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From the category archives:

Banking & Finance Law

Business and personal ethics in an economic downturn

February 16, 2010

I was struck recently by the contrast between individuals discussing the personal moral obligation to keep paying the mortgage on a home that is "under water" (they owe much more to the bank than the home is currently worth) and business advice encapsulated in this New York Times Headline:

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Should the poor own or rent?

February 1, 2010

"I think people need to get past the view that you can't have a successful life without one day owning a home." This from the Atlantic's Business blog, agreeing with Barney Frank's apparent suggestion that the poor should be encouraged to rent, rather than to buy homes. What do you think? Is owning a home part [...]

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Is the economy getting better or worse?

December 4, 2009

We know what is reported in the media.  The Financial Times of London reports that the United States is facing our longest recession on record.   Some major newspapers like the Wall Street Journal  and New York Times, have special topic pages devoted to monitoring economic conditions.  What does the Federal Government say about the economy? 
Who is [...]

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Milton Friedman v. The Buddha

December 3, 2009

There was an interesting article in the Wall Street Journal recently about the economist Arthur Cecil Pigou (1837-1959).  The article describes Mr. Pigou as an economist “whose intellectual legacy is being rediscovered, and, unlike those of Messrs. Keynes and Friedman, it enjoys bipartisan appeal.”  This bipartisan appeal may be a reflection of the fact that [...]

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Giving Thanks for . . . the Fed?

November 26, 2009

Over at the Wall Street Journal, James Stewart is giving thanks for Ben Bernanke and Tim Geithner:
As we sit down this week to give thanks, investors face a cornucopia of blessings. Federal Reserve Chairman Ben Bernanke and other economists have proclaimed the end of the worst recession since the Great Depression. The gross domestic product [...]

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Emailing About Whether We’ve Learned Anything From the Financial Crisis

October 8, 2009

An email exchange played out on my desktop that I thought readers might find interesting.  It started with Kristina Melomed (a former student of mine and a JD and MTax Candidate here at the University of Akron) passing on the following:
"Please find attached a chart showing the top 5 banks holding the largest percentage of [...]

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The Consumer Financial Protection Agency and the Problem of Freedom Versus Safety

August 13, 2009

James Kwak has an interesting post over at The Baseline Scenario describing the battle lines being drawn over the Consumer Financial Protection Agency (CFPA) as pitting outcomes against principles:
I suspect that the real divide in the battle over the Consumer Financial Protection Agency is between outcomes and principles.  CFPA supporters believe that policies should attempt [...]

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Goldman Sachs and the Problem of Structural Bias

July 16, 2009

I'm teaching Corporations this summer and we recently discussed how different jurisdictions deal with the problem of structural bias when it comes to allowing special litigation committees to dismiss derivative actions.  To give some brief background, we start with the proposition that the decision of whether or not to pursue a legal claim held by [...]

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The President's Financial Regulatory Reform Proposals: Too Much, Too Little, or Too Soon to Tell?

June 18, 2009

Yesterday, the Obama administration unveiled its most recent proposals for financial regulatory reform, calling for "A New Foundation."  The proposals break down into five key objectives: (1) "Promote robust supervision and regulation of financial firms," including creation of a new "Financial Services Oversight Council of financial regulators to identify emerging systemic risks and improve interagency [...]

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Is "Regulation" Just an Empty Word in the U.S.?

April 2, 2009

The Group of 20 summit of world leaders is underway, and our new president is facing some challenges from his European allies on how best to deal with the economic crisis.  German Chancellor Angela Merkel and French President Nicolas Sarkozy presented a unified front that wants more than just stimulus funding.  In presenting this challenge, [...]

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The De-Regulation of Our Regulatory Regime

March 26, 2009

In researching the blogosphere for material for today's post, I came across a post quoting former SEC Chief Accountant Lynn Turner that I thought might be of interest.  What stood out to me was Turner's defense of our current regulatory system at a time when bashing it seems to be all the rage.  He argues [...]

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Today, National City; tomorrow–the world!

October 30, 2008

So, National City is being bought by PNC.  Putting aside the jokes about Pittsburgh (PNC's home) extending its football dominance over Cleveland, there are a number of interesting points floating around about the deal:

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