Showing archive for: “Securities Regulation”
From the Thursday May 24 Wall Street Journal
In criticizing Governor Romney’s involvement with Bain Capital, President Obama commented both on private equity and on profit maximization. Most of the comments I have seen dealt with the private equity. I thought a comment on profit maximization was important as well. OPINION Updated May 23, 2012, 7:51 p.m. ET A Tutorial for the President ... From the Thursday May 24 Wall Street Journal
A Decision-Theoretic Approach to Insider Trading Regulation
Regular readers will know that several of us TOTM bloggers are fans of the “decision-theoretic” approach to antitrust law. Such an approach, which Josh and Geoff often call an “error cost” approach, recognizes that antitrust liability rules may misfire in two directions: they may wrongly acquit harmful practices, and they may wrongly convict beneficial (or ... A Decision-Theoretic Approach to Insider Trading Regulation
Macey on Anticapitalist Claptrap, Private Equity, and Politics
Jonathan Macey (Yale) defends private equity against nonsensical attacks from Newt Gingrich, Jon Huntsman and others (Rick Perry is spared by Macey, but not by Bainbridge) in today’s Wall Street Journal: Mitt Romney’s candidacy is subjecting the entire private-equity industry—where Mr. Romney spent most of his business career—to vicious attacks by journalists and several of ... Macey on Anticapitalist Claptrap, Private Equity, and Politics
The Economics of Being Able to Fire People Who Provide Me Services
Via Professor Bainbridge, I read today about the nonsense surrounding Mitt Romney enjoying firing people. I’m late to the this one, but here is the quote in context for anybody who missed it: “I want individuals to have their own insurance,” he said. “That means the insurance company will have an incentive to keep you ... The Economics of Being Able to Fire People Who Provide Me Services
Bainbridge on the SEC’s Conflict Minerals Disclosure Getting Business Roundtabled…
As in, “If the SEC doesn’t pull up its socks and do a serious cost-benefit analysis, it may discover that Business Roundtable has become a verb. As in, the court Business Roundtabled yet another SEC rule.” Here.
Larry Ribstein’s Top Posts of 2011
Happy New Year TOTM readers. I’ve had a very difficult time returning to blogging. Monday mornings I would normally wake up to a string of four or five of Larry’s posts already up and attracting comments. He had a way of making one feel incredibly inefficient and unproductive by comparison! Of course, there was never ... Larry Ribstein’s Top Posts of 2011
The Twitter campaign for the STOCK act
Professor Bainbridge is urging his readers to pressure Eric Cantor into dropping his opposition to pending legislation that would ban Congressional insider trading. But before you Twitter Cantor, please read Todd Henderson and my Politico column, in which we make the following point, among others: A prohibition on trading would be impossible to enforce because ... The Twitter campaign for the STOCK act
Poets vs. capitalists
Eric Felten writing in yesterday’s WSJ, observes the hypocrisy of the poets who withdrew from competition for the T.S. Eliot Poetry Prize because it was funded by a financial firm. “Hedge funds are at the very pointy end of capitalism” sniffed one self-described “anti-capitalist in full-on form.” The anarchist vegan correctly observed that the funder’s ... Poets vs. capitalists
Preempting state securities laws
States can be a wonderful laboratory and platform for jurisdictional competition. But sometimes the laboratory seems to belong to Dr. Frankenstein and then federal law must step in to bring order. Biff Campbell thinks Reg D has failed its intended purpose and the reason is state law. Here’s part of the abstract: Regulation D * ... Preempting state securities laws
The EU and jurisdictional competition for hedge fund regulation
The NYT reports: When he rejected a new European accord on Friday that would bind the continent ever closer, Prime Minister David Cameron seemingly sacrificed Britain’s place in Europe to preserve the pre-eminence of the City, London’s financial district. The question now is whether his stance will someday seem justified, even prescient. Mr. Cameron refused ... The EU and jurisdictional competition for hedge fund regulation
Krugman on private equity
Paul Krugman, writing in Thursday’s NYT, sees Romney as a real life version of Oliver Stone’s Gordon Gekko in the film Wall Street. He characterizes Romney and his private equity ilk as job-destroyers, and argues that they should be taxed (and presumably also regulated) accordingly. He contrasts this with the supposed position of the GOP ... Krugman on private equity
Let Congress trade!
I have previously discussed here and here the policy arguments against a broad ban on Congressional insider trading (this is apart from Steve Bainbridge’s serious problems with the proposed legislation). Now Todd Henderson and I have weighed in on Politico with more on why we should let Congress trade (while imposing strong disclosure duties). ... Let Congress trade!
