Showing results for: “digital markets act”
The obscure efficiency of empty voting
A few years ago a new scandal emerged on the corporate scene, prompted by Hu & Black’s work on so-called “empty voting.” The supposed problem is that a hedge fund can separate voting and economic rights by borrowing, hedging or short-term trading. The trader can vote shares in a company in which he owns a ... The obscure efficiency of empty voting
The insider trading crackdown and Reg FD
Today’s WSJ explains how recent insider arrests cracking down on expert services are rooted in the SEC’s misguided Regulation FD. That rule barred firms’ employees from selectively disclosing material information to favored analysts and investors. Selective disclosure is probably legitimate under the general insider trading laws because it’s consented to by the owner of the ... The insider trading crackdown and Reg FD
Copland on Regulation by Prosecution
The Manhattan Institute’s James Copland writes about “Regulation by Prosecution” through deferred prosecution agreements. His report details the exceptional and troubling power that prosecutors have used to circumvent the normal democratic legislative process and subvert the rights of individual defendants in criminal actions. In his report, Copland exposes the increasing American phenomenon of “regulation by ... Copland on Regulation by Prosecution
Nocera on the uncorporation and the financial crisis
The Glom’s having a book club on McLean & Nocera’s All the Devils Are Here. I haven’t read the book (it takes a lot to get me to read a book by business journalists). But I have read David Zaring’s interview with his “favorite Times columnist. One of the questions and answers naturally piqued my ... Nocera on the uncorporation and the financial crisis
Why can’t we have a better press corps?: WaPo Google antitrust edition
Steven Pearlstein at the Washington Post asks if it’s “Time to loosen Google’s grip.” The article is an analytical mess. Pearlstein is often a decent business reporter–I’m not sure what went wrong here, but this is a pretty shoddy piece of antitrust journalism. For the most part, the article is a series of tired claims ... Why can’t we have a better press corps?: WaPo Google antitrust edition
The non-constitutional problem with a health care mandate
There’s been much teeth-gnashing following yesterday’s ruling by a Virginia judge that the “individual mandate” portion of Obamacare is unconstitutional. Among many other places, see the ongoing discussion at The Volokh Conspiracy. I have a quick, non-constitutional response. It seems to me that there is a basic, deep problem with prohibiting citizens from opting out ... The non-constitutional problem with a health care mandate
A&P Files for Bankruptcy
Recent coverage of the A&P bankruptcy has alluded to its era of “dominance” in grocery retail, describing it as “the Wal-Mart of its day.” See this earlier post on the unconvincing antitrust case against Wal-Mart. However, what the A&P bankruptcy brings to mind for me is Justice Stewart’s famous dissent in Von’s Grocery. The famous ... A&P Files for Bankruptcy
Richard Thaler’s Rejoinder to the TOTM Free to Choose Symposium
I have now had a chance to read through the contributions to this event and have a few thoughts to share. I cannot, of course, reply to everything that has been said here, and in any case, most of what I would say already appears in print. Before getting into specifics let me say one ... Richard Thaler’s Rejoinder to the TOTM Free to Choose Symposium
Curbing food trucks in the Windy City
Today’s WSJ discusses a particularly irritating example of Chicago regulation: “We’re stopping the sale of cupcakes,” she recalls [a police officer] saying, before he handed her a ticket and shooed her away.”* * * After receiving a $275 ticket, Ms. Kurtz, a 41-year-old entrepreneur who quit her corporate marketing job recently to launch Flirty ... Curbing food trucks in the Windy City
The Uncorporation reviewed
Grant Hayden and Matt Bodie review my Rise of the Uncorporation in a forthcoming Michigan Law Review. Here’s the abstract of their article, The Uncorporation and the Unraveling of ‘Nexus of Contracts’ Theory: This is a review of The Rise of the Uncorporation, by Larry E. Ribstein (Oxford University Press 2010). The Rise of ... The Uncorporation reviewed
Dodd-Frank and Criminal Consumer Protection Liability
Tiffany Joslyn provides a useful summary of the criminal provisions of the Dodd-Frank Act at the Federalist Society National Federal Initiatives Project. One of the things Joslyn points out is that the Act includes new criminal consumer protection liability: Section 1036 makes it a criminal offense for any covered person or service provider to offer ... Dodd-Frank and Criminal Consumer Protection Liability
Judge Kozinski on over-criminalizing agency costs
In U.S. v. Goyal, the government contended that the defendant, former CFO of Network Associates, had violated GAAP by causing the company to recognize revenue from certain sales sooner than it should have, and of lying to the company’s auditor. The jury convicted defendant of securities fraud, false SEC filings, and making materially false statements ... Judge Kozinski on over-criminalizing agency costs
