At the Water’s Hedge: International Insider-Trading Enforcement After Morrison

From copy rooms to boardrooms, many Americans have succumbed to the siren song of insider trading. As U.S. companies have gone international, so too have corporate secrets ripe for exploitation. With the growth of overseas derivatives based on U.S. stock, foreigners are able to engage in insider trading to a similar extent as Americans. But in Morrison v. National Australia Bank, the Supreme Court limited the reach of the statutory insider-trading prohibition to transactions taking place in U.S. territory or transactions in securities listed on U.S. exchanges. Neither condition applies to overseas insider trading using derivatives. However, courts have reasoned that when the trader’s broker hedges by buying stock on a U.S. exchange, that transaction can be attributed to the trader, thus bringing the scheme within Morrison. This hedging theory depends on the acts of third parties—the brokers—to create insider-trading liability, thus giving arbitrary windfalls to blameworthy traders and creating both evidentiary and legal hurdles for U.S. enforcement. Because Morrison has backed courts into this unworkable corner, it should not govern in insider-trading cases. There is a fix: the Dodd-Frank Wall Street Reform and Consumer Protection Act abrogated Morrison for enforcement actions, albeit imperfectly. By abandoning the theory in favor of Dodd-Frank’s pragmatic standard, courts can more nimbly and forcefully protect U.S. markets from foreign fraud

Venusian impact basins and cratered terrains

The consensus regarding interpretation of Magellan radar imagery assigns Venus a young volcanic surface subjected in many areas to moderate crustal shortening. I infer that, on the contrary, ancient densely cratered terrain and large impact basins may be preserved over more than half the planet and that crustal shortening has been much overestimated. I see wind erosion and deposition as far more effective in modifying old structures. Integration with lunar chronology suggests that most of the surface of Venus may be older than 3.0 Ga and much may be older than 3.8 Ga. Broad volcanos, hug volcanic domes, plains preserving lobate flow patterns, and numerous lesser volcanic features, pocked sparsely by impact craters, are indeed obvious on Magellan imagery. Some of these postvolcanic impact craters have been slightly extended, but only a small portion has been flooded by still younger lavas. Relative ages of the young craters are indicated by the varying eolian removal of their forms and ejecta blankets and flow lobes, and the oldest are much subdued. If these young impact craters, maximum diameter 275 km, include all preserved impact structures, then their quantity and distribution indicate that Venus was largely resurfaced by volcanism approx. 0.5 Ga, subsequent eruptions having been at a much reduced rate. Away from the approx. 0.5 Ga volcanic features, much of Venus is, however, dominated by circular and subcircular features, 50-2000 km in diameter, many of them multiring, that may be mostly older impact and impact-melt structures substantially modified by wind action. Eolian erosion scoured to bedrock old ridges and uplands, including those that may be cratered terrains and the rims and outer-ring depressions of large impact basins, and removed all surficial deposits to the limits of resolution of the imagery. The complementary eolian deposits form not only dunes, wind streaks, and small plains, but also broad radar-dark plains, commonly assumed to be volcanic although lacking flow morphology, whose materials appear to be thick because they are smoothly compacted into buried craters

Determination of efficiencies, loss mechanisms, and performance degradation factors in chopper controlled dc vehical motors. Section 2: The time dependent finite element modeling of the electromagnetic field in electrical machines: Methods and applications

The time dependent solution of the magnetic field is introduced as a method for accounting for the variation, in time, of the machine parameters in predicting and analyzing the performance of the electrical machines. The method of time dependent finite element was used in combination with an also time dependent construction of a grid for the air gap region. The Maxwell stress tensor was used to calculate the airgap torque from the magnetic vector potential distribution. Incremental inductances were defined and calculated as functions of time, depending on eddy currents and saturation. The currents in all the machine circuits were calculated in the time domain based on these inductances, which were continuously updated. The method was applied to a chopper controlled DC series motor used for electric vehicle drive, and to a salient pole sychronous motor with damper bars. Simulation results were compared to experimentally obtained ones

Infrared diode laser spectroscopy of the fundamental band of NF(a1Δ)

Thirty-one lines of the fundamental vibration–rotation band of the NF free radical in its a 1 state have been detected in absorption near 8.6 µm using a tunable infrared diode laser. Linewidths were Doppler limited and several transitions were accompanied by resolved hyperfine structure due to fluorine and nitrogen nuclear moments. Wave number calibration using accurately determined N2O lines yielded v0 = 1165.952±0.001 cm^−1 for the band center. Rotational and centrifugal distortion constants for both v = 0 and 1 states have also been determined

There’s More That Binds Us Together Than Separates Us : Exploring the Role of Prison-University Partnerships in Promoting Democratic Dialogue, Transformative Learning Opportunities and Social Citizenship

In this paper we argue that education – particularly higher education (HE) - has the potential to offer socially, economically and culturally transformative learning opportunities–cornerstones of social citizenship. Yet, for prisoners, the opportunity to engage in HE as active citizens is often limited. Using a Freirean model of democratic, pedagogic participatory dialogue, we designed a distinctive prison-University partnership in which prison-based learners and undergraduate students studied together. The parallel small-scale ethnographic study, reported here, explored how stereotypes and ‘Othering’ - which compromise social citizenship - could be challenged through dialogue and debate. Evidence from this study revealed a positive change in ‘de-othering’ attitudes of participants was achieved. Furthermore, participants reported growth in their sense of empowerment, agency, and autonomy–cornerstones of social citizenship. Findings from this study contribute further evidence to the developing body of knowledge on the value of partnerships and dialogue in prison education. We conclude that policy makers, and respective institutions, need to work harder to establish prison-University partnerships, thus providing the space for real talk to take place

Three-Body Capture of Irregular Satellites: Application to Jupiter

We investigate a new theory of the origin of the irregular satellites of the giant planets: capture of one member of a ~100-km binary asteroid after tidal disruption. The energy loss from disruption is sufficient for capture, but it cannot deliver the bodies directly to the observed orbits of the irregular satellites. Instead, the long-lived capture orbits subsequently evolve inward due to interactions with a tenuous circumplanetary gas disk. We focus on the capture by Jupiter, which, due to its large mass, provides the most stringent test of our model. We investigate the possible fates of disrupted bodies, the differences between prograde and retrograde captures, and the effects of Callisto on captured objects. We make an impulse approximation and discuss how it allows us to generalize capture results from equal-mass binaries to binaries with arbitrary mass ratios. We find that at Jupiter, binaries offer an increase of a factor of ~10 in the capture rate of 100-km objects as compared to single bodies, for objects separated by tens of radii that approach the planet on relatively low-energy trajectories. These bodies are at risk of collision with Callisto, but may be preserved by gas drag if their pericenters are raised quickly enough. We conclude that our mechanism is as capable of producing large irregular satellites as previous suggestions, and it avoids several problems faced by alternative models.Comment: 39 pages, 12 figures, 1 table, submitted to Icaru

Diffusion algorithms and data reduction routine for onsite launch predictions for the transport of Titan 3 C exhaust effluents

The NASA/MSFC multilayer diffusion algorithms have been specialized for the prediction of the surface impact for the dispersive transport of the exhaust effluents from the launch of a Titan 3 vehicle. This specialization permits these transport predictions to be made at the launch range in real time so that the effluent monitoring teams can optimize their monitoring grids. Basically, the data reduction routine requires just the meteorology profiles for the thermodynamics and kinematics of the atmosphere as an input. These profiles are graphed along with the resulting exhaust cloud rise history, the center line concentrations and dosages, and the hydrogen chloride isopleths

IRRIGATION EFFICIENCY, WATER STORAGE, AND LONG RUN WATER CONSERVATION

A spreadsheet-based simulation model is used to illustrate the complex relationships between irrigation efficiency, water banking and water conservation under the prior appropriation doctrine. Increases in irrigation efficiency and/or establishment of water banks do not guarantee water conservation. Conservation requires reduction in the quantity of water consumptively used by agriculture.Land Economics/Use,