Banking and Competition in Exceptional Times

This Article has two main aims: to provide a critical consideration of this contemporary antitrust “revival” from an explicitly political–economic perspective and to point toward some theoretical resources that might facilitate such an assessment.Part II looks backward at the evolution and application of competition law in the banking sector over the relatively longue durée. In this Part, I invoke the concept of “exception” to understand how antitrust policy has developed, and my chief interlocutors are the perhaps unlikely figures of Giorgio Agamben and Karl Marx. Part III looks forward and considers the central question around which the recent resurgence of interest in antitrust ultimately revolves: can (and should) antitrust law help in tackling the TBTF problem? The tentative conclusion is that unless we are prepared to fundamentally rethink the purpose of competition law—and in relation to this, the nature of capitalist competition itself— then the answer must be no. This is not because (as some commentators have argued) TBTF is not an antitrust issue. Rather, it is because antitrust theory and practice are today thoroughly economized, whereas the competition between large banks appears to be largely non-economic. In making this argument, I appeal not to Agamben and Marx, but to Paul Baran and Paul Sweezy, and most directly of all to the theorist whose name this symposium bears, Adolf Berle

Review: Media, modernity and technology: the geography of the new. By David Morley. New York: Routledge 2007. ISBN 0415333423

400Reviewsin briefMedia,modernity and technology: the geography of the new. By David Morley. NewYork: Routledge. 2007. x + 346 pp. £18.99 paper. ISBN 0415333423SAGE Publications, Inc.2008DOI: 10.1177/14744740080150030707BrettChristophersSchool of Geography and Environmental Science Universityof AucklandAnew book by David Morley (over half the chapters in Media, modernity and technologycom- prise original material) should always bear serious consideration fromcultural geographers. Not only has Morley been one of the leading figureswithin British cultural studies over the past two decades, but in influentialpublications such as Spaces of identity (1995, with Kevin Robins) and Hometerritories (2000) he has consistently emphasized and worked through his convictionthat – as he reaffirms here – `geography does indeed matter'(p. 63). Trained as a sociologist, Morley remarks now that if, in the 1980s,the discipline from which he learned most was anthropology, in the 1990s itwas cultural geography. The fact that The geography of the new was in facthis preferred book title – `marketing considerations' ultimately puttingpaid to this preference (p. 11) – merely reinforces the centralityof matters spatial to his scholarly vista. Nonetheless, Morley's new bookis, for this reader at least, slightly disappointing. It is not that it isa bad book. Rather, it is that Morley does not appear to be telling us muchthat is particularly original. The book, as he explains in the Introduction,develops two main, linked401premises.The first is that the West has typically been seen as modern, rational anddynamic, in contrast to a `traditional' non-West. The second is that technologyin general, and `new media' in particular, tend to be pegged to the futurewhile `old media' and ritualized prac- tices are relegated to the past. Hisheadline argument, then (his `geography of the new'), is to argue againstsuch false binaries, demonstrating continuities and overlaps between Eastand West, tradition and modernity, and magic and technology (although not,for the most part, economy and culture – but see pp. 322–3 ongift economies). This is all very well, yet as Morley himself notes (p. 175),ironically, of one such binary (the conflation of the West with modernity),it is also very well-established ground. Media, modernity and technology should,however, prove of interest in a number of regards. It provides a good historicalintroduction to British cultural studies (particularly insofar as culturalstudies has been concerned with the media), to Morley's relationship withkey figures in that tradition (e.g. Stuart Hall), and to the trajectory ofMorley's own work. In relation to the last of these, it recalls his seminalwork on the ways in which `local' spaces and tech- nologies (the sitting room,home, family television) are bound up with the constitution of much widercultural identities (e.g. `nation'). Indeed, some of the book's most insightfulpas- sages occur where he nudges this work forward, as in Chapter 7 on identityand the `medi- ated home'. Unfortunately, such passages are somewhat peripheral,the main thrust of the book predicated largely – and self-consciously(p. 327) – on reviews of what other writers have had to say on historicalgeographies of modernity

Banking and Competition in Exceptional Times

This Article has two main aims: to provide a critical consideration of this contemporary antitrust “revival” from an explicitly political–economic perspective and to point toward some theoretical resources that might facilitate such an assessment.Part II looks backward at the evolution and application of competition law in the banking sector over the relatively longue durée. In this Part, I invoke the concept of “exception” to understand how antitrust policy has developed, and my chief interlocutors are the perhaps unlikely figures of Giorgio Agamben and Karl Marx. Part III looks forward and considers the central question around which the recent resurgence of interest in antitrust ultimately revolves: can (and should) antitrust law help in tackling the TBTF problem? The tentative conclusion is that unless we are prepared to fundamentally rethink the purpose of competition law—and in relation to this, the nature of capitalist competition itself— then the answer must be no. This is not because (as some commentators have argued) TBTF is not an antitrust issue. Rather, it is because antitrust theory and practice are today thoroughly economized, whereas the competition between large banks appears to be largely non-economic. In making this argument, I appeal not to Agamben and Marx, but to Paul Baran and Paul Sweezy, and most directly of all to the theorist whose name this symposium bears, Adolf Berle

Rachel Weber 2015: From Boom to Bubble: How Finance Built the New Chicago. Chicago: University of Chicago Press

Peer Reviewedhttps://deepblue.lib.umich.edu/bitstream/2027.42/137401/1/ijur12407.pdfhttps://deepblue.lib.umich.edu/bitstream/2027.42/137401/2/ijur12407_am.pd

Risk, returns, and biases of listed private equity portfolios

This is the first empirical paper investigating a comprehensive sample of listed (i.e. publicly traded) private equity companies, covering 287 companies in the time period 1986 to 2003. After imposing liquidity constraints, and after correcting for non-surviving vehicles, we get a sample of 114 instruments. The risk and return characteristics of three portfolio strategies, two partially rebalanced and one fully rebalanced, are compared. We moreover address potential biases resulting from thin trading, the bid-ask spread, and sample selection. We show that the adjusted performance figures differ substantially from standard estimates. But even after correcting for these biases, we find a high risk-adjusted performance of this asset class before 2000, and dramatic different results between the three indices if we extend the time period to 2003.Listed private equity, Private equity, Performance biasesListed private equity, Private equity, Performance biases

The James Keller Award by The Christophers

In 2014, Fr. David Link, was awarded the James Keller Award in recognition of putting his faith into action to change the world for better by serving in prison ministry. The Christophers were founded in 1945 by Maryknoll priest Father James Keller who saw there was a need for people of all faiths to engage in constructive action based on gospel values

Photoinactivation of Skin Fibroblasts by Fractionated Treatment with 8-Methoxypsoralen and UVA

Guinea pig skin fibroblasts treated with low doses of 8-methoxypsoralen (8-MOP) and long-wave ultraviolet light (UVA) showed a dose-dependent inhibition of 3H-Thymidine incorporation as determined by liquid scintillation counting. The minimum incubation time necessary to obtain constant inhibition rates was 60min. By washing the drug was removed from the reactive sites within 30min. Repeated light exposure at a constant concentration of 8-MOP caused a cumulative inhibition of DNA synthesis. Irradiation of 8-MOP-plus-UVA treated cells, from which the drug was removed, produced a small increase in photoinhibition. Split dose treatment at various time intervals (ranging from 1–48 hr) revealed inhibitory rates, which correspond to the total amount of UVA applied. No recovery effects were seen in cultures treated by single or multiple applications of 8-MOP-plus-UVA

Photoinactivation and Recovery in Skin Fibroblasts after Formation of Mono- and Bifunctional Adducts by Furocoumarins-Plus-UVA

Cultured skin fibroblasts from young male guinea pigs were irradiated with UVA light in the presence of 8-methoxypsoralen (8-MOP) or angelicin. As compared to 8-MOP 30 times higher concentrations of angelicin were needed to obtain comparative inhibition rates of DNA-synthesis. Complete cellular recovery could be observed when the cell cultures were treated with angelicin-plus-UVA (320–400 nm) or 8-MOP-plus-395nm. Both treatment schedules are known to cause monofunctional photoreactions, In contrast to this, bifunctional photoreactions caused by 8-MOP-plus-365nm produced an inhibition of DNA synthesis which lasted more than four days. Also, UVA (320–400 nm) applied to cells treated with 3H-labeled 8-MOP resulted in a dose-dependent binding of 8-MOP molecules again lasting several days.Application of 8-MOP-plus-UVA (320–400 nm) to cells growing in log-phase showed a characteristic change in morphology. An increasing number of polynuclear and hyperchromatic cells appeared with time after treatment. In this subpopulation of cells DNA synthesis continued without division as revealed by DNA measurements and autoradiography.It is concluded that monofunctional adducts caused by angelicin-plus-UVA as well as 8-MOP-plus-395 urn permit cellular recovery whereas bifunctional photoadducts remained without recovery. In the latter case semicon-servative DNA synthesis continued leading to hyperchromatic cells which could serve as a parameter for the presence of cross-linked nuclear DNA strands