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

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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

The death of campaign finance regulation

In Arizona Free Enterprise Club, et al., v. Bennett, et al. and McComish, et al., v. Bennett, et al.  the Court is deciding what seems to be a couple of relatively narrow issues: (1) Whether the First Amendment forbids states from providing additional government subsidies to publicly financed candidates that are triggered by independent expenditure ... The death of campaign finance regulation

The Industrial Organization of Food Carts

As Harold Demsetz notes, “the problem of defining ownership is precisely that of creating properly scaled legal barriers to entry.”   Taxi medallions, meet food cart permits.  From the WSJ: The city’s competitive street food culture has created a thriving black market for mobile food vending permits issued by the Department of Health and Mental Hygiene. ... The Industrial Organization of Food Carts

Fretting over privacy

Gordon Crovitz, writing in today’s WSJ, notes that news that more than half of Americans over 12 have Facebook accounts powerfully suggests that people don’t care that much about “trading personal information for other benefits.”  He asks, “why is Washington so focused on new privacy laws?”  He’s referring, e.g., to the Obama administration’s call for ... Fretting over privacy

Fiscal discipline in Illinois

Last January I commented on the Illinois tax increase of personal income tax rates from 3% to 5% and corporate taxes from 4.8% to 7%: Detroit would seem to be a good example to keep in mind when thinking about Peoria without Caterpillar.  Remember that any company considering moving to or staying in Illinois not ... Fiscal discipline in Illinois

Tax

Bonuses for prosecutors

Walter Olson has been posting on a Colorado plan to give bonuses to prosecutors based on conviction rates.  His latest post on why this is a bad idea says “[v]ery similar logic helps explain the historically prevailing ban on contingency fees for lawyers in most Western legal systems.”  Actually, this is worse.  First, there’s a ... Bonuses for prosecutors

New York Malpractice Reform

The state of New York is considering a cap on noneconomic damages (“pain and suffering”) for malpractice in order to save money.  The New York Times story asks “… who benefits from caps — doctors or insurers — and whether the measures inflict unintended negative consequences upon victims of medical errors, including plaintiffs’ inability to ... New York Malpractice Reform

The Antitrust (and Business) Risk of a Concerted Response to the U.S. News Rankings

I’ve been in a blue funk since last Tuesday, when my home institution, the University of Missouri Law School, fell into the third tier in the U.S. News & World Report annual ranking of law schools. Since the rankings began, Missouri has pretty consistently ranked in the 50s and 60s. Last year, we fell to ... The Antitrust (and Business) Risk of a Concerted Response to the U.S. News Rankings

Search Bias and Antitrust

There is an antitrust debate brewing concerning Google and “search bias,” a term used to describe search engine results that preference the content of the search provider.  For example, Google might list Google Maps prominently if one searches “maps” or Microsoft’s Bing might prominently place Microsoft affiliated content or products. Apparently both antitrust investigations and ... Search Bias and Antitrust