Crises In The Nation's Markets And Institutions, Shelby D. Green

Pace Law Review

No abstract provided.

Unsafe Loans In A Deregulated U.S. Mortgage Market, Vincent Di Lorenzo

Pace Law Review

No abstract provided.

Can't Live Without Air: Title Insurance And The Bursting Of The Real Estate Bubble, Marvin N. Bagwell

Pace Law Review

No abstract provided.

State Subprime Lending Litigation And Federal Preemption: Toward A National Standard, Alan H. Scheiner

Pace Law Review

No abstract provided.

The Importance Of Deceptive Practice Enforcement In Financial Institution Regulation, Prentiss Cox

Pace Law Review

No abstract provided.

A Glance At The Impact Of The Subprime Mortgage Crisis On The Title Insurance Industry, Suzanne M. Garcia

Pace Law Review

No abstract provided.

Nationalization, De-Nationalization, Re-Nationalization: Some Historical And Comparative Perspective, Mark A. Edwards

Pace Law Review

No abstract provided.

Canceling The Deal: Two Models Of Material Adverse Change Clauses In Business Combination Agreements, Robert T. Miller

Cardozo Law Review

In any large corporate acquisition, there is a delay between the time the parties enter into a merger agreement and the time the transaction is effected and the purchase price is paid. One effect of this delay is that the business or financial condition of one of the parties may deteriorate before the deal closes. When this happens to the target in a cash deal or to either party in a stock deal, the counterparty may conclude that the transaction is no longer attractive. Merger agreements typically protect counterparties against such contingencies through material adverse change (MAC) clauses. Under the …

Mtic Fraud Infects Tradable Carbon Permits, Richard Thompson Ainsworth

Faculty Scholarship

Missing trader intra-community (MTIC) fraud has been slowly morphing from cell phones and computer chips to other commodities. In the last few months however MTIC made a dramatic appearance in tradable CO2 permits. It closed exchanges and prompted France and the Netherlands to unilaterally change their tax treatment of CO2 trades. The UK has followed the French treatment in large measure. On Monday June 8, 2009 rumors of MTIC fraud in carbon emission permits closed the main European exchange for spot trading of European Union carbon emissions permits and Kyoto offsets. When BlueNext began trading permits again on Wednesday, June …

Prudential Bank Supervision: Hearing Before The S. Comm. On Banking, Housing And Urban Affairs, 111th Cong., Aug. 4, 2009 (Statement Of Daniel K. Tarullo, Geo. U. L. Center), Daniel K. Tarullo

Testimony Before Congress

No abstract provided.

Electronic Money And The Law: Legal Realities And Future Challenges, Nobuhiko Sugiura, Jean J. Luyat

Washington International Law Journal

The following is a translation of Electronic Money and the Law: Legal Realities and Future Challenges, an essay written by Professor Nobuhiko Sugiura in the August 1, 2008 issue of the Japanese periodical Jurisuto. Stored-value cards are growing rapidly in urban areas in Japan, to a degree where they are beginning to challenge cash as a primary method of payment. In this article, Professor Sugiura outlines the growth of stored-value cards, how stored-value cards should be defined, legal structures that currently regulate stored-value cards, and how growth and technological development are likely to affect that legal structure. As Japan’s takes …

A Tale Of Regulation In The European Union And Japan: Does Characterizing The Business Of Stored-Value Cards As A Financial Activity Impact Its Development?, Jean J. Luyat

Washington International Law Journal

The use of stored-value cards is growing rapidly in urban areas in Japan and gaining acceptance as a major means of payment. While institutional and cultural factors as well as business strategies go far in explaining the rapid growth of stored-value cards in Japan, regulation has also played an important role in enabling their use. In Japan, the regulation of stored-value cards has been mostly left to the Prepaid Card Law, which provides a comparatively simple regulatory framework with flexible capital requirements. The European Union (“EU”) and France provide a compelling counter-example to Japan; the EU has pursued a different …

Establishing A Framework For Systemic Risk Regulation: Hearing Before The S. Comm. On Banking, Housing And Urban Affairs, 111th Cong., July 23, 2009 (Statement Of Daniel K. Tarullo, Geo. U. L. Center), Daniel K. Tarullo

Testimony Before Congress

No abstract provided.