Spring Commencement Program, May 10, 2003

Program of Commencement Exercises at Coastal Carolina University.https://digitalcommons.coastal.edu/commencement-programs/1040/thumbnail.jp

Volume 11, Number 9

One-WAY Ticket to Hell, What Reagan Has Done to Amerika, Reagan Hoods Rob Poor, America the Poisoned, Letters, Community News, Outrages Revisited, Amerikan Almanak, Not Sorry to See LaGrow Go, Pictorial History of Lost Houses, Sanders Roughs Up Suspect, No Progress in Sanders Investigation, Miscellaneous Outrages, Live Music in B-N, My Sister the Punk Rocker, Vaginal Self Help, Fasting--What to Expect, Top Gay Stories of \u2782, The Scandals That Weren\u27t, The New Populism, Nuke Freeze Actions, No Gay in This Playhttps://thekeep.eiu.edu/post_amerikan/1121/thumbnail.jp

Holland City News, Volume 98, Number 28: July 10, 1969

Newspaper published in Holland, Michigan, from 1872-1977, to serve the English-speaking people in Holland, Michigan. Purchased by local Dutch language newspaper, De Grondwet, owner in 1888.https://digitalcommons.hope.edu/hcn_1969/1037/thumbnail.jp

Holland City News, Volume 89, Number 39: September 29, 1960

Newspaper published in Holland, Michigan, from 1872-1977, to serve the English-speaking people in Holland, Michigan. Purchased by local Dutch language newspaper, De Grondwet, owner in 1888.https://digitalcommons.hope.edu/hcn_1960/1038/thumbnail.jp

Too Big to Fail — U.S. Banks’ Regulatory Alchemy: Converting an Obscure Agency Footnote into an “At Will” Nullification of Dodd-Frank’s Regulation of the Multi-Trillion Dollar Financial Swaps Market

The multi-trillion-dollar market for, what was at that time wholly unregulated, over-the-counter derivatives (“swaps”) is widely viewed as a principal cause of the 2008 worldwide financial meltdown. The Dodd-Frank Act, signed into law on July 21, 2010, was expressly considered by Congress to be a remedy for this troublesome deregulatory problem. The legislation required the swaps market to comply with a host of business conduct and anti-competitive protections, including that the swaps market be fully transparent to U.S. financial regulators, collateralized, and capitalized. The statute also expressly provides that it would cover foreign subsidiaries of big U.S. financial institutions if their swaps trading could adversely impact the U.S. economy or represent the use of extraterritorial trades as an attempt to “evade” Dodd-Frank. In July 2013, the CFTC promulgated an 80-page, triple-columned, and single-spaced “guidance” implementing Dodd-Frank’s extraterritorial reach, i.e., that manner in which Dodd-Frank would apply to swaps transactions executed outside the United States. The key point of that guidance was that swaps trading within the “guaranteed” foreign subsidiaries of U.S. bank holding company swaps dealers were subject to all of Dodd-Frank’s swaps regulations wherever in the world those subsidiaries’ swaps were executed. At that time, the standardized industry swaps agreement contemplated that, inter alia, U.S. bank holding company swaps dealers’ foreign subsidiaries would be “guaranteed” by their corporate parent, as was true since 1992. In August 2013, without notifying the CFTC, the principal U.S. bank holding company swaps dealer trade association privately circulated to its members standard contractual language that would, for the first time, “deguarantee” their foreign subsidiaries. By relying only on the obscure footnote 563 of the CFTC guidance’s 662 footnotes, the trade association assured its swaps dealer members that the newly deguaranteed foreign subsidiaries could (if they so chose) no longer be subject to Dodd-Frank. As a result, it has been reported (and it also has been understood by many experts within the swaps industry) that a substantial portion of the U.S. swaps market has shifted from the large U.S. bank holding companies swaps dealers and their U.S. affiliates to their newly deguaranteed “foreign” subsidiaries, with the attendant claim by these huge big U.S. bank swaps dealers that Dodd-Frank swaps regulation would not apply to these transactions. The CFTC also soon discovered that these huge U.S. bank holding company swaps dealers were “arranging, negotiating, and executing” (“ANE”) these swaps in the United States with U.S. bank personnel and, only after execution in the U.S., were these swaps formally “assigned” to the U.S. banks’ newly “deguaranteed” foreign subsidiaries with the accompanying claim that these swaps, even though executed in the U.S., were not covered by Dodd-Frank. In October 2016, the CFTC proposed a rule that would have closed the “deguarantee” and “ANE” loopholes completely. However, because it usually takes at least a year to finalize a “proposed” rule, this proposed rule closing the loopholes in question was not finalized prior to the inauguration of President Trump. All indications are that it will never be finalized during a Trump Administration. Thus, in the shadow of the recent tenth anniversary of the Lehman failure, there is an understanding among many market regulators and swaps trading experts that large portions of the swaps market have moved from U.S. bank holding company swaps dealers and their U.S. affiliates to their newly deguaranteed foreign affiliates where Dodd- Frank swaps regulation is not being followed. However, what has not moved abroad is the very real obligation of the lender of last resort to rescue these U.S. swaps dealer bank holding companies if they fail because of poorly regulated swaps in their deguaranteed foreign subsidiaries, i.e., the U.S. taxpayer. While relief is unlikely to be forthcoming from the Trump Administration or the Republican-controlled Senate, some other means will have to be found to avert another multi-trillion-dollar bank bailout and/or a financial calamity caused by poorly regulated swaps on the books of big U.S. banks. This paper notes that the relevant statutory framework affords state attorneys general and state financial regulators the right to bring so-called “parens patriae” actions in federal district court to enforce, inter alia, Dodd- Frank on behalf of a state’s citizens. That kind of litigation to enforce the statute’s extraterritorial provisions is now badly needed

Softball Team at Rebel Spring Games (1992)

This photograph shows the 1992 Springfield College softball team in Ocoee, Florida, where they participated in the Rebel Spring Games. The Rebel Spring Games are an annual month-long event held in Florida where division I, II, and II collegiate softball teams from across the United States compete. Left to right, the players shown are [standing] Jennifer Costa, Deborah J. Munger, Jody Laurie, Suzanne E. Ricard, [kneeling] Karen Roosa, Wendy L. Bond, Sharon A. Gaffney, Christine Stone, Kristan Mallet, [seated] Laura A. Fuller, Kelly Burgin, Catherine Janney, Pamela Wustrow, and Sheli Ann Borges.During the regular season, they had a 28-20 record and were led by Kathy Mangano, who spent twenty seasons coaching the team. Mangano had an overall record of 481-394-1 and a .549 winning percentage.This photograph was taken from a scanned facsimile

SC Softball Team (1992)

This photograph shows the 1992 Springfield College softball team. Left to right, the players shown are: [standing] Jennifer Costa, Wendy L. Bond, Karen Roosa, Jody Laurie, Suzanne E. Ricard, Deborah J. Munger, Kelly Burgin, [kneeling] Sheli Ann Borges, Laura A. Fuller, Kristan Mallet, Christine Stone, [seated] Catherine Janney, Sharon A. Gaffney, and Pamela Wustrow. They had a 28-20 season record and were coached by Kathy Mangano, who spent twenty seasons leading the Springfield College softball team. Mangano had an overall record of 481-394-1 and a .549 winning percentage. After seven seniors graduated in 1991, the women’s softball team came back strong with seven returnees and seven newcomers. Springfield College was seated fourth in the Northeast-10 Conference, but they battled their way to second place and earned a bid to the ECAC Division II Tournament. This photograph was used in the 1992 Massasoit, Springfield College’s yearbook.They had a 28-20 season record and were coached by Kathy Mangano, who spent twenty seasons leading the Springfield College softball team. Mangano had an overall record of 481-394-1 and a .549 winning percentage. After seven seniors graduated in 1991, the women’s softball team came back strong with seven returnees and seven newcomers. Springfield College was seated fourth in the Northeast-10 Conference, but they battled their way to second place and earned a bid to the ECAC Division II Tournament. This photograph was used in the 1992 Massasoit, Springfield College’s yearbook.This photograph was taken from a scanned facsimile