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Should there be default fiduciary duties in Delaware LLCs and LPs?
A recently published on-line symposium calls needed attention to Delaware Chief Justice Myron Steele’s remarkable article, Freedom of Contract and Default Contractual Duties in the Delaware Limited Partnerships and Limited Liability Companies, 46 Am. Bus. L.J. 221 (2009) (no free link available). The Chief Justice makes an argument that is guaranteed to shock traditional business ... Should there be default fiduciary duties in Delaware LLCs and LPs?
Vote for Truth on the Market in the ABA Journal Blawg 100
Editors of the ABA Journal recently selected Truth on the Market as one of the top 100 law blogs. Blogs dedicated to law have proliferated in the last few years and of the 3,500 entries in their directory, the ABA Journal placed Truth on the Market among the top six dedicated to business law. Congratulations are in order ... Vote for Truth on the Market in the ABA Journal Blawg 100
Is Google Search Bias Consistent with Anticompetitive Foreclosure?
In my series of three posts (here, here and here) drawn from my empirical study on search bias I have examined whether search bias exists, and, if so, how frequently it occurs. This, the final post in the series, assesses the results of the study (as well as the Edelman & Lockwood (E&L) study to ... Is Google Search Bias Consistent with Anticompetitive Foreclosure?
The ABA creeps sideways on non-lawyer ownership
The ABA is considering loosening the bar on non-lawyer ownership of law firms (HT Law Blog). Here’s the discussion paper. For those who are thinking that this move is meaningful, forget about it. The ABA proposal (which would still have to be approved by the ABA and then by individual states) would permit non-lawyer ownership ... The ABA creeps sideways on non-lawyer ownership
Lawyers as responsible business advisors
Katherine Franke argues that lawyers are partly responsible for the financial misdeeds protested by OWS (HT Leiter): Implicit in the OWS protests is a condemnation of an approach to lawyering that regards all legal rules simply as the price of misconduct discounted by the probability of enforcement* * * In recent years we have seen ... Lawyers as responsible business advisors
Decriminalizing agency costs
The WSJ reports on comments by former FBI official David Cardona’s on why there haven’t been more prosecutions of financial executives as a result of the recent financial crisis: “There’s been a realization and a more deliberate targeting by the Department of Justice before we launch criminally on some of these cases” * * * ... Decriminalizing agency costs
Carrier IQ: Another Silly Privacy Panic
By now everyone is probably aware of the “tracking” of certain cellphones (Sprint, iPhone, T-Mobile, AT&T perhaps others) by a company called Carrier IQ. There are lots of discussions available; a good summary is on one of my favorite websites, Lifehacker; also here from CNET. Apparently the program gathers lots of anonymous data mainly for ... Carrier IQ: Another Silly Privacy Panic
Top Ten Lines in the FCCโs Staff Analysis and Findings
Geoff Manne’s blog on the FCC’s Staff Analysis and Findings (“Staff Report”) has inspired me to come up with a top ten list. The Staff Report relies heavily on concentration indices to make inferences about a carrier’s pricing power, even though direct evidence of pricing power is available (and points in the opposite direction). In ... Top Ten Lines in the FCCโs Staff Analysis and Findings
A Quick Assessment of the FCCโs Appalling Staff Report on the AT&T Merger
As everyone knows by now, AT&T’s proposed merger with T-Mobile has hit a bureaucratic snag at the FCC. The remarkable decision to refer the merger to the Commission’s Administrative Law Judge (in an effort to derail the deal) and the public release of the FCC staff’s internal, draft report are problematic and poorly considered. But ... A Quick Assessment of the FCCโs Appalling Staff Report on the AT&T Merger
Are You Plane Rich? An Example of Marginal Analysis
I just returned from a long weekend in the Caribbean, attempting to recreate the scenery of (and a few scenes from) The Bachelor. Given the ubiquity of Wi-Fi coverage, I was able to stay connected with my favorite newspapers and magazines: iPhone in one hand, Mojito in the other. Just as I was feeling like ... Are You Plane Rich? An Example of Marginal Analysis
Never Mistake Activity for Achievement, Antitrust Edition
FTC Chairman Leibowitz recently gave a speech in which he took on a number of issues, but one in particular caught my eye. In a portion of the speech describing how antitrust has updated its procedures in order to become more efficient and avoid the problem of having decade-long cases focused upon technologies that are ... Never Mistake Activity for Achievement, Antitrust Edition
Kahnemanโs Time Interview Fails to Allay Concerns About Behavioral Law and Economics
TOTM alumnus Todd Henderson recently pointed me to a short, ten-question interview Time Magazine conducted with Nobel prize-winning economist Daniel Kahneman. Prof. Kahneman is a founding father of behavioral economics, which rejects the rational choice model of human behavior (i.e., humans are rational self-interest maximizers) in favor of a more complicated model that incorporates a number ... Kahnemanโs Time Interview Fails to Allay Concerns About Behavioral Law and Economics
