Tipper Credibility, Noninformational Tippee Trading, and Abstention from Trading: An Analysis of Gaps in the Insider Trading Laws

The regulation of insider trading in the United States prohibits only a fraction of the kind of behaviors which the Securities and Exchange Commission sought to curb in the 1930s. This Article explains the problems created by trading on tipper credibility and noninformation, as well as the difficulties associated with insider abstention from trading. These practices are conceptually akin to trading on inside information, yet they fall beyond the purview of existing prohibitions. The Article examines potential vehicles for rendering the regulations more consistent, including authorization of all insider trading, policing of information, the creation of inferences of fraud from circumstantial evidence, the prohibition of entire classes of trades, and the application of a reduced threshold fraudulent scheme concept to trigger liability in loophole cases

Transnational Bribery: The Big Questions

During the past few years, I have written extensively on the subject of transnational bribery. My articles have examined several aspects of this serious problem,\u27 including the Foreign Corrupt Practices Act ( FCPA ), 2 re-cent multilateral global conventions to fight bribery,3 and the comparative costs and benefits of legislative versus systemic or institutional forms of change.4 This body of work also has addressed some of the problems that can accompany aggressive legal remedies, such as potential cultural imperialism5 and global discord.6 This examination has been rewarding, and it has spurred a rich exchange with a number of very talented scholars, as the late 1990s has seen a renewed interest in legal research on the subjects of bribery and corruption. Yet detailed legal scholarship, like all highly specialized academic work, can leave us eager for more of the big picture. This Perspective reflects my own desire to take a step back from the issues I have addressed to date, and ask a basic question that may help frame some legal scholarship on bribery and corruption in the future: what are the big questions that we should be addressing in regard to these challenges as we enter the 21st century

AIDS and the Blood Supply: An Analysis of Law, Regulation, and Public Policy

Acquired Immune Deficiency Syndrome ( AIDS ) is among the greatest challenges to modem epidemiology. As the number of diagnosed cases and predicted future infections mounts, the need to stem the transmission of the Human Immunodeficiency Virus ( HIV ) becomes an increasingly crucial public health issue. Since scientists first diagnosed AIDS and began to understand its viral source in the early 1980s, lawmakers and policymakers have sought responses to eliminate or retard the spread of HIV. As the quest for a vaccination or a cure has proven frustratingly elusive, managing AIDS in the short term has come to depend largely on measures that control its contagion. Some measures focus on reducing the instance of voluntary, high-risk activities, such as unsafe sexual practices and the sharing of hypodermic needles. Other measures attempt to lower the risk of unavoidable activities, such as blood transfusion. This Article focuses on the latter challenge—the development of laws, regulations, and policies to reduce the presence of HIV in the blood supply. Section II briefly discusses the problem of blood supply purity throughout the world. Section III distinguishes liability-based approaches from rule-based approaches to improving blood purity. Section IV examines and analyzes various rule-based options. Section V summarizes the recommendations made throughout the Article

AIDS and Drug Pricing: In Search of a Policy

This Article presents a comprehensive analysis of the policy considerations regarding the pricing of new AIDS drugs. Part I discusses the two countervailing interests that dominate the debate: the effect of patent monopoly policy on the speed and extent of research and development initiatives and the effect of monopoly pricing on drug accessibility. Part II addresses legal, economic, and ethical concerns that are crucial to the formulation of a sound drug pricing policy, including the principles of monopoly theory, the relationship between monopoly and regulation, the proper allocation of price concessions that reduce profits from normal monopoly levels, and the determination of how much profit is necessary to optimize research and development efforts. Part III examines a negotiated drug pricing proposal, aimed at creating and maintaining a fair, effective, and efficient response to the AIDS crisis. Part IV contains concluding remarks and suggests further areas of research and inquiry helpful to the thoughtful resolution of the public policy challenges raised herein