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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
Wachovia, Wells Fargo, and Citigroup – Score one for Citigroup!
Last last night, a New York judge issued an injunction tolling the termination of Wachovia’s Exclusivity Agreement with Citigroup. In addition, the judge set a show cause hearing date for next Friday to sort out the issue of whether Wachovia’s pending merger with Wells Fargo should be enjoined as a violation of Wachovia’s exclusivity agreement ... Wachovia, Wells Fargo, and Citigroup – Score one for Citigroup!
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?
Hexion v. Huntsman: Vice Chancellor Lamb’s Must-Read Opinion For Deal Lawyers
On Monday night, Delaware Vice Chancellor Lamb issued an opinion in the epic Hexion v. Huntsman battle, ordering Hexion to perform its obligations under its 2007 agreement to acquire Huntsman. The opinion is well worth reading for deal lawyers – it offers a good tutorial on how private equity deals can fall apart, how merger ... Hexion v. Huntsman: Vice Chancellor Lamb’s Must-Read Opinion For Deal Lawyers
Coate on Unilateral Effects at the FTC
FTC economist Malcolm Coate has posted Unilateral Effects Under the Guidelines: Models, Merits and Merger Policy to SSRN. Here’s the abstract: This paper models FTC unilateral effects merger policy using a broad sample of 153 investigations undertaken between 1993 and 2005. Standard unilateral effects analysis proposes a range of models for competitive effects. A review ... Coate on Unilateral Effects at the FTC
Antitrust and Health Care
Barak Richman (Duke) and James Blumstein (Vanderbilt) have an interesting exchange at PENNumbra, University of Pennsylvania School of Law’s online forum for debate surrounding scholarship in the U. Penn. L. Rev. Here’s the abstract from Professor Richman’s article: Courts reviewing proposed mergers of nonprofit hospitals have too often abandoned the bedrock principles of antitrust law, ... Antitrust and Health Care
The Price of Gas in Antlers, OK
From the DOJ: A federal grand jury in Oklahoma returned a one-count indictment today charging Kwik-Chek Food Stores Inc., a Texas-based convenience store company, and one of its agents, Jarrod “Judd” Thomas, with conspiring to fix the price of retail gasoline and diesel fuel sold in Antlers, Okla. The indictment, filed today in the U.S. ... The Price of Gas in Antlers, OK
