Analysis and Commentary on Business Law

The Whistleblowers

Boston University law professor Tamar Frankel unpacks the nuanced layers of whistleblower law. Frankel describes the two main legal sources that deal with whistleblowers in the United States, as well as the process by which a retaliated against whistleblower-employee may seek protection and relief. Frankel also explores the various objections to protecting whistleblowers, noting how problems may arise in the event that an employee whose employment was terminated as a result of whistleblowing activities is reinstated to their former position via the court system.

Part Three on California’s Mandate That Women Be Placed on Corporate Boards: Dormant Commerce Clause and Improper Government Purpose Questions

Illinois law dean Vikram David Amar and professor Jason Mazzone continue their commentary on California’s mandate that women be placed on corporate boards. In this third of a series of columns on the topic, Amar and Mazzone consider whether SB 826 violates the Commerce Clause and whether there are constitutional issues with the state’s use of the law merely to make a political statement.

Is California’s Mandate That Public Companies Include Women on Their Boards of Directors Constitutional? Part Two

Illinois Law dean Vikram David Amar and professor Jason Mazzone continue their discussion of the constitutionality of California’s law requiring that publicly held corporations have a minimum number of women on their boards of directors. In this second of a series of columns, Amar and Mazzone consider whether California’s ostensible reasons for enacting and implementing SB826 are permissible and “important”—the standard required under federal intermediate equal protection scrutiny.

Employees’ Representation in Corporate Boards

Guest columnists Tamar Frankel, the Robert B. Kent Professor of Law at Boston University School of Law, and Sezgi G. Fuechec, a foreign-trained transactional lawyer with an LL.M. degree in banking and financial law, discuss the trend of employee representation in corporate boards. Frankel and Fuechec point out that while idea of employee representation in the board level is not novel, it is an important development that more corporations should embrace now, rather than waiting until there is a significant conflict between employees, management, and financiers.

Is California’s Mandate That Public Companies Include Women on Their Boards Of Directors Constitutional?

Illinois Law dean Vikram David Amar and professor Jason Mazzone consider the constitutionality of California’s recently passed law requiring that publicly held corporations to have a minimum number of women on their boards of directors. In this first of a series of columns on this topic, Amar and Mazzone analyze whether, under the Equal Protection Clause, the law fails federal intermediate scrutiny.

Time for a New—and Effective—Antitrust

Thomas Greaney and Samuel Miller—both adjunct professors at UC Hastings College of the Law and former attorneys with the Antitrust Division of the US Department of Justice—describe how antitrust law in the United States no longer operates as a legal sword to keep markets competitive, but as a shield to protect large companies from competition. Greaney and Miller call for a renewal of the antitrust enterprise using the best of current economics informed by a realistic appreciation for how markets actually work in the real world.

Trust But Verify: The Legal Duties of Broker-Dealers in the Financial System, Part Two

In this second part series of columns about the legal duties of broker-dealers, Tamar Frankel, the Robert B. Kent Professor of Law at Boston University School of Law, considers the significance of specific words in the context of broker-dealers and their clients and discusses the legal consequences of using certain words over others. Specifically, Frankel clarifies that financial securities are not “products” and the servicers are not an “industry”; rather, brokers are agents providing services, and explains why broker-dealers should owe a fiduciary duty to their clients, who entrust their money—and sometimes their life’s savings—to them.

Big Business Battles the #MeToo Movement

Marci A. Hamilton, a Fox Distinguished Scholar in the Fox Leadership Program at the University of Pennsylvania, describes how insurance, chamber of commerce, and religious lobbyists are impeding child sex abuse victims’ access to justice in several states. Hamilton points to three states that were considering bills that seemed optimistic but have since been turned sideways by big business and powerful lobbyists.

AT&T’s Hiring of Michael Cohen Was a “Big Mistake,” But Was It More?

Cornell University law professor Michael C. Dorf discusses a statement by AT&T CEO Randall Stephenson calling his company’s decision to hire Donald Trump’s personal lawyer Michael Cohen “a big mistake.” Dorf describes under what circumstances AT&T’s hiring of Cohen would amount to a crime, and under what circumstances his hiring would not only be legal but a corporate obligation. As Dorf explains, the proper classification of the decision requires more information than the public currently has.

Trust but Verify: The Legal Duties of Broker-Dealers in the Financial System

In this first of a multi-part series of columns about the legal duties of broker-dealers, Tamar Frankel, the Robert B. Kent Professor of Law at Boston University School of Law, defines fiduciaries and explains the rationale for their duties. In the following columns, Frankel considers the significance of specific words in this context, the legal consequences of such words, and potential ramifications.

The Brokers’ War Against Fiduciary Duties

Boston University law professor Tamar Frankel comments on the current situation regarding federal regulation of securities brokers as having fiduciary duties to their clients. Frankel explains the arguments for and against such regulations and describes the possible consequences for retirees, young people, and the brokers themselves if the regulations are imposed.

Bitcoins: The Evolution of Money and the Enforcement of the Law

Boston University law professor Tamar Frankel describes the history of money and its role in societies and governments, leading up to today’s bitcoin and the issues governments face in attempting to regulate the cryptocurrency. Rather than purport to provide answer to these pressing questions, Frankel seeks instead to open the door to plain English discussions about the duality of money as asset and as money, the legal control of money transfers to prevent violations of the law, and the government’s control of money supply, which affects the economy and financial systems.

The Story of Grades: A Fable

Boston University law professor Tamar Frankel pens a fable as a means of providing commentary on law school grades and the debate between pro-regulation approaches and more laissez-faire approaches. Through the voice of a fictional character, Frankel points out that the cost of relying on the market to correct itself is lingering mistrust, which erodes a community's prosperity and undermines its success for a very long time.

Rewarding Honesty in Institutions

Boston University law professor Tamar Frankel describes a model for institutional compliance that provides financial rewards for honesty and compliance with the law. Frankel explains the logistics of such a model and why, for some companies, a bottom-up approach may serve as a superior model than the traditional top-down approach for bringing about desirable results.

The Rise of Robo-Advisers

Boston University law professor Tamar Frankel comments on the increased use in “robo-advisers”—machines that purport to offer investment advice and order the performance of their advice by securities trades. Frankel describes how the Securities and Exchange Commission has responded to the rise in robo-advisers and summarizes some of the legal challenges they present, particularly when used by brokers and by financial advisers.

More Aggressive Antitrust Enforcement Would Create More Jobs and Grow the Economy

Guest columnist and UC Hastings adjunct professor Samuel R. Miller contrasts the recent decision by antitrust enforcers in Europe to fine Google $2.7 billion for abusing its dominant position in internet search with the FTC’s decision not to pursue an antitrust case against Google based on similar allegations. Miller argues that the US should shift toward the EU’s position on antitrust law and that such a policy change would not even require any modifications of statutory language.

Is Greyball Really Blackball? Uber Has a Private Tool That Blocks Government Officials and Other Riders

University of Washington law professor Anita Ramasastry discusses “Greyball,” a private tool Uber reportedly used to identify government inspectors and prevent them from hailing a ride. Ramasastry explains the dangers inherent in allowing minimally regulated private companies such as Uber to have such great power over integral services like transportation, and she calls for greater scrutiny into businesses with such significant market power.

Does Hobby Lobby All But Require Companies to Find Religion?

George Washington University law professor and economist Neil Buchanan discusses the U.S. Supreme Court’s decision in Burwell v. Hobby Lobby Stores Inc., particularly whether it effectively compels all companies to adopt beliefs to increase profits and fulfill their fiduciary duties to their owners. Buchanan predicts that either we will see an increasing number of companies take this route to maximize profits, or we will want to investigate why more companies are not pursuing this attractive route to free market salvation.

Meet our Columnists

Vikram David Amar
Vikram David Amar

Vikram David Amar is the Dean and Iwan Foundation Professor of Law at the University of Illinois... more

Neil H. Buchanan
Neil H. Buchanan

Neil H. Buchanan is an economist and legal scholar and a Professor of Law at The George... more

Sherry F. Colb
Sherry F. Colb

Sherry F. Colb is the C.S. Wong Professor of Law at Cornell University. Colb teaches courses in... more

John Dean
John Dean

John Dean served as Counsel to the President of the United States from July 1970 to April 1973.... more

Michael C. Dorf
Michael C. Dorf

Michael C. Dorf is the Robert S. Stevens Professor of Law at Cornell University Law School. He... more

Joanna L. Grossman
Joanna L. Grossman

Joanna L. Grossman is the Ellen K. Solender Endowed Chair in Women and Law at SMU Dedman School... more

Marci A. Hamilton
Marci A. Hamilton

MARCI A. HAMILTON is the Robert A. Fox Leadership Program Professor of Practice, and Fox Family... more

Joseph Margulies
Joseph Margulies

Mr. Margulies is a Professor of Law and Government at Cornell University. He was Counsel of... more

Anita Ramasastry
Anita Ramasastry

Anita Ramasastry is the UW Law Foundation Professor of Law at the University of Washington School... more

Lesley Wexler
Lesley Wexler

Lesley Wexler is a Professor of Law at the University of Illinois College of Law. Immediately... more