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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.