From The Schoolhouse To The Poorhouse: The Credit Card Act's Failure To Adequately Protect Young Consumers,
2011
University of South Carolina - Columbia
From The Schoolhouse To The Poorhouse: The Credit Card Act's Failure To Adequately Protect Young Consumers, Eboni S. Nelson
Faculty Publications
No abstract provided.
Review Of Seeds Of Destruction: Why The Path To Economic Ruin Runs Through Washington, And How To Reclaim American Prosperity,
2011
University of Michigan Law School
Review Of Seeds Of Destruction: Why The Path To Economic Ruin Runs Through Washington, And How To Reclaim American Prosperity, Michael S. Barr
Reviews
The United States has just gone through the worst financial crisis since the Great Depression. Our financial system came to brink of collapse, saved only by a massive intervention by the federal government. Although officially the Great Recession is now over, high unemployment and slow growth persist. Deficits that were ballooning in the 2000s with the weight of tax cuts, increased health care expenditures, and defense spending related to Iraq and Afghanistan, even before the financial crisis, have continued to climb, as lower tax receipts, automatic stabilizers, and fiscal stimulus kicked into gear.
Chapman Dialogue And Law Review Symposium Keynote Address: Ex Ante Versus Ex Post Approaches To Financial Regulation,
2011
Duke Law School
Chapman Dialogue And Law Review Symposium Keynote Address: Ex Ante Versus Ex Post Approaches To Financial Regulation, Steven L. Schwarcz
Faculty Scholarship
Ideal financial regulation would work ex ante, to prevent financial failures. Once a failure occurs, there may already be economic damage, and it may be difficult to stop the failure from spreading and becoming systemic. The reality, though, is that preventing financial failures should be only one role for regulators. Even an optimal prophylactic regulatory regime cannot anticipate and prevent every failure. This paper, which formed my Chapman Dialogue Address at Chapman University School of Law and the keynote speech at Chapman Law Review’s 2011 Symposium on the Future of Financial Regulation, attempts to contrast fundamental differences between ex ante …
Capture In Financial Regulation: Can We Redirect It Toward The Common Good?,
2011
Duke Law School
Capture In Financial Regulation: Can We Redirect It Toward The Common Good?, Lawrence G. Baxter
Faculty Scholarship
“Regulatory capture” is central to regulatory analysis yet is a troublesome concept. It is difficult to prove and sometimes seems refuted by outcomes unfavorable to powerful interests. Nevertheless, the process of bank regulation and supervision fosters a closeness between regulator and regulated that would seem to be conducive to “capture” or at least to fostering undue sympathy by regulators for the companies they oversee. The influence of very large financial institutions has also become so great that financial regulation appears to have become excessively distorted in favor of these entities and to the detriment of many other legitimate interests, including …
Political Risk And Sovereign Debt Contracts,
2011
Duke Law School
Political Risk And Sovereign Debt Contracts, Mitu Gulati, Stephen J. Choi, Eric A. Posner
Faculty Scholarship
Default on sovereign debt is a form of political risk. Issuers and creditors have responded to this risk both by strengthening the terms in sovereign debt contracts that enable creditors to enforce their debts judicially and by creating terms that enable sovereigns to restructure their debts. These apparently contradictory approaches reflect attempts to solve an incomplete contracting problem in which debtors need to be forced to repay debts in good states of the world; debtors need to be granted partial relief from debt payments in bad states; debtors may attempt to exploit divisions among creditors in order to opportunistically reduce …
Things Fall Apart: Regulating The Credit Default Swap Commons,
2011
University of Colorado Law School
Things Fall Apart: Regulating The Credit Default Swap Commons, Kristen N. Johnson
University of Colorado Law Review
Financial markets are an important national and international infrastructure resource that reflect attributes similar to the those that characterize commons, as described in property law literature. Through a case study examining the credit default swap market, this Article illustrates the analogy between financial markets and a traditional commons. After exploring the attributes of a commons, this Article examines the costs and benefits of the credit default swap market. Similar to a traditional commons, tragedy in financial markets occurs when market participants capture benefits while imposing the costs or negative externalities from their activities on other members of society. Commons scholars' …
Local To Global: Rethinking Spheres Of Authority After A World Financial Crisis: An Introduction,
2011
Pacific McGeorge School of Law
Local To Global: Rethinking Spheres Of Authority After A World Financial Crisis: An Introduction, Franklin A. Gevurtz
McGeorge School of Law Scholarly Articles
No abstract provided.
Overwhelming A Financial Regulatory Black Hole With Legislative Sunlight: Dodd-Frank's Attack On Systemic Economic Destabilization Caused By An Unregulated Multi-Trillion Dollar Derivatives Market,
2011
University of Maryland School of Law
Overwhelming A Financial Regulatory Black Hole With Legislative Sunlight: Dodd-Frank's Attack On Systemic Economic Destabilization Caused By An Unregulated Multi-Trillion Dollar Derivatives Market, Michael Greenberger
Journal of Business & Technology Law
No abstract provided.
Irs's Recent Uncertain Tax Positions Initiative: A Tangle Of Accounting, Tax And Privilege Issues, 9 Depaul Bus. & Comm. L.J. 401 (2011),
2011
John Marshall Law School
Irs's Recent Uncertain Tax Positions Initiative: A Tangle Of Accounting, Tax And Privilege Issues, 9 Depaul Bus. & Comm. L.J. 401 (2011), Kathryn J. Kennedy
UIC Law Open Access Faculty Scholarship
Given the extremely limited source of resources available to the IRS in recent years, it's not surprising that it is exploring all sorts of avenues to increase its efficiency, particularly relying on corporate taxpayers to self report questionable tax positions. Under the banner of "corporate governance" and "transparency," the Service issued a series of proposals in 2010 requiring disclosure of uncertain tax positions ("UTPs") by corporate taxpayers. The Service essentially piggybacked on the recently imposed 2006 audit requirements that reserves be posted for contingent tax liabilities (i.e., tax positions that could later not be sustained, and therefore had to be …
Anticompetitive Regulation In The Payment Card Industry,
2011
Columbia Law School
Anticompetitive Regulation In The Payment Card Industry, Ronald J. Mann
Faculty Scholarship
The payment card industry in the United States has come under increasing scrutiny in recent years. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 reflects a high-water mark of congressional influence for the industry, altering bankruptcy procedures largely for the benefit of card issuers. Since that point, Congress has turned repeatedly to rein in perceived abuses in the industry. The most substantial and direct response to the perception of abuse is the Credit Card Accountability Responsibility and Disclosure Act of 2009. That statute was focused directly on the card industry and outlawed a wide variety of industry practices. …
Adopting, Using, And Discarding Paper And Electronic Payment Instruments: Variation By Age And Race,
2011
Columbia Law School
Adopting, Using, And Discarding Paper And Electronic Payment Instruments: Variation By Age And Race, Ronald J. Mann
Faculty Scholarship
This paper uses data from the 2008 Survey of Consumer Payment Choice to discuss the adoption, use, and discarding of various common payment instruments. Using a nationally representative sample of individual-level data, it presents evidence in unparalleled detail about how consumers use different payment instruments. Most interestingly, it displays robust evidence of significant age- and race-related differences in payments choices. Among other things, it suggests that the range of payment instruments adopted and regularly used by blacks is narrower than that chosen by whites, presumably because of relatively limited access to financial institutions. With regard to age, it documents pervasive …
Consumer Casualties,
2011
University of Missouri School of Law
Consumer Casualties, Amy J. Schmitz
Faculty Publications
On July 21, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank),' which among other things calls for creation of the Consumer Financial Protection Bureau (CFPB) to serve as a centralized agency charged with protecting consumers from lending abuses and improper practices. The question is when and whether this agency will come to fruition-or suffer as a casualty of political warfare.
Happiness In Business Or Law,
2011
University of Colorado Law School
Happiness In Business Or Law, Peter H. Huang
Publications
This article provides a short introduction to recent happiness research and its applications to business or law that is organized as follows. Section I briefly considers: (1) troubling and not so troubling reservations about happiness research, and (2) how money and happiness are related. Section II concisely surveys two sets of applications of happiness research to business, namely: (1) workplace well-being and meaning, and (2) marketing. Section III succinctly reviews two categories of happiness research implications for law: (1) business regulation, and (2) law student and lawyer happiness.
An Evolving Foreclosure Landscape: The Ibanez Case And Beyond,
2011
University of Maine School of Law
An Evolving Foreclosure Landscape: The Ibanez Case And Beyond, Peter R. Pitegoff, Laura S. Underkuffler
Faculty Publications
Mortgage securitization, subprime lending, a persistently weak housing market, and an explosion of residential mortgage defaults – today’s homeowners and banks face a new and challenging landscape. Recently, courts in several states have issued decisions that alter the terrain for mortgage foreclosures. In Massachusetts, New Jersey, and New York, among other states, courts have dismissed foreclosure actions on the basis of what might seem to be highly technical deficiencies in the pleading or proof. The most well-known–and controversial–in this cluster of cases is U.S. Bank National Ass’n v. Ibanez, decided by the Supreme Judicial Court of Massachusetts this year. In …
Is The Public Utility Holding Company Act A Model For Breaking Up The Banks That Are Too-Big-To-Fail,
2011
Brooklyn Law School
Is The Public Utility Holding Company Act A Model For Breaking Up The Banks That Are Too-Big-To-Fail, Roberta S. Karmel
Faculty Scholarship
No abstract provided.
Derivatives: A Twenty-First Century Understanding,
2011
University of Missouri-Kansas City School of Law
Derivatives: A Twenty-First Century Understanding, Timothy E. Lynch
Loyola University Chicago Law Journal
Derivatives are commonly defined as some variation of the following: financial instruments whose value is derived from the performance of a secondary source such as an underlying bond, commodity, or index. This definition is both over-inclusive and under-inclusive. Thus, not surprisingly, even many policy makers, regulators, and legal analysts misunderstand them. It is important for interested parties such as policy makers to understand derivatives because the types and uses of derivatives have exploded in the last few decades and because these financial instruments can provide both social benefits and cause social harms. This Article presents a framework for understanding modern …
A Behavioral Framework For Securities Risk,
2011
University of Florida Levin College of Law
A Behavioral Framework For Securities Risk, Tom C.W. Lin
UF Law Faculty Publications
This article provides the first critical analysis and redesign of the existing securities risk disclosure framework given new insights from the emerging, interdisciplinary field of behavioral economics. Disclosure is the principle at the heart of federal securities regulation. Beneath that core principle of disclosure is the basic assumption that the reasonable investor is the idealized über-rational person of neoclassical economic theory. Therefore, once armed with the requisite information investors presumably can protect themselves through rational choice. Descriptively, however, real investors are not like their rational, neoclassical kin. This article examines this incongruence between the idealized rational investor and the imperfect …
Open Government And The Implementation Of The Dodd-Frank Act,
2011
University of Miami School of Law
Open Government And The Implementation Of The Dodd-Frank Act, Caroline Bradley
Articles
No abstract provided.
Living Wills And Pre-Commitment,
2011
American University Washington College of Law
Living Wills And Pre-Commitment, Adam Feibelman
American University Business Law Review
No abstract provided.
Financial Regulation Reform And Too Big To Fail,
2011
American University Washington College of Law
Financial Regulation Reform And Too Big To Fail, Brett Mcdonnell
American University Business Law Review
No abstract provided.
