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Citigroup, Wachovia, and Wells Fargo: Round Three
For those who have missed it, Citigroup announced almost two weeks ago an agreement in principle with Wachovia to acquire for $2.1 billion Wachovia’s retail banking operations. Four days later, Wells Fargo jumped the deal, announcing a merger agreement signed by both boards for Wells Fargo to acquire all of Wachovia. This violated an Exclusivity ... Citigroup, Wachovia, and Wells Fargo: Round Three
Posner’s Definition of a "Private Sector" Response
Many observers have been shocked by the level of government involvement in the U.S. economy in recent days. Among other things, the government has (1) bailed out an insurance company that got “too big to fail,” (2) decided to spend up to $700 billion buying the distressed assets of financial firms (and apparently directly investing ... Posner’s Definition of a "Private Sector" Response
May Treasury Buy Newly Issued Securities of Ailing Financial Firms?
Last week I posted about Lucian Bebchuk’s thoughtful bailout plan, which would have expanded Treasury’s powers to include the ability to make direct investments in ailing financial firms (as opposed to just buying their distressed assets). I was under the impression the bailout legislation didn’t provide Treasury with such authority. An article in today’s WSJ, ... May Treasury Buy Newly Issued Securities of Ailing Financial Firms?
What Did Twombly Do Anyway?
Here is a very interesting empirical paper examining post-Twombly pleading from Martin Redish and Lee Epstein describing the state of affairs at the appellate court level, they write: To briefly summarize the state of the appellate doctrine on the issue: (1) two circuits (the D.C. and Federal Circuits) have concluded that Twombly has changed the ... What Did Twombly Do Anyway?
Commissioner Rosch v. Economics, Again
I’ve been critical of the Federal Trade Commission, and particularly Commissioner Rosch, for embracing what I think is a dangerously obsolete view of the role of economics in antitrust. First, it was the Section 2 Report response and before that, it was Commissioner Rosch’s observation that “any kind of economic analyses that require the use ... Commissioner Rosch v. Economics, Again
Everything you wanted to know about the Citigroup-Wachovia-Wells Fargo Debacle
Coverage of the Citigroup-Wachovia-Wells Fargo situation has revealed many fundamental misunderstandings of various aspects of the debacle, such that I wanted to offer my thoughts on a few points that have been curiously misstated: 1. A discussion of “fiduciary outs” is a bit of a non sequitur here. Across the ‘net, legal experts have been ... Everything you wanted to know about the Citigroup-Wachovia-Wells Fargo Debacle
Exclusivity Agreements, the Bailout Act, and Section 126(c)
The Wachovia-Citigroup-Wells Fargo dance continues. Now, however, it seems to involve confusion about Section 126(c) of the newly adopted Emergency Economic Stabilization Act (“EESA”). Allow me to take a stab at clarifying. To bring everyone up to speed, last weekend, after Lehman was allowed to go belly-up and Washington Mutual was seized by the FDIC, ... Exclusivity Agreements, the Bailout Act, and Section 126(c)
Armen Alchian Plays Prisoners' Dilemma
Many economists know of the famous repeated prisoners’ dilemma experiments played by famous economists. I recently came across this old post from Brad Delong with an excerpt from Poundstone (1992) which recounts a game between Armen Alchian (who should win the Nobel Prize this year) and Rand economist John Williams. It includes comments in the margins ... Armen Alchian Plays Prisoners' Dilemma
Hazlett on Net Neutrality and Antitrust
My colleague Tom Hazlett has an interesting piece in the Financial Times chiming in on the network neutrality debate. Hazlett makes the point that if “competitive harm” is the concern, isn’t antitrust the answer rather than regulation of this sort? Hazlett writes: But rather than enforce such [disclosure] rules, the FCC launched regulatory attack by ... Hazlett on Net Neutrality and Antitrust
Wachovia Complaint and Status Check
The Wachovia and Citigroup litigators have been working overtime this weekend. As I reported earlier, Citigroup convinced New York State Justice Ramos late last night to toll the expiration of the Citigroup-Wachovia exclusivity agreement that was set to expire tomorrow, October 6, 2008. As of last night, the Exclusivity Agreement was revived through a hearing ... Wachovia Complaint and Status Check
Easterbrook (Gregg, not Frank) Up a Creek
Here’s another reason—as if you needed it—as to why getting a reasonable bailout of the mortgage-backed securities market through Congress was so difficult. Below I reproduce an analysis from Gregg Easterbrook of the Brookings Institute: Supposing we assume the bailout is required, here is what bothers me about the plan so far: Taxpayers don’t get ... Easterbrook (Gregg, not Frank) Up a Creek
Is This Finally the Year for a UCLA Economics Nobel?
Its a fall ritual here at TOTM. Every fall when the Nobel speculation starts I make a prediction, Geoff bets the field against my prediction, and I lose. But at least I’ve been consistent with my predictions and certainly in my rooting interests. In 2006, I made the case for awarding the prize to Armen ... Is This Finally the Year for a UCLA Economics Nobel?
