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Get Ready for that Twinkie Tax.
Arizona’s governor has proposed charging $50 to certain Medicaid beneficiaries who smoke or are obese. As today’s Wall Street Journal reports, the point of the surcharge is to internalize the externalities smokers and snackers impose on their fellow citizens, who bear much of the cost of their unhealthful choices: “If you want to smoke, go for it,” said Monica Coury, spokeswoman for Arizona’s Medicaid ... Get Ready for that Twinkie Tax.
Welcome to Net Neutrality
Recently, I’ve been blogging about the difference between so-called “bias” in vertically integrated economic relationships and consumer harm (e.g., here and here). The two are different. Indeed, vertical integration and contractual arrangements are generally pro-consumer and efficient. Many of the same arguments surrounded the net neutrality debate with critics largely skeptical that the legislation was ... Welcome to Net Neutrality
Costs of Drug Prohibition
I have been thinking about a story that appeared in the Times a few days ago. States are considering requiring medical prescriptions for over-the-counter cold medicines that contain pseudoephedrine, an ingredient for making methamphetamine. Mississippi and Oregon already have such laws, and other states are considering them, although they have been voted down in other ... Costs of Drug Prohibition
Google, Antitrust, and First Principles
I’ve read with interest over the last few days the commentary on Microsoft’s filing of a formal complaint with the EU, Microsoft’s defense of its actions, and the various stories around the web. Geoff and Paul appropriately focus on the error-cost concerns associated with intervention in high-tech markets; Paul also emphasizes the ironies associated with ... Google, Antitrust, and First Principles
Tomorrow at Illinois: Law practice in the US and China
I’m participating in a mini-conference comparing the two countries featuring David Mao of the Library of Congress and Sida Liu, a sociologist from Wisconsin. Should be interesting.
Microsoft comes full circle
I am disappointed but not surprised to see that my former employer filed an official antitrust complaint against Google in the EU. The blog post by Microsoft’s GC, Brad Smith, summarizing its complaint is here. Most obviously, there is a tragic irony to the most antitrust-beleaguered company ever filing an antitrust complaint against its successful competitor. ... Microsoft comes full circle
When markets let corporations be good
In my article, Accountability and Responsibility in Corporate Governance, I explored the complex relationship between social responsibility and markets. I noted among other things that social responsibility is a way to sell products, so it’s hard to untangle whether success let’s firms be “good,” or whether “goodness” causes firms to be successful. A new article ... When markets let corporations be good
IPOs going elswhere
A couple of months ago I asked “what happened to IPOs.” I noted then that the decline in US IPOs had something to do with US regulation, including SOX and Dodd-Frank. A new paper by Doidge, Karolyi & Stulz, The U.S. Left Behind: The Rise of IPO Activity Around the World suggests it has something ... IPOs going elswhere
Sokol’s trades
Per the WSJ, Buffett associate David Sokol bought shares of a potential Berkshire target, Lubrizol, the day after expressed interest in the company on behalf of Berkshire. He sold those shares a week later, but soon bought more around the time the Lubrizol board met to discuss Berkshire’s interest. Sokol told Buffett about the deal ... Sokol’s trades
Antitrust in Tech Industries
Two stories about Google indicate the dangers of antitrust in fast moving tech industries. Microsoft is urging the EU antitrust authorities to sue Google. (Microsoft was itself the victim of a massive antitrust action. I guess it is true that abusers are likely to have been themselves abused.) At the same time Google is ... Antitrust in Tech Industries
Posner on corporate fiduciary duties
Francis Pileggi brings news of an interesting Posner opinion in CDX Liquidating Trust v. Venrock Associates, (7th Cir. March 29, 2011), a case decided under Delaware law. As Mr. Pileggi notes, the case held, among other things, that disclosure of a conflict of a director’s interest may “insulate the agreement from attack, but does not, per ... Posner on corporate fiduciary duties
Insider trading at the FDA
The SEC has civilly charged an FDA employee under 17(a) and 10(b) with violating his duty of trust and confidence to the FDA and misappropriating drug approval information by using it to make $3.6 million in trading securities. The WSJ story summarizes: The SEC and the Justice Department said the men traded shares dating back ... Insider trading at the FDA
