Triple-A Ratings Stench: May The Credit Rating Agencies Be Held Accountable?,
2010
Barry University School of Law
Triple-A Ratings Stench: May The Credit Rating Agencies Be Held Accountable?, Thomas J. Pate
Barry Law Review
This article analyzes the role the Credit Rating Agencies (CRAs) played in developing markets for certain types of asset-backed securities in order to identify how the CRAs promoted the leverage build up that occurred over the past 15 years. This analysis will highlight the fundamental flaws in the ratings process, with a view toward being able to assign responsibility accordingly. Further, the motivations of banks, financial institutions, and corporate issuers in relying on the CRAs will be critiqued. Additionally, the principal past and current in-court claims against the CRAs will be analyzed and hypotheses will be drawn on the liability …
Foreclosed: High-Risk Lending, Deregulation, And The Undermining Of America's Mortgage Market, By D Immergluck [Book Review],
2010
Cornell Law School
Foreclosed: High-Risk Lending, Deregulation, And The Undermining Of America's Mortgage Market, By D Immergluck [Book Review], David J. Reiss
Cornell Law Faculty Publications
This is a short book review of Dan Immergluck, FORECLOSED: HIGH-RISK LENDING, DEREGULATION, AND THE UNDERMINING OF AMERICA’S MORTGAGE MARKET (Cornell University Press 2009). The book provides a good introduction to the causes of the crisis in the mortgage market. Given, however, that the book was written before the crisis has fully taken its course, it does have certain limitations. In particular, the book deals with some fundamental questions too superficially. These fundamental questions include, what is the right level of complexity for the secondary mortgage market? What is the right level of credit access for subprime borrowers? And, what …
A Fixer-Upper For Finance,
2010
Cornell Law School
A Fixer-Upper For Finance, Robert C. Hockett
Cornell Law Faculty Publications
Three facts bear notice in connection with our current financial troubles. The first is that the First World War, before the Second began, was known as "the Great War." The second is that the global Depression that struck between those two wars, which for now we can still label "Great," commenced with the burst of a multiyear real estate price bubble prior to the 1929 stock market crash. The third is that the U.S. accordingly addressed that depression through mutually reinforcing new regimes not only of financial regulation, but also of home mortgage finance - the very reforms that brought …
First Principles For An Effective Federal Housing Policy,
2010
Cornell Law School
First Principles For An Effective Federal Housing Policy, David J. Reiss
Cornell Law Faculty Publications
Federal housing policy is heavily funded and made up of a morass of programs. This article provides a taxonomy of goals for housing policy. The article first asks what the aim of housing policy is. In other words, what can a well-designed and executed housing policy achieve? The answer to this question is not at all clear-cut. Some argue that the aim of housing policy is to allow all Americans to live in safe, well-maintained and affordable housing. Others argue for a more modest aim – achieving an income transfer to low- and moderate-income families that mandates that the income …
Llcs Are The New King Of The Hill: An Empirical Study Of The Number Of New Llcs, Corporations And Lps Formed In The United States Between 2004-2007 And How Llcs Were Taxed For Tax Years 2002-2006,
2010
Fordham Law School
Llcs Are The New King Of The Hill: An Empirical Study Of The Number Of New Llcs, Corporations And Lps Formed In The United States Between 2004-2007 And How Llcs Were Taxed For Tax Years 2002-2006, Rodney D. Chrisman
Fordham Journal of Corporate & Financial Law
No abstract provided.
Quantitative Proof Of Reputational Harm,
2010
Fordham Law School
Quantitative Proof Of Reputational Harm, Meiring De Villiers
Fordham Journal of Corporate & Financial Law
No abstract provided.
Simultaneous Distress Of Residential Developers And Their Secured Lenders An Analysis Of Bankruptcy & Bank Regulation
,
2010
Fordham Law School
Simultaneous Distress Of Residential Developers And Their Secured Lenders An Analysis Of Bankruptcy & Bank Regulation , Sarah Pei Woo
Fordham Journal of Corporate & Financial Law
No abstract provided.
Stretching The Limits Of Deal Protection Devices: From Omnicare To Wachovia,
2010
Fordham Law School
Stretching The Limits Of Deal Protection Devices: From Omnicare To Wachovia, Eleonora Gerasimchuk
Fordham Journal of Corporate & Financial Law
No abstract provided.
A Dissent Dampened By Timing: How The Stock Market Exception Systematically Deprives Public ,
2010
Fordham Law School
A Dissent Dampened By Timing: How The Stock Market Exception Systematically Deprives Public , Jeff Goetz
Fordham Journal of Corporate & Financial Law
No abstract provided.
I.R.C. Section 7430 Attorney's Fees: Navigating Section 7430 And A Call For The Final Act,
2010
Fordham Law School
I.R.C. Section 7430 Attorney's Fees: Navigating Section 7430 And A Call For The Final Act, Jeffrey E. Ouijano, Rodney P. Mock
Fordham Journal of Corporate & Financial Law
No abstract provided.
In The Wake Of Empagran – Lights Out On Foreign Activity Falling Under Sherman Act Jurisdiction? Courts Carve Out A Prevailing Standard,
2010
Fordham Law School
In The Wake Of Empagran – Lights Out On Foreign Activity Falling Under Sherman Act Jurisdiction? Courts Carve Out A Prevailing Standard, Kelly L. Tucker
Fordham Journal of Corporate & Financial Law
No abstract provided.
Why Not Tell The Truth: Deceptive Practices And The Financial Meltdown.,
2010
Loyola University Chicago
Why Not Tell The Truth: Deceptive Practices And The Financial Meltdown., Charles W. Murdock
Faculty Publications & Other Works
No abstract provided.
Lecture At Fordham Corporate Law Center By William Dudley, President Of Federal Reserve Bank Of New York,
2010
Fordham Law School
Lecture At Fordham Corporate Law Center By William Dudley, President Of Federal Reserve Bank Of New York, William Dudley
Fordham Journal of Corporate & Financial Law
No abstract provided.
Risks And Hedges Of Providing Liquidity In Complex Securities: The Impact Of Insider Trading On Options Market Makers,
2010
Fordham Law School
Risks And Hedges Of Providing Liquidity In Complex Securities: The Impact Of Insider Trading On Options Market Makers, Stanislav Dolgopolov
Fordham Journal of Corporate & Financial Law
No abstract provided.
Financial Statement Reporting Of Pending Litigation: Attorneys, Auditors, And Difference Of Opinions,
2010
Fordham Law School
Financial Statement Reporting Of Pending Litigation: Attorneys, Auditors, And Difference Of Opinions, W. R. Koprowski, Steven J. Arsenault, Michael Cipriano
Fordham Journal of Corporate & Financial Law
No abstract provided.
A Short History Of Tontines,
2010
Fordham Law School
A Short History Of Tontines, Kent Mckeever
Fordham Journal of Corporate & Financial Law
No abstract provided.
The Tenth Annual A. A. Sommer, Jr. Lecture On Corporate, Securities, & Financial Law,
2010
Fordham Law School
The Tenth Annual A. A. Sommer, Jr. Lecture On Corporate, Securities, & Financial Law, Elisse B. Walter
Fordham Journal of Corporate & Financial Law
No abstract provided.
An Unfortunate "Tail": Reconsidering Risk Management Incentives After The Financial Crisis Of 2007-2009,
2010
University of Colorado Law School
An Unfortunate "Tail": Reconsidering Risk Management Incentives After The Financial Crisis Of 2007-2009, Douglas O. Edwards
University of Colorado Law Review
In recent months, the legal academic community has taken a greater interest in the practice of risk management. Doubtless a response to the recent financial crisis, many have concluded that our current market structure allows for uninhibited risk taking and the pooling of systemic risk. Accordingly, most have suggested a regulatory response is necessary. This Comment, in unreserved agreement with these writers, attempts to contribute to this literature in two ways. First, this Comment explains the development of quantitative risk management to fill in the gaps in the existing legal research. Though I present nothing groundbreaking, my purpose is to …
Deposit Insurance Coverage, Ownership, And Banks' Risk-Taking In Emerging Markets,
2010
Milken Institute
Deposit Insurance Coverage, Ownership, And Banks' Risk-Taking In Emerging Markets, Apanard P. Angkinand, Clas Wihlborg
Business Faculty Articles and Research
We ask how deposit insurance systems and ownership of banks affect the degree of market discipline on banks' risk-taking. Market discipline is determined by the extent of explicit deposit insurance, as well as by the credibility of non-insurance of groups of depositors and other creditors. Furthermore, market discipline depends on the ownership structure of banks and the responsiveness of bank managers to market incentives. An expected U-shaped relationship between explicit deposit insurance coverage and banks' risk-taking is influenced by country specific institutional factors, including bank ownership. We analyze specifically how government ownership, foreign ownership and shareholder rights affect the disciplinary …
Being Virtuous And Prosperous: Sri’S Conflicting Goals,
2010
Osgoode Hall Law School of York University
Being Virtuous And Prosperous: Sri’S Conflicting Goals, Benjamin J. Richardson, Wes Cragg
Articles & Book Chapters
Can SRI be a means to make investors both virtuous and prosperous? This paper argues that there can be significant tensions between these goals, and that SRI (and indeed all investment) should not allow the pursuit of maximizing investment returns to prevail over an ethical agenda of promoting social and economic justice and environmental protection. The discourse on SRI has changed dramatically in recent years to the point where its capacity to promote social emancipation, sustainable development and other ethical goals is in jeopardy. Historically, SRI was a boutique sector of the market dominated by religious-based investors who sought to …
