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On the flight back from my spring break ski trip, I had a chance to read the recent Tenth Circuit opinion reversing the insider trading conviction of former Qwest CEO, Joseph Nacchio. Mr. Nacchio had been convicted of 19 counts of insider trading, sentenced to six years in prison (plus two years’ supervised release), fined ... Some Thoughts on the Nacchio Decision and Insider Trading
With all of the recent talk of the “optimal regulatory structure” and proposals about regulatory consolidation and reorganization (here is Glom Blogger David Zaring on the Big Reorg), I wonder if the discussion might carry over into antitrust and the recurring “dual enforcement” question. As some of our readers may know, both the DOJ and FTC ... The Dual Antitrust Enforcement Question
First, David Bernstein reports on GMU’s very productive hiring season which includes the additions of Helen Alvare, Laura Bradford, T.J. Chiang, Jonathan Mitchell, Adam Mossoff, Chris Newman, David Schleicher, and Jay Verret. Second, Brian Leiter reports that Jonathan Klick (Florida State), a graduate of GMU Law (and of the economics department with a Phd in ... Some GMU (and GMU Related) Hiring News
Today, Treasury Secretary Henry Paulson is set to present some comments about the Treasury’s Blueprint for Financial Regulatory Reform, released on Saturday. (A summary of the proposal is here.) The summary of the proposal report provides: “In this report, Treasury presents a series of “short-term” and “intermediate-term” recommendations that could immediately improve and reform the ... Regulate in Haste, Repent in Leisure: Reforming the Financial Regulatory Scheme
For at least two years, my boys (Liam, 9 and Ollie, 6) have been clamoring for a pet chinchilla. While perusing craigslist a few days before Ollie’s birthday, I ran across a listing for a 18-month-old chinchilla that came with a cage and all accessories (including a dust bather!) for a mere $75. Better yet, ... Death of a chinchilla
One last issue with respect to ex ante competition and merger analysis. What if it could be demonstrated convincingly that XM and Sirius payments to automobile manufacturers. The DOJ hints at this possibility in the press release: XM and Sirius engaged in head-to-head competition for the right to distribute their products and services through each ... One More Thought on Ex Ante Competition and Merger Analysis
Geoff and Paul like the result in XM/ Sirius but are puzzled by the DOJ press release, in particular as it pertains to analyzing ex ante competition, or “competition for the field,” in the form of payments to automobile manufacturers to adopt their services. Geoff thinks the DOJ’s press release contains some funny language appearing ... Competition for the Field, Sirius/XM and Shelf Space
I can’t seem to get my comment on Geoff’s XM-Sirius post below to go through, so I’ll just post it: I would still disagree with the DOJ when they say “there is not likely to be significant competition…through the car manufacturer channel for many years.” As mentioned, the exclusive contract is competition. Even though they ... Comment on "Barnett on Sirius-XM"
Grinols and Mustard (2006) answer “Yes” in their ReStat article. Douglas Walker rebuts and Grinols and Mustard reply in the latest issue of Econ Journal Watch — which you should be reading. The debate largely involves issues of measurement error and endogeneity, e.g. accounting for the possibility that crime cause casinos, and is accessible to ... Do Casinos Cause Crime?
The Washington Post is reporting that the long-embattled Sirius/XM merger has received DOJ approval (FCC approval still pending) (HT: David Fischer). About time, I’d say (it’s been two years). See all of the ToTM posts on the topic here. Opposition to this merger has been rooted in what, to me, is a tortured conception of ... Barnett on Sirius-XM
Tulane’s annual “Corporate Law Institute” is coming up! The conference – widely viewed as the must-attend deal conference of the year is April 3 and 4 (only two weeks away). The roster for this year’s conference reads like a who’s who of the deal world, with a range of Delaware jurists, investment bankers, top lawyers, ... Tulane Corporate Law Institute
I’m a bit late to the party on Jeffrey Rosen’s provocative article in the NY Times Magazine claiming that the Supreme Court is biased in favor of businesses. For readers not familiar with Rosen’s claim, the basic assertion is that: With their pro-business jurisprudence, the justices may be capturing an emerging spirit of agreement among ... Are the Roberts Court Antitrust Decisions Really Pro-Business?