A Sermon occasioned by the death of Mrs. Sarah R. Baker

Funeral sermon"Out of great tribulation". A sermon occasioned by the death of Mrs. Sarah R. Baker preached June 2, 1867 by A.C. Thompson paster of the Eliot Church, Roxbury

Securities Law in the Sixties: The Supreme Court, the Second Circuit, and the Triumph of Purpose Over Text

This Article analyzes the Supreme Court’s leading securities cases from 1962 to 1972—SEC v. Capital Gains Research Bureau, Inc.; J.I. Case Co. v. Borak; Mills v. Electric Auto-Lite Co.; Superintendent of Insurance v. Bankers Life & Casualty Co.; and Affiliated Ute of Utah v. United States—relying not just on the published opinions, but also the Justices’ internal letters, memos, and conference notes. The Sixties Court did not simply apply the text as enacted by Congress, but instead invoked the securities laws’ purposes as a guide to interpretation. The Court became a partner of Congress in shaping the securities laws, rather than a mere agent. The interpretive space opened by the Court’s invocation of purpose allowed a dramatic expansion in the law of securities fraud. Encouraged by the Court’s dynamic statutory interpretation doctrine, the Second Circuit—the “Mother Court” for securities law—developed new causes of action that transformed both public and private enforcement of the securities laws. The insider trading prohibition found a new home in the flexible confines of Rule 10b-5. Implied private rights of action encouraged class actions to flourish. The growth of fiduciary duty in the 1960s created a blueprint for “federal corporation law.” The Supreme Court’s “counterrevolutionary” turn in the 1970s cut back on purposivism and the doctrinal innovations of the Sixties, but the approaches to insider trading and private rights of action survived, remaining pillars of securities regulation today

Minimality of planes in normed spaces

We prove that a region in a two-dimensional affine subspace of a normed space $V$ has the least 2-dimensional Hausdorff measure among all compact surfaces with the same boundary. Furthermore, the 2-dimensional Hausdorff area density admits a convex extension to $\Lambda^2 V$. The proof is based on a (probably) new inequality for the Euclidean area of a convex centrally-symmetric polygon.Comment: 10 pages, v2: minor changes according to referees' comments, to appear in GAF

The Future of Securities Law in the Supreme Court

Since the enactment of the first federal securities statute in 1933, securities law has illustrated key shifts in the Supreme Court’s jurisprudence. During the New Deal, the Court’s securities law decisions shifted almost overnight from open hostility toward the newly-expanded administrative state to broad deference to agency expertise. In the 1940s, securities cases helped build the legal foundation for a broadly enabling administrative law. The 1960s saw the Warren Court creating new implied rights of action in securities law illustrative of the Court’s approach to statutes generally. The stage seemed set for the rise of “federal corporate law.” The Court swiftly reversed itself, however, with Justice Lewis F. Powell, Jr. leading the effort to confine the reach of the securities laws. Powell succeeded in imposing a strict constructionism in securities law that never quite took hold in criminal or constitutional law. When there was a significant shift for the Court, securities law was prominent—at least until Powell’s retirement. Since then, the Court has meandered in its approach to securities law, its decisions neither expansive nor restrictive. The Court’s docket in this space has become a random walk of indifference. What is the future of securities law in the Supreme Court? We doubt that securities law’s bellwether status during its early days is likely to recur. The Securities and Exchange Commission, a groundbreaking agency of the 1930s, now seems like a small cog in a much larger administrative machine. Without prompting from the SEC, it is quite possible that the Court will continue to meander in the field of securities law. The Court— which Franklin Delano Roosevelt populated with appointees having front-line experience writing the securities statutes, running the SEC, or defending the constitutionality of the securities laws—has not had a member with any direct experience with securities law for more than thirty years. If the Court’s spotlight were to shine again on securities, we suggest it might well be a Chevron question of the SEC’s authority. Proponents of corporate social responsibility could push the boundaries of the securities laws beyond the SEC’s historical focus on disclosure. Such a move could also be met by a federalism challenge to securities law preempting the field of state corporate law. These possibilities might once again put securities law at the center of the Court’s work to develop the law of the administrative state

The Future of Securities Law in the Supreme Court

Since the enactment of the first federal securities statute in 1933, securities law has illustrated key shifts in the Supreme Court’s jurisprudence. During the New Deal, the Court’s securities law decisions shifted almost overnight from open hostility toward the newly-expanded administrative state to broad deference to agency expertise. In the 1940s, securities cases helped build the legal foundation for a broadly enabling administrative law. The 1960s saw the Warren Court creating new implied rights of action in securities law illustrative of the Court’s approach to statutes generally. The stage seemed set for the rise of “federal corporate law.” The Court swiftly reversed itself, however, with Justice Lewis F. Powell, Jr. leading the effort to confine the reach of the securities laws. Powell succeeded in imposing a strict constructionism in securities law that never quite took hold in criminal or constitutional law. When there was a significant shift for the Court, securities law was prominent—at least until Powell’s retirement. Since then, the Court has meandered in its approach to securities law, its decisions neither expansive nor restrictive. The Court’s docket in this space has become a random walk of indifference. What is the future of securities law in the Supreme Court? We doubt that securities law’s bellwether status during its early days is likely to recur. The Securities and Exchange Commission, a groundbreaking agency of the 1930s, now seems like a small cog in a much larger administrative machine. Without prompting from the SEC, it is quite possible that the Court will continue to meander in the field of securities law. The Court— which Franklin Delano Roosevelt populated with appointees having front-line experience writing the securities statutes, running the SEC, or defending the constitutionality of the securities laws—has not had a member with any direct experience with securities law for more than thirty years. If the Court’s spotlight were to shine again on securities, we suggest it might well be a Chevron question of the SEC’s authority. Proponents of corporate social responsibility could push the boundaries of the securities laws beyond the SEC’s historical focus on disclosure. Such a move could also be met by a federalism challenge to securities law preempting the field of state corporate law. These possibilities might once again put securities law at the center of the Court’s work to develop the law of the administrative state

Coastal stormwater wet pond sediment nitrogen dynamics

Wet ponds are a common type of stormwater control measure (SCM) in coastal areas of the southeastern US, but their internal nitrogen dynamics have not been extensively studied. Using flow-through intact sediment core incubations, net sediment N2 fluxes before and after a nitrate addition from five wet ponds spanning a range of ages (3.25–10 years old) were quantified through membrane inlet mass spectrometry during early summer. Multiple locations within a single wet pond (6.16 years old) were also sampled during ambient conditions in late summer to determine the combined effects of depth, vegetation, and flow path position on net N2 fluxes at the sediment-water interface. All pond sediments had considerable rates of net nitrogen fixation during ambient conditions, and net N2 fluxes during nitrate-enriched conditions were significantly correlated with pond age. Following a nitrate addition to simulate storm conditions, younger pond sediments shifted towards net denitrification, but older ponds exhibited even higher rates of net nitrogen fixation. The pond forebay had significantly higher rates of net nitrogen fixation compared to the main basin, and rates throughout the pond were an order of magnitude higher than the early summer experiment. These results identify less than optimal nitrogen processing in this common SCM, however, data presented here suggest that water column mixing and pond sediment excavation could improve the capacity of wet ponds to enhance water quality by permanently removing nitrogen

Nitrogen cycling processes within stormwater control measures: A review and call for research

Stormwater control measures (SCMs) have the potential to mitigate negative effects of watershed development on hydrology and water quality. Stormwater regulations and scientific literature have assumed that SCMs are important sites for denitrification, the permanent removal of nitrogen, but this assumption has been informed mainly by short-term loading studies and measurements of potential rates of nitrogen cycling. Recent research concluded that SCM nitrogen removal can be dominated by plant and soil assimilation rather than by denitrification, and rates of nitrogen fixation can exceed rates of denitrification in SCM sediments, resulting in a net addition of nitrogen. Nitrogen cycling measurements from other human-impacted aquatic habitats have presented similar results, additionally suggesting that dissimilatory nitrate reduction to ammonium (DNRA) and algal uptake could be important processes for recycling nitrogen in SCMs. Future research should directly measure a suite of nitrogen cycling processes in SCMs and reveal controlling mechanisms of individual rate processes. There is ample opportunity for research on SCM nitrogen cycling, including investigations of seasonal variation, differences between climatic regions, and trade-offs between nitrogen removal and phosphorus removal. Understanding nitrogen dynamics within SCMs will inform more efficient SCM design and management that promotes denitrification to help mitigate negative effects of urban stormwater on downstream ecosystems

Water quality before and after watershed-scale implementation of stormwater wet ponds in the coastal plain

Wet ponds have been used extensively for stormwater control throughout the US, including coastal areas. Despite the widespread application of these water control structures, few studies have investigated how watershed-scale implementation of wet ponds affects downstream water quality or how the pollutant removal efficacy of wet ponds changes over time in a coastal setting. This study utilizes a seven year data set of nutrient, total suspended solid, and chlorophyll-a concentration data collected during baseflow and stormflow from two coastal headwater streams draining a developed (28% impervious) and an undeveloped (1.2% impervious) watershed. The seven year record encompasses before, during, and after a large construction project and concurrent implementation of wet ponds in the developed watershed that drain 97% of the watershed area. Additional nutrient, total suspended solid, and chlorophyll-a concentration data were collected from within a wet pond in the developed watershed during baseflow over a single spring and summer. A comparison of stream water quality before and after the construction project and wet pond implementation in the developed watershed showed that mean chlorophyll-a, nitrate-nitrite (NOx−), organic nitrogen, and total suspended solid concentrations significantly increased, the mean orthophosphate (PO43−) concentration significantly decreased, and the mean ammonium (NH4+) concentration did not change. Over a three year time period after construction and pond implementation, developed stream chlorophyll-a, ammonium, and organic nitrogen concentrations decreased, and nitrate-nitrite, orthophosphate, and total suspended solid concentrations increased compared to the reference stream during the same period, indicating changes in pollutant removal capacity. A comparison of baseflow and stormflow samples during the Post period and samples from a wet pond in the developed watershed indicated that ponds were functioning as sources of chlorophyll-a and total suspended solids to the stream and sinks for nitrate-nitrite. Overall, watershed-scale implementation of wet ponds in the developed watershed failed to mitigate many negative water quality impacts caused by increased development. This study suggests that centralized stormwater management may not be optimal for maintaining water quality in coastal environments, and that pond retrofits combined with frequent excavation could improve pollutant removal by wet ponds. Further research on the effects of nutrient cycling in coastal wet ponds and wet pond maintenance is needed

The Effects of Urbanization and Retention-Based Stormwater Management on Coastal Plain Stream Nutrient Export

Stormwater nutrient pollution can be more effectively managed if there is a predictable link between urbanization and pollutant export. The goal of this study was to determine the effects of increased watershed impervious surface cover (ISC) and retention-based stormwater management on stream discharge and nutrient export from coastal plain streams in the southeastern United States. To quantify coastal plain stream nutrient export, measurements of stream discharge and concentrations of dissolved nutrients, particulate nitrogen, and algal biomass (as chlorophyll a) were collected during baseflow and stormflow for four years from five streams on Marine Corps Base Camp Lejeune near Jacksonville, North Carolina. The study streams had watersheds that spanned a range of ISC (1–38%) and included an urban watershed drained extensively by stormwater ponds. Urban streams had higher rates of annual discharge than less impacted streams due to elevated discharge at all rates of flow, more cumulative discharge at high flows, and dampened seasonal patterns. Streams with higher watershed ISC had higher rates of annual export of all measured nutrients due to increased stream discharge and concentrations of inorganic and particulate nitrogen. The relative importance of dissolved organic nitrogen decreased with watershed ISC, but it was still the dominant form of nitrogen export in every study stream except the stream that was dominated by particulate nitrogen export from stormwater pond algal production. Based on these findings, this study suggests that stormwater management emphasizing stormwater harvesting and evapotranspiration, increased wetland area, and decreased anthropogenic nutrient sources could reduce nutrient export from urban coastal plain streams