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Corporate & Securities Law

Business Law Prof Blog

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Post Frequency: 11.8/day

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

Airline Fees: Beyond the What

Posted on May 05, 2010
The New York Times reports that airlines collected $7.8 billion in fees last year, which probably doesn't surprise anyone who has flown recently (or paid attention to the news). What strikes me as odd is that the Times article doesn't...

The SEC and Hiring

Posted on May 04, 2010
Picking up on my co-editor's recent words on financial literacy at the law schools, meaningful reform at the SEC may best start at the law school recruitment level. For after 20 years of Commission watching, I continue to be amazed...

Is There Another Street Beyond Wall Street and Main Street?

Posted on May 04, 2010
Andrew Ross Sorkin at the New York Times today writes about Warren Buffett?s outspoken support for Goldman Sachs in the SEC civil suit. Buffett explains that he doesn't see why it should matter which side of the deal Paulson was...

Klock on Securities Fraud Prevention

Posted on May 03, 2010
Mark Klock has posted Lessons Learned from Bernard Madoff: Why We Should Partially Privatize the Barney Fifes at the SEC on SSRN with the following abstract:Financial markets do not function well when fraud is pervasive. Around September of 2009, the...

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Wald on the Great Recession and the Legal Profession

Posted on May 03, 2010
Eli Wald has posted The Great Recession and the Legal Profession on SSRN with the following abstract:Perhaps with historical hindsight, 2008?2009 will be remembered not for the Great Recession but as an inflection point for world history, the U.S. economy,...

Cluchey on Competition in Global Markets

Posted on May 03, 2010
David P. Cluchey has posted Competition in Global Markets: Who Will Police the Giants? on SSRN with the following abstract: This article argues for the negotiation of a multilateral agreement on competition law. Globalization has made the need for a....

Two legs, one leg, or none?

Posted on May 03, 2010
The SEC's fraud case against Goldman continues to generate insightful debate, on this Blog and others. Issues of satisfying such storied Rule 10b-5 elements as materiality and deception are both real and intriguing. For me, the threshold question remains the...

A Little Perspective on United, Continental and the Outer Continental Shelf

Posted on May 03, 2010
United Airlines and Continental Airlines have agreed to merge into what will be the largest carrier (passing Delta Air Lines, which itself took the top spot after its merger with Northwest Airlines). The deal apparently involves United?s parent (UAL Corporation)...

More Goldman (Because the Oil Leak Is Just Too Depressing)

Posted on May 01, 2010
I have enjoyed reading Josh's recent posts (here and here) on the Goldman case. If I'm reading him correctly, I think his argument against finding fraud boils down to: (1) ACA did their own portfolio assessment, so "the buck stops...

Goldman Rephrased: What if Paulson Had Been Long?

Posted on April 30, 2010
In considering a thoughtful comment to my prior post on this issue, I took a look again at the SEC complaint to see if the argument changed my mind. In pertinent part, the comment says, "The prospectus basically says this...

Rensberger on Law Student Transfers

Posted on April 30, 2010
Jeff Rensberger has posted The Tragedy of the Student Commons: Law Student Transfers and Legal Education on SSRN with the following abstract:This research examines law student transfers. It aims to accomplish two things. First, it sets out some basic data...

Chesterman on Business Activities in Conflict Zones

Posted on April 29, 2010
Simon Chesterman has posted Lawyers, Guns, and Money: The Governance of Business Activities in Conflict Zones on SSRN with the following abstract: This paper argues that the norms governing businesses in conflict zones are both understudied and undervalued...

Gelter on European Corporate Law

Posted on April 29, 2010
Martin Gelter has posted Tilting the Balance between Capital and Labor? The Effects of Regulatory Arbitrage in European Corporate Law on Employees on SSRN with the following abstract: This Article examines the consequences of regulatory arbitrage in European corporate law...

Did the W. Va. miners die in pursuit of the "American dream"?

Posted on April 29, 2010
This past weekend, President Obama declared that the Massey miners died in pursuit of the American dream. It seems clear this statement was meant to be extremely supportive of the miners--and appears to have been taken that way by those...

The Price of Oil

Posted on April 29, 2010
The estimate of daily leakage in the Gulf of Mexico has risen from 1,000 to 5,000 barrels per day. Meanwhile, the Wall Street Journal reports U.S. regulators do not require, and BP did not employ, a safety device required by...

With All Due Respect to Beyonce: If You Don?t Like It, Then You Shouldn?t Put Your Name On It

Posted on April 28, 2010
Okay, so I admit I am feeling a little left out of the Goldman conversation. So here goes: I concede I may be missing something, but I am not sure I see the fraud. I see behavior I don?t like,...

"In connection with" and the SEC's Goldman Complaint

Posted on April 27, 2010
Is anyone else confused over which "security" the alleged misrepresentations were "in connection with" for purposes of Rule 10b-5? Early in the Complaint, the Abacus CDO appears to be the security in question. But near the conclusion, the reader learns...

Moment in Time

Posted on April 26, 2010
I was fortunate enough to attend the President's speech on financial regulation reform in New York City last Thursday. The presentation was not quite the scolding or plea described by the media; while targeting lobbyists and misleading press, the President...

Pan on the Duty to Monitor

Posted on April 26, 2010
Eric J. Pan has posted Rethinking the Board?s Duty to Monitor: A Critical Assessment of the Delaware Doctrine on SSRN with the following abstract:Does a board breach any of its fiduciary duties when its inattention or inaction leads to harm...

Hoffer on PIPE Financing

Posted on April 26, 2010
Douglas Hoffer has posted Quagmire: Is the SEC Stuck in a Misguided War Against PIPE Financing? on SSRN with the following abstract: A popular non-traditional capital formation option is the ?PIPE? deal: Private Investment in Public Equity. Over the last...

Travis on Employment Law

Posted on April 26, 2010
Michelle A. Travis has posted What a Difference a Day Makes, or Does It? Work/Family Balance and the Four-Day Work Week on SSRN with the following abstract:This Article considers the growing reliance that four-day work week advocates have placed on...

Pan on International Financial Regulation

Posted on April 26, 2010
Eric J. Pan has posted Challenge of International Cooperation and Institutional Design in Financial Supervision: Beyond Transgovernmental Networks on SSRN with the following abstract: This paper explores the case for a global financial regulator. It first identifies two problems with...

Video Games & Corporate Governance Nostalgia

Posted on April 26, 2010
The United States Supreme Court has agreed to review Schwarzenegger v. Entertainment Merchants Association, a challenge of California's law that bans selling violent video games to minors. The Ninth Circuit upheld the district court's decision that the struck down the...

Goldman and the Issue of Objective Materiality Versus Subjective Reliance

Posted on April 24, 2010
I think I've changed my mind about materiality being the key issue in the Goldman case. While strong arguments have been made equating the reasonable investor with the sophisticated investor in the context of materiality determinations, that issue is far...

Energy Plays: The Next Great Short?

Posted on April 23, 2010
As we?ve seen, in light of the SEC complaint against Goldman Sachs, picking against the market when it is about to go bad can be just as lucrative (more?) than getting into the market before it booms. Any time a...

Reynolds on the Future of Law Firms

Posted on April 23, 2010
Glenn Harlan Reynolds has posted Small is the New Biglaw: Some Thoughts on Technology, Economics, and the Practice of Law on SSRN with the following abstract:This paper looks at technological and economic changes affecting lawyers, and their effect on the...

I Heart William Black

Posted on April 22, 2010
And I don't care who knows it. After I watched him at this past AALS meeting dismiss every apology for the crisis and punctuate it with: "This is fraud!"--well, he had me at "fraud". Wanna feel some of the love?...

Valuation and Materiality

Posted on April 22, 2010
Last week, Larry Ribstein (who?s been all over this story) put up an excellent post explaining why the issue of materiality is at the center of the Goldman case. I agree with Larry that the critical materiality question is whether...

Tough Mortgages, even in a Boomtown

Posted on April 21, 2010
The housing boom and bust did not hit my state of North Dakota, in large part because the whole sub-prime loan concept was driven by the expectation that housing prices would continue to increase year on year. Thus, equity would...

Hovenkamp on Antitrust Law

Posted on April 21, 2010
Herbert J. Hovenkamp has posted Harvard, Chicago and Transaction Cost Economics in Antitrust Analysis on SSRN with the following abstract: Since Oliver Williamson published Markets and Hierarchies in 1975 transaction cost economics (TCE) has claimed an important place in antitrust,...

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