Hofstra Foreign Exchange Symposium
My former co-clerk (now Hofstra Law prof) Ron Colombo asked that I pass along information on an upcoming symposium at Hofstra Law School. The symposium, Regulation of Currency Exchange and Its Impact on International Business, will be held at Hofstra on February 8. The keynote speaker will be Walter Lukken, Acting Chairman of the CFTC. ... Hofstra Foreign Exchange Symposium
Exam Horror Stories
Many TOTM readers are students or professors, so it’s likely that there are a number of examination horror stories out there among the readership. As we professors finish up earning our pay grading exams, I thought I’d share a couple of my own horror stories — one as a professor and another as a student ... Exam Horror Stories
What Happens When Attempted Collusion Fails
Harvard College decided this year not to offer a service option many of its customers want — early admission. When Harvard’s new policy was announced, the dean of admissions took care to emphasize, “We’re looking for all the company we can get.” Soon thereafter, Harvard got some company; Princeton adopted a similar policy, and a ... What Happens When Attempted Collusion Fails
Scrapping the Notion of Fiduciary Duties Owed to Shareholders
U of Chicago Law Professors Douglas Baird and M. Todd Henderson (my very smart, very tall law school classmate) recently posted a provocative paper on SSRN. The paper, Other People’s Money, contends that “the oft-repeated maxim that directors of a corporation owe a fiduciary duty to the shareholders” is an “almost-right principle that has distorted ... Scrapping the Notion of Fiduciary Duties Owed to Shareholders
Intel’s Loyalty Rebates: Why the Interventionists Are Wrong
The New York Times isn’t the only one calling for the FTC to go after Intel for its purportedly exclusionary discounting. The reliably interventionist American Antitrust Institute concurs. In a recent letter to the FTC, it wrote: Based on allegations by AMD [Advanced Micro Devices] in a private U.S. case and on what we have ... Intel’s Loyalty Rebates: Why the Interventionists Are Wrong
NYT’s Freudian Slip
I just wandered down to the local Panera Bread for lunch and picked up someone’s discarded copy of today’s New York Times. One of today’s editorials, F.T.C. Goes AWOL, claims that the Federal Trade Commission “clearly shares the ‘starve the regulators and coddle industry’ philosophy that has driven the Bush administration for seven years.” The ... NYT’s Freudian Slip
Are Chimps Smarter than Humans?
I’ve previously hypothesized that the persistence of legal rules that lead to less overall wealth but seemingly more equitable distributions (rules such as the insider trading ban and Regulation FD) may stem from the fact that individuals are “hard-wired” to favor fairness, even if they must sacrifice some wealth to achieve it. That seems to ... Are Chimps Smarter than Humans?
Bootleggers and Baptists, Madison Style
Last Wednesday, the Wisconsin Supreme Court heard oral argument on whether to reinstate an antitrust lawsuit against taverns around the University of Wisconsin (story here). In 2002, the taverns agreed to eliminate drink specials after 8:00 PM on Fridays and Saturdays. A group of students filed a class action lawsuit against the taverns for injunctive ... Bootleggers and Baptists, Madison Style
Weyerhaeuser and the Search for Antitrust’s Holy Grail
I’ve just posted my latest antitrust article, Weyerhaeuser and the Search for Antitrust’s Holy Grail, to SSRN. Here’s the abstract: A general definition of exclusionary conduct has become a sort of Holy Grail for antitrust scholars. At present, four proposed definitions appear most promising: (1) conduct that could exclude an equally efficient rival; (2) conduct ... Weyerhaeuser and the Search for Antitrust’s Holy Grail
Another Type of Compassionate Conservatism
While traveling this weekend, I got a chance to begin Alan Greenspan’s new book, The Age of Turbulence. It’s a pretty fun read, blissfully light on Fedspeak. (Apparently, Greenspan’s gift in that department was hereditary. Early in the book, he notes that his father had written a book on the New Deal entitled “Recovery Ahead!” ... Another Type of Compassionate Conservatism
Businesses Clamoring for More Regulation — It’s Like Rain on Your Wedding Day.
Within the last few days, the nation’s two most prominent newspapers have reported an interesting trend: businesses are seeking more government regulation. On Sunday, the New York Times ran an article entitled In Turnaround, Industries Seek U.S. Regulation. Yesterday’s Wall Street Journal featured Food Makers Get Appetite for Regulation. Some might argue that this is ... Businesses Clamoring for More Regulation — It’s Like Rain on Your Wedding Day.
Larry Craig, Coordination Crimes, and the Weirdest Law School Paper Ever
One question has come up several times in conversations I’ve had about the very sad Larry Craig matter: What’s the deal with the foot-tapping? I’m surprised at how many people were unaware of this signal. The women, I suppose, could be forgiven. But the ignorant men are not so easily excused. Do they just ignore ... Larry Craig, Coordination Crimes, and the Weirdest Law School Paper Ever
