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Corporate & Securities Law

Business Law Prof Blog

Business law resources, information, and news for the academic community

Post Frequency: 11.8/day

Last Entry: April 01, 2011 at 11:04:42

Financial Crisis 2008: Are the Only Two Options (1) Crimes Were Committed or (2) Markets Weren't Efficient?

Posted on December 12, 2010
Jesse Eisinger asks: "Where Are the Financial Crisis Prosecutions?" Noting that the answer is effectively "nowhere to be seen" (my words, not his), Eisinger is incredulous and goes on to ask: "The world was almost brought low by the American...

Akron Soccer to Play for National Championship Second Year in a Row

Posted on December 11, 2010
The final is tomorrow at 4 PM EST. The bracket is here. And here's to exorcising the demons of last year's heartbreak. SJP

Oil & Gas M&A Increasing -- Utilities Left Out?

Posted on December 10, 2010
Occidental Petroleum is buying $3.2 billion of oil-related assets in North Dakota and Texas. On the same day, it was announced that the company was selling its Argentine oil and gas interests to China Petrochemical Corporation (a/k/a Sinopec) for $2.45...

Citizens United Skype Panel Wrap-Up

Posted on December 09, 2010
Back in November I had the pleasure of participating in a panel discussion of Citizens United that was hosted by The West Virginia University College of Law using Skype. Unfortunately, our attempts to record the discussion met with technical difficulties...

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Social Networking, E-Discovery, and the Risks of the Internet

Posted on December 08, 2010
I am in Washington, D.C., where I will moderate an ethics panel at the Energy Bar Association's Mid-Year Meeting. The panel will feature two speakers: (1) David Bloom, a partner in the D.C. office of Mayer Brown and (2) Justice...

More SEC Tea Leaves...

Posted on December 07, 2010
Earlier today, the S.E.C. web site announced a new insider trading complaint, this one against a law firm technology manager and his brother-in-law. The case is tantalizing for several reasons. First, some of the transactions at issue allegedly yielded profits...

The Wake of the eBay Decision: Is Ben & Jerry's Next?

Posted on December 06, 2010
I continue thinking about Chancellor Chandler's opinion in eBay v. Newmark, and I still find myself troubled by the determination that, by embracing it's "community service mission," craigslist was being run improperly as corporate entity (see my prior post here)...

The Glom Book Club, Kindle, and Free Markets

Posted on December 05, 2010
I'm a little late to the party here, but when I was checking out the Glom's most recent book club selection, "All the Devils Are Here," I came across an interesting example of consumer activism on Amazon. Apparently, Kindle users...

With States Starting to Move All-In on Online Poker, Can the Fed Be Far Behind?

Posted on December 04, 2010
I've blogged previously about the tax revenue states and the federal government are missing out on by rejecting fully legalized and regulated online poker here. Now, it appears New Jersey and California are taking the lead on capturing some of...

Mixed Messages on the Economy?

Posted on December 03, 2010
The Wall Street Journal, among many sources, today reports that the U.S. economy added fewer new jobs than was expected and saw an increase in the unemployment rate from 9.6% in October to 9.8% in November. (FYI, the November 2009...

Questioning the FCPA

Posted on December 02, 2010
Mike Koehler recently testified before the Senate Subcommittee on Crime and Drugs at a hearing entitled "Examining Enforcement of the FCPA"--he has some interesting related links here. The FCPA Blog also has a nice summary here: Senator Specter, for example,...

This Way to Unproductive Rhetoric

Posted on December 01, 2010
The U.S. Chamber of Commerce provides as new "game" at http://www.thiswaytojobs.com/. The game puts you on a path as a business person and then demonstrates all sorts of hurdles in the way of the success of your business. (Not surprisingly,...

Investment Shopping on Cyber Monday? As Always, Buyer Beware

Posted on November 29, 2010
The SEC announced last week that a federal court granted a request for an asset freeze related to a suspected Denver-based Ponzi scheme that offered both European bank notes trading and "diamond trading." The defendants -- Richard Dalton and Universal...

"Don't Ask, Don't Tell": The Securitization Version

Posted on November 28, 2010
Mike Konczal posts a nice chart here showing some of the many things that went wrong during the mortgage securitization feeding frenzy. Money quote: [I]t appears that during the worst excesses of the mortgage bubble the very basic rules of...

Is "Trickle Down" a Myth?

Posted on November 27, 2010
Warren Buffett says he wants his taxes raised because "trickle down" economics don't. Frank Pasquale offers an explanation for why that may well be the case here. Meanwhile, bonus checks are being cashed while soup kitchens are struggling to meet...

SEC Hearing on Municipal Securities Markets

Posted on November 26, 2010
The SEC recently announced it would be holding its second hearing on the state of municipal securities markets. According to the press release: The Securities and Exchange Commission announced today that it will hold its second field hearing to examine...

Giving Thanks and Asking Questions

Posted on November 25, 2010
With Thanksgiving about to come, I have much to be thankful for. A great family, immediate and extended, a great job, and great colleagues. Beyond that, I have thoughtful and insightful students, who go on to to become thoughtful and...

Do They Serve "Equal Access" Kool-Aid at the SEC?

Posted on November 25, 2010
If you ask me to give you a quick summary of illegal insider trading, you are going to hear me talk first and foremost about two things: duty and deception. Did the trade in question involve deception in the form...

1% Ownership Does Not an Issuer Make

Posted on November 23, 2010
The North Dakota Supreme Court recently determined in State v. Hager (here) that a seller of LLC "member units" was not exempt from registering as an agent under North Dakota securities law even thought the member units were exempt under...

Investing in Baseball Futures

Posted on November 23, 2010
The New York Times ran a haunting piece last week that detailed American investment in the future salaries of baseball prospects from the Dominican Republic. See Michael S. Schmidt, "New Exotic Investment: Latin American Baseball Futures," NY Times (Nov...

Are these two news items related?

Posted on November 21, 2010
Item 1: Insurers Gave U.S. Chamber $86 Million Used to Oppose Obama's Health Law Item 2: Americans More Likely to Skip Health Care and Battle Insurers, Survey Says SJP

More on the Materiality of Statistical Significance

Posted on November 20, 2010
Jay Brown has a post up summarizing some of the amicus brief in Matrixx v. Siracusano filed by 36 law and business faculty--he describes the case as "perhaps the most significant business case in the Supreme Court this term." I...

We're Rich (Sort of)

Posted on November 19, 2010
General Motors IPO raised more than $20 billion, and the stock price stayed stable today, although it stayed near the issue price. Some are touting this a success validating the government's support of the company. Others are arguing we got...

Creative Destruction & Too-Big-to-Fail

Posted on November 18, 2010
A former student of mine (who shall remain nameless) sent me the following: Hooray! We?ve now passed 2009 in number of bank failures: 146 in 2010, versus 140 total in 2009! And just think ? there?s seven more weeks in...

The Creeping Bias For/Against Mandatory Arbitration...

Posted on November 17, 2010
As previously discussed on this site, the SEC (tasked with over 300 studies/rulemakings under Dodd-Frank) will not be anytime soon limiting the use of predispute, mandatory arbitration clauses in securities account agreements. See "SEC Chiefs Past and Present at Fordham,"...

Recreating Old Forms + Not Disclosing It = Bad Idea

Posted on November 17, 2010
The SEC today charged two New York firms, along with their former chief compliance officer, with "failing to have adequate policies and procedures to prevent misuse of nonpublic information." According to the SEC press release, In its order instituting administrative...

General Motors Ups IPO Offering

Posted on November 15, 2010
Following its strong performance in the last few quarters, the New York Times reports that General Motors has upped its planned offering price from the initial range of $26 to $29 to a new range of $32 to $33. This...

Should Statistical Significance = Materiality?

Posted on November 14, 2010
A while back, Jay Brown asked me to sign on in support of a professors' brief in the upcoming Matrixx case arguing that statistical significance should not equate to materiality for purposes of Rule 10b-5. I agreed, and received a...

The Quantum Mechanics of Delusion

Posted on November 13, 2010
Which assertion is more delusional? 1. When government enacts problematic laws we should focus on the government. 2. When government enacts problematic laws we should focus on the corporations that lobbied for the laws. Geoffrey Manne asserts the latter is...

Not Business as Usual this November 12

Posted on November 12, 2010
I turned 40 today and frankly did not spend a lot of time with business law issues. In a few spare moments, though, I took a quick look at significant legal cases from today. That search yielded exactly one: Epperson...

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