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What’s the Matter With Chicago?
When was my beloved City of Chicago – a refuge for such liberty lovers as Milton Friedman, Richard Epstein, and F.A. Hayek – overtaken by the Lifestyle Gestapo? First it was the smoking ban. Then, the ban on foie-gras. Now, the city’s most powerful alderman has proposed that the city ban the sale of foods ... What’s the Matter With Chicago?
National Review on Judicial Ethics and GMU's Law and Econ Center
This National Review editorial defends George Mason’s Law and Economics Center from what it describes as “junk ethics” charges. My colleague Ilya Somin has picked up the story at Volokh. In the comments to Ilya’s post, GMU Foundation Professor and Associate Dean Frank Buckley, Director of the LEC, responds to some of the charges that have ... National Review on Judicial Ethics and GMU's Law and Econ Center
Wachtell, Lipton Supports Hedge Fund Regulation
The following is contained at the end of a June 28, 2006 Wachtell, Lipton, Rosen & Katz memo addressing the recent Court of Appeals decision to vacate SEC hedge fund registration requirements: In this era of hedge fund activism, the future of hedge fund regulation may impact the balance of power between public companies and ... Wachtell, Lipton Supports Hedge Fund Regulation
Sirius/XM: An Antitrust Problem?
After scoffing for months at the suggestion that satellite radio firms Sirius and XM should merge, Sirius CEO Mel Karmazin admitted this week that it’s something he’d like to see happen but expressed doubts about the antitrust authorities permitting the deal to go through. See stories here and here. Karmazin is right that the proposed ... Sirius/XM: An Antitrust Problem?
Backdated options and incentives.
A letter to the editor in today’s W$J (see here) asserts the following regarding option backdating: [B]y backdating options at the lowest price of the past period, say, three months, a company is not providing any more incentives to CEOs to work harder on behalf of shareholders. If anything, since the options are already in ... Backdated options and incentives.
(grocery) STORE WARS
I’ve posted a couple of times about Wal-Mart’s foray into the organic food sector (see here and here). I’m wondering on which side this puts Wal-Mart in Store Wars. Is the chain now on the side of Cuke Skywalker, Tofu D2, and the exiled Princess Lettuce? Or is it still aligned with the evil Darth ... (grocery) STORE WARS
Supremes Take New Antitrust Cases
Hanno Kaiser at the Antitrust Review reports (courtesy of the ABA listserv) that SCOTUS has granted cert in Weyerhauser (predatory buying) and Twombly (pleading standards), but not Schering-Plough (reverse payments). Speaking of Weyerhauser, the FTC/ DOJ single firm conduct hearings started off with an examination of predatory pricing issues. The materials from the hearings are ... Supremes Take New Antitrust Cases
Salinger on Price Gouging
Economist Michael Salinger, Director of the Federal Trade Commission’s Bureau of Economics for the past year, comments on the recent FTC Report and price gouging in Sunday’s WSJ (HT: Greg Mankiw). I have blogged a bit about the FTC Report previously: once about its findings (that “market manipulation” did not explain post-Katrina price increases), once ... Salinger on Price Gouging
Lunch with Warren Buffett
The Glide Foundation is once again auctioning on ebay a lunch with Warren Buffett. The current bid for the lunch is at $455,100 (click here for the ebay listing). The lunch will be held at Smith & Wollensky in New York, and the winner can bring up to seven people along. Buffett has been doing ... Lunch with Warren Buffett
DOJ Asks Court to Hold ABA in Civil Contempt
The press release is here. The petition alleges that the ABA violated at least six provisions of the 1996 antitrust consent decree, which was otherwise scheduled to expire on June 25th, and was filed along with a stipulation and proposed order in which the ABA acknowledges these violations and agrees to pay $185,000 in fees ... DOJ Asks Court to Hold ABA in Civil Contempt
SSRN Top Tens for Corporate, Corporate Governance, and Securities Law
As I mentioned earlier, I’m having my research assistant pull together bi-weekly top ten lists of SSRN downloads of papers announced during the last 60 days for corporate law, corporate governance law, and securities law. See below the fold for the lists.
An Insider Trading Policy a Monkey Would Love
As Josh noted, Henry Manne recently published a WSJ op-ed arguing for liberalization of insider trading on efficiency grounds — chiefly, because such trading “aids capital allocation decisions and informs business executives through market-price feedback of the best predictions about the value of new plans.” (For a more complete statement of Henry’s argument, see here.) ... An Insider Trading Policy a Monkey Would Love
