The Archives

The collection of all scholarly commentary on law, economics, and more

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Prosecutorial liability and prosecuting corporate agents

Retired Justice Stevens has some interesting comments on  Connick v. Thompson, reported here. Connick, by a 5-4 conservative/liberal vote, reversed the Fifth Circuit’s affirmance of a $14 million verdict to a man imprisoned on death row for 14 years after prosecutors failed to turn over exonerating evidence.  The Court held that you need a pattern ... Prosecutorial liability and prosecuting corporate agents

Politics and Price Gouging

Commissioner Rosch gets off his second shot in against the Department of Justice in just a few weeks in the pages of the Wall Street Journal — this time in a letter to the editor: Obama’s Political ‘Price-Gouging’ If any doubts existed about whether the Justice Department is just “an arm of the administration,” they ... Politics and Price Gouging

Antitrust as Innovation Policy

The Washington Post links to the transcript of the President’s recent remarks at a Palo Alto town hall meeting at Facebook’s headquarters on April 20.  The President talked about recent issues of interest, focusing primarily on the budget, unemployment and health care.  I did see one item that may be of interest to the antitrust ... Antitrust as Innovation Policy

Jets and LBOs

I have written about the disciplinary effect of the uncorporate form, particularly in LBOs.  See, e.g., here and Chapter 8 of my Rise of the Uncorporation. Now here’s more evidence:  Edgerton, Agency Problems in Public Firms: Evidence from Corporate Jets in Leveraged Buyouts.  Here’s the abstract: This paper uses rich, new data to examine the ... Jets and LBOs

The End of An Era?

Well, perhaps not quite the end of an era given all of the intense antitrust scrutiny that continues in the high-tech sector.  But it seems like it should not go without noting that the Microsoft case will officially come to an end on May 12th.  The San Francisco Chronicle observes: In a final hearing in ... The End of An Era?

Arbitration, preemption and regulatory coordination

AT&T Mobility LLC v. Concepcion, 2011 WL 1561956 (April 27, 2011) could end up being one of the most important pro-business cases of the last several years — even more important than Citizens United. The case involved the application of Section 2 of the Federal Arbitration Act (9 U.S.C. §2), which makes agreements to arbitrate ... Arbitration, preemption and regulatory coordination

P.J. Hill — Teacher, Scholar, Mentor

My first economics professor, P.J. Hill, is retiring tomorrow after forty or so years of teaching at Wheaton College.  I wanted to take a few minutes to publicly thank him for all he did for me and for the thousands of other students who had the great fortune to sit at his feet in Wheaton’s Blanchard Hall. I ... P.J. Hill — Teacher, Scholar, Mentor

Keynes vs. Hayek, Round II

Another of Russ Roberts’ and John Papola’s brilliant “Keynes vs. Hayek” rap videos is now online.  (If you missed the first one, it’s here.) Whereas the first video focused largely on monetary policy, this one looks mainly at fiscal policy.  Both are truly masterful.  I’m amazed that Roberts and Papola were able to incorporate so much of the substance ... Keynes vs. Hayek, Round II

Making a mountain out of the insider trading molehill

Jon Macey insightfully wrote in the WSJ that the Galleon case illustrates the need to distinguish “trading on the basis of information that was legitimately ferreted out from trading on the basis of information that has been wrongfully obtained through fraud or theft.” Macey notes that the SEC’s refusal to clarify the distinction between the ... Making a mountain out of the insider trading molehill

Federalist Society Lifetime Service Award to Judge Douglas Ginsburg

The 8th Annual Georgetown Federalist Society Lifetime Service Award will be bestowed upon Judge Ginsburg this evening.  The Georgetown Federalist Society Blog supplies the relevant information: On April 26, Judge Douglas Ginsburg of the U.S. Court of Appeals for the D.C. Circuit will accept the 8th annual Georgetown Federalist Society Lifetime Service Award. Judge Ginsburg ... Federalist Society Lifetime Service Award to Judge Douglas Ginsburg

The death of the billable hour?

Jay Shepherd writing on ATL thinks the billable hour is “a dying business model. . . because it focuses on selling the wrong thing. * * * [N]o client in the history of the planet has ever wanted to buy time. * * * It’s what you can do for them during that time.” Shepherd ... The death of the billable hour?

Shocked: Gasoline Prices Vary Edition

From the Attorney General’s Memorandum to the Financial Fraud Enforcement Task Force (HT: Michael Giberson, who is a must read on all issues oil and energy related: Based upon our work and research to date, it is evident that there are regional differences in gasoline prices, as well as differences in the statutory and other ... Shocked: Gasoline Prices Vary Edition