Banking and finance roundup
“FATCA: An American Tax Nightmare” [Stu Haugen, New York Times via TaxProf] Following Iceland’s model? “Neither [Krugman nor Yglesias] mentions that a major part of the Icelandic recipe was letting...
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“Fee-shifting: Delaware’s self-inflicted wound” [Stephen Bainbridge, more] Needed: a new Delaware [Reuters] Fordham lawprof Sean Griffith fights trial bar on shareholder suits [Bainbridge, more]...
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“American Express Settlement Collapses Amid Charges Of Collusion” [Daniel Fisher] Some on Capitol Hill would like U.S. Treasury to return money seized from South Mountain Creamery in now-notorious...
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“Why We Could not Bail Out Mortgage Borrowers” [Arnold Kling] Here come the Wall Street pay clawback rules [John Carney/WSJ MoneyBeat Blog, more, yet more] Jesse Fried on “Rationalizing the Dodd-Frank...
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Wells Fargo declines to serve firm that sells knives online, which might relate to a “mass de-risking” trend that followed Operation Choke Point [Kelsey Harkness/Daily Signal, H. Clay Aalders/The...
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Bank of England deputy governor: banks have incurred an estimated $275 billion in legal costs since 2008 and that’s been a drag on economic growth [Katy Burne and Aruna Viswanatha, WSJ] Economist Ken...
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John Cochrane and Stephen Bainbridge on Dodd-Frank reform in a new administration; Gift of insider information to friends or family is insider trading, rules SCOTUS in Salman v. U.S. [Thaya Brook...
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Judge Neil Gorsuch on securities litigation and related issues of agency deference [Paul Weiss attorneys at D & O Diary] New York attorney general’s office pursued Hank Greenberg for years, wound...
View ArticleJim Copland: Congress should override NY’s Martin Act
Especially given the role of the Constitution’s Commerce Clause, federalism provides no good reason why successive holders of the office of New York attorney general, through the state’s ultra-broad...
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“The real-world impact of Dodd-Frank, stress tests and other regs” [M&T Bank slideshow, American Banker] “Six feet of new mortgage regulations help explain slower housing market” [Ira Stoll] Will...
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Sixth Circuit ruling breaks new ground in disturbing ways: employer can be sued under Fair Housing Act if it withdraws job offer based on disapproval of accepted applicant’s public position on a...
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“Apple Watch can detect an early sign of heart disease…. Apple has been communicating privately with the FDA for years about medical devices and so far the FDA has taken a light touch to Apple but...
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“Unintended Consequences of Military Lending Act Hurt Some Families” [R.J. Lehmann] Tenth Circuit: Fed must provide all depository institutiona access to the clearing system, whether they serve...
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“The Rise of Financial Regulation by Settlement” [Matthew C. Turk, Columbia Law School Blue Sky Blog] Before buying into the idea that fractional reserve banking has some sort of fraudulent roots,...
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Sources: Treasury intelligence division has unlawfully spied on and collected Americans’ private financial information [Jason Leopold and Jessica Garrison, BuzzFeed] “A majority of Americans oppose...
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Big news: U.S. Department of Justice changes sides in Lucia v. SEC, challenge to constitutionality of SEC use of administrative law judges [Thaya Brook Knight, Cato; Knight and Ilya Shapiro in August;...
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D.C. Circuit’s en banc decision upholding constitutionality of CFPB disappointing but not surprising. On to SCOTUS [Ilya Shapiro, Aaron Nielson, Jonathan Adler] Big thinking under way at the SEC could...
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SCOTUS by 9-0, Ginsburg writing, agrees with Cato amicus (and disagrees with Sen. Grassley amicus) that Dodd-Frank doesn’t cover “whistleblowers” who never told the SEC [Digital Realty Trust v....
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High cross-border remittance costs for globally mobile workers slow ascent from poverty, and know-your-customer and money-laundering regulations have made things worse [Money and Banking] “The Supreme...
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Gov. Jerry Brown signs into law California bill imposing minimum quota for women on corporate boards: “it’s very hard to see how this law could be upheld” [Emily Gold Waldman, PrawfsBlawg, earlier]...
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