Disclosure’s Failure in the Subprime Mortgage Crisis

This symposium article examines how disclosure, the regulatory focus of the federal securities laws, has failed to achieve transparency in the sub-prime mortgage crisis and what this failure means for modern financial securities markets

Rethinking a Corporation’s Obligations to Creditors

Sammanfattning Syftet med studien var att undersöka och analysera enskilda människors attityder och förhållningssätt till tiggeri och till de människor som tiggeri i Piteå stad. Tiggeriet i Piteå och norra Sverige har de senaste åren ökat och har ansetts som ett nytt socialt fenomen. Studien är kvalitativ med en induktiv ansats. Fyra personer intervjuades på ett semistrukturerat sätt, fyra teaman där tiggeri, tiggaren, mötet med tiggaren, att välja att ge eler inte samt förekomsten av tiggeriet var ledande i intervjuerna. Metoden som användes för att analysera och tolka intervjuerna är inspirerade av grundad teori, där kodning och kategorisering var centrala verktyg för att komma till slutsatser och hitta likheter och skillnader i intervjupersonernas berättelser. Intervjuerna visade på ett komplext och ambivalent möte mellan intervjupersonerna och tiggarna. Där intervjupersonerna ställdes inför en rad olika svåra överväganden, dels i hur de skulle bemöta tiggaren men också i frågan om att ge eller att inte ge. Tre av intervjupersonerna upplevde mötet med tiggaren som jobbigt och obekvämt. En bidragande faktor till de ambivalenta känslorna var intervjupersonernas osäkerhet kring tiggeriets bakgrund, det vill säga om kriminella ligor förekommer eller inte, detta påverkade intervjupersonernas syn på tiggeri men också i själva mötet med tiggaren

Derivatives and Collateral: Balancing Remedies and Systemic Risk

U.S. bankruptcy law grants special rights and immunities to creditors in derivatives transactions, including virtually unlimited enforcement rights. This Article examines whether exempting those transactions from bankruptcy’s automatic stay, including the stay of foreclosure actions against collateral, is necessary or appropriate in order to minimize systemic risk

Financial Industry Self-Regulation: Aspiration and Reality

This essay on financial industry self-regulation responds to Professor Saule Omarova’s recent article on that topic, Wall Street as Community of Fate: Toward Financial Industry Self-Regulation, 159 U. PA. L. REV. 411 (2011)

Rethinking Corporate Governance for a Bondholder Financed, Systemically Risky World

This Article makes two arguments that, combined, demonstrate an important synergy: first, including bondholders in corporate governance could help to reduce systemic risk because bondholders are more risk averse than shareholders; second, corporate governance should include bondholders because bonds now dwarf equity as a source of corporate financing and bond prices are increasingly tied to firm performance

Securitization and Post-Crisis Financial Regulation

There are few types of securities as internationally traded as those issued in securitization (also spelled securitisation) transactions. The post-financial crisis regulatory responses to securitization in the United States and Europe are, at least in part, political and ad hoc. To achieve a more systematic regulatory framework, this article examines how existing regulation should be supplemented by identifying the market failures that apply distinctively to securitization and analyzing how those market failures could be corrected. Among other things, the article argues that Europe’s regulatory framework for simple, transparent, and standardised (“STS”) securitizations goes a long way towards addressing complexity as a market failure, and that the United States should consider a similar regulatory approach

The Public Responsibility of Structured Finance Lawyers

Lawyers, increasingly, are scrutinized as to their public responsibility when companies fail, particularly where the lawyer\u27s involvement with the failed company is nontraditional and, arguably, intertwined with the failure. One of the least traditional roles of lawyers today is as counsel in structured finance transactions. This article focuses on the public responsibility of lawyers involved in these transactions