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Jonathan Macey for SEC Commissioner
In a must-read op-ed in today’s Wall Street Journal, Yale Law’s Jonathan Macey weighs in on Goldman Sachs’s decision to allow only foreign gazillionaires — no Americans, regardless of their wealth or sophistication — to invest in new shares of Facebook. Numerous observers have portrayed Goldman’s move as a “victory for the SEC.” The New York Times‘ ... Jonathan Macey for SEC Commissioner
Goldman and the problem with incentive compensation
We have heard a lot about the need to give investment bankers skin in the game to constrain the kinds of counterproductive risk-taking that led to the meltdown. The NYT describes a firm that has been doing that — Goldman Sachs. Unlike other Wall Street firms, Goldman retained a partnership system when it became a ... Goldman and the problem with incentive compensation
Please Stop Calling RPM Price-Fixing, Part 3
The next installment in a seemingly never-ending series (see here for earlier offenders). This time, its the California Attorney General Kamala Harris in a press release announcing a settlement with Bioelements, Inc., a Colorado-based company which sells skin care products in salons and online. The relevant allegation, from the Complaint (Para. 10) is the following: ... Please Stop Calling RPM Price-Fixing, Part 3
Are You a Law Student in or from New York?
The New York State Bar Association is sponsoring a student writing contest focusing on antitrust. Eligible papers (which must be solo-authored): may address any antitrust topic including topics relating to civil and criminal antitrust law, intellectual property and antitrust law, competition policy, regulatory policy, consumer protection, international competition law and state antitrust enforcement. Authors must ... Are You a Law Student in or from New York?
The Facebook deal moves offshore
A couple of weeks ago I noted regarding the “Sachsbook” deal: So it seems the increased costs of being public have helped exclude ordinary people from the ability to own the stars of the future. Back in the 1980s, you could just call your broker and get rich off of the Microsoft IPO. Now you ... The Facebook deal moves offshore
Lawsuit loans
Last week I discussed my new paper with Kobayashi, Law’s Information Revolution, which discusses how law’s traditional business of lawyers conveying legal expertise via advice to individual clients “is being challenged by the sale of legal information to impersonal product and capital markets.” Today’s NYT discusses an aspect of this market — advancing money to ... Lawsuit loans
The FTC and the Internet
I will be discussing the titular topic at a Federalist Society panel (sponsored by the NY City Lawyers Chapter) along with Richard Epstein (NYU Law) and Jonathan Baker (Chief Economist, FCC) Tuesday night at the Cornell Club. Registration details are available at the link above. Here is the event description: The Federal Trade Commission is ... The FTC and the Internet
The real Facebook story
I originally wrote about “The Social Network” before having seen it, led by a Gordon Crovitz WSJ story quoting a Larry Lessig TNR review into thinking that Zuckerberg was the villain, and concluding that this was just another movie, like so many others I’ve discussed, in which Hollywood’s view of business is shaped by the ... The real Facebook story
Planet Money on Kittens, Keynes, and the Stock Market
Prompted by this post at Cafe Hayek, I recently participated in a web experiment sponsored by NPR’s Planet Money. I was asked to watch three short animal videos and vote for the animal I found cutest. The videos were all pretty cute. One featured a polar bear cub sliding along the ice with its mother. Another featured a loris ... Planet Money on Kittens, Keynes, and the Stock Market
DOJ Gears Up To Challenge Proposed Google-ITA Merger
The WSJ reports that the DOJ is getting itself ready to challenge the Google-ITA merger (see earlier TOTM posts here and here): Justice Department staff lawyers have begun preparing legal documents for use in a possible court challenge to the $700 million deal for ITA Software Inc., but no decision to proceed has been made, ... DOJ Gears Up To Challenge Proposed Google-ITA Merger
The FTC and Debarment as an Antitrust Sanction
As a result of the FTC’s “Operation Short Change,” a number of firms and individuals have settled claims that they swindled millions from consumers by making unauthorized charges and debits to their bank accounts. The FTC press release highlights that, in addition to a $2.08 million fine (judgment suspended due to bankruptcy filing), the FTC ... The FTC and Debarment as an Antitrust Sanction
Coase on the Role of the Journal of Law & Economics
There is an excellent interview of Ronald Coase conducted in honor of Coase’s 100th birthday and the creation of the Coase China Society. Its an excellent interview (HT: Knowledge Problem). Peter Klein offers some observations on the interview as well. One part that caught my attention was Coase’s discussion of the role of the Journal ... Coase on the Role of the Journal of Law & Economics
