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Wasting a Crisis

Wasting a Crisis Author Paul G. Mahoney
ISBN-10 9780226236513
Release 2015-03-23
Pages 202
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In "Securities Regulation Reassessed," Paul Mahoney shows that policy responses to financial crises are broadly similar across place and time: political actors, hoping to avoid blame for a financial crisis, create a narrative of market failure, arguing that misbehavior by securities market participants, rather than prior policy errors, is the primary cause of the crisis. Politically obliged regulators craft reforms that purport to solve problems which are either non-existent or only tangentially related to the crisis; yet they increase the complexity and expense of compliance, resulting in consolidation and concentration of market share in the hands of already leading financial firms. "Securities Regulation Reassessed" illustrates these points primarily but not exclusively with evidence from the New Deal-era securities reforms in the United States. Against the conventional wisdom that regards the New Deal reforms as successful, Mahoney provides substantial countervailing evidence, showing instead that Congress s diagnoses were systematically inaccurate and its remedies reduced competition in the securities industry. Looking farther into history, the work treats several key episodes prior to the New Deal, including the English financial crises of 1697 and 1720 and the blue sky era of the 1910s and 1920s in the United States. Finally, Mahoney considers the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Act of 2010 from the same analytical perspective. Mahoney finds a predictable pattern for efforts at securities reform: they require huge effort to enact, and yield little objectively measurable payoff and some objectively measurable harm."



Islamic Capital Markets and Products

Islamic Capital Markets and Products Author Simon Archer
ISBN-10 9781119218814
Release 2017-10-16
Pages 328
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Ensure Basel III compliance with expert analysis specific to Islamic Finance Islamic Capital Markets and Products provides a thorough examination of Islamic capital markets (ICM), with particular attention to the products that they offer and the legal and regulatory infrastructure within which they operate. Since Islamic banks act as asset managers, attention is paid to the regulatory challenges which they face in the light of Basel III, as regards both eligible capital and liquidity risk management. The authors of the chapters are professionals and practitioners, and write from experience. The editors also contributed to some of the chapters. The markets and products covered include Islamic equities, Islamic investment certificates (Sukūk) which are Shari'ah compliant alternatives to conventional bonds, and Islamic Collective Investment Schemes. The coverage of legal and regulatory issues includes an examination of the implications for ICM of securities laws and regulations and of Basel III, as well as collateralisation issues. Shari'ah compliance aspects, in terms both of the selection criteria for Islamic equities and of the 'purification' of impermissible components of income, are also examined in some detail, as are the implications of Basel III for eligible capital in general and for Shari'ah compliant capital instruments in particular. A similar analysis is also made of the implications of the Basel III requirements for liquidity risk management and high quality liquid assets (HQLA), including Shari'ah compliant HQLA. The book concludes with three case studies, two describing the ICM in Malaysia and Bahrain and a third which describes Sukūk issued as Shari'ah compliant capital instruments, followed by brief concluding remarks by the editors.



Speculation

Speculation Author Stuart Banner
ISBN-10 9780190623067
Release 2016-12-01
Pages 288
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What is the difference between gambling and speculation? This difficult question has posed a legal problem throughout American history. Many have argued that periodic failures by regulators to differentiate between the two have been the proximate causes of catastrophic economic downturns, including the Great Depression and the 2008 global financial crisis. In Speculation, Stuart Banner provides a sweeping history of how the fine lines separating investment, speculation, and outright gambling have shaped America from the 1790s to the present. Advocates for risky investments have long argued that risk-taking is what defines America. On the other side, critics counter that unregulated speculation results in bubbles that draw in the most ill-informed investors, creating financial chaos. The debate has been a perennial feature of American history. The Panic of 1837, the speculative boom of the roaring twenties, and the real estate bubble of the early 2000s are all emblematic of the difficulty in differentiating sober from reckless speculation. Some, chastened by the most recent crash, argue that we need to prohibit certain risky transactions, but others respond by citing the benefits of loosely governed markets and the dangers of over-regulation. Economic crises have generated deep ambivalence, yet Americans' faith in investment and the stock market has always rebounded quickly after even the most savage downturns. Speculation explores a suite of themes that sit at the heart of American history-the ability of courts and regulators to protect ordinary Americans from the ravages of capitalism; the periodic fallibility of the American economy; and the moral conundrum inherent in profiting from speculation while condemning speculators. Banner's engaging and accessible history is invaluable not only for understanding the fault lines beneath the American economy today, but American identity itself.



The Constitutional Underclass

The Constitutional Underclass Author Evan Gerstmann
ISBN-10 0226288595
Release 1999-04-01
Pages 195
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When the Supreme Court struck down Colorado's Amendment 2—which would have nullified all state and local laws protecting gays and lesbians from discrimination—it was widely regarded as a victory for gay rights. Yet many gays and lesbians still risk losing their jobs, custody of their children, and even their liberty under the law. Using the Colorado initiative as his focus, Gerstmann untangles the complex standards and subtle rhetoric the Supreme Court uses to apply the equal protection clause. The Court divides people into legal classes that receive varying levels of protection; gays and lesbians and other groups, such as the elderly and the poor, receive the least. Gerstmann reveals how these standards are used to favor certain groups over others, and also how Amendment 2 advocates used the Court's doctrine to convince voters that gays and lesbians were seeking "special rights" in Colorado. Concluding with a call for wholesale reform of equal-protection jurisprudence, this book is essential reading for anyone interested in fair, coherent, and truly equal protection under the law.



Reconstructing Justice

Reconstructing Justice Author Franklin Strier
ISBN-10 0226777189
Release 1996-05-15
Pages 314
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In this lively and persuasive critique, Franklin Strier doesn't simply describe problems with the American trial system; he proposes reforms. He offers a detailed blueprint of how to improve our basic adversarial system while blunting its excesses and inequities. Strier points out that the jury system was originally intended to diffuse the power of the government, but criticizes the method by which jurors are selected, patronized, and manipulated. Among his suggestions: eliminate peremptory challenges, give jurors the authority, and judges the responsibility, to ask questions of witnesses, and use neutral expert witnesses.



Overseers of the Poor

Overseers of the Poor Author John Gilliom
ISBN-10 0226293610
Release 2001-12-01
Pages 186
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In Overseers of the Poor, John Gilliom confronts the everyday politics of surveillance by exploring the worlds and words of those who know it best-the watched. Arguing that the current public conversation about surveillance and privacy rights is rife with political and conceptual failings, Gilliom goes beyond the critics and analysts to add fresh voices, insights, and perspectives. This powerful book lets us in on the conversations of low-income mothers from Appalachian Ohio as they talk about the welfare bureaucracy and its remarkably advanced surveillance system. In their struggle to care for their families, these women are monitored and assessed through a vast network of supercomputers, caseworkers, fraud control agents, and even grocers and neighbors. In-depth interviews show that these women focus less on the right to privacy than on a critique of surveillance that lays bare the personal and political conflicts with which they live. And, while they have little interest in conventional forms of politics, we see widespread patterns of everyday resistance as they subvert the surveillance regime when they feel it prevents them from being good parents. Ultimately, Overseers of the Poor demonstrates the need to reconceive not just our understanding of the surveillance-privacy debate but also the broader realms of language, participation, and the politics of rights. We all know that our lives are being watched more than ever before. As we struggle to understand and confront this new order, Gilliom argues, we need to spend less time talking about privacy rights, legislatures, and courts of law and more time talking about power, domination, and the ongoing struggles of everyday people.



Drinkers Drivers and Bartenders

Drinkers  Drivers  and Bartenders Author Frank A. Sloan
ISBN-10 0226762815
Release 2000-06-27
Pages 293
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According to the United States Public Health Service, over 100,000 deaths a year are attributable to alcohol, including 20,000 highway fatalities. In response, legislatures have enacted various forms of regulation intended both to reduce alcohol consumption and to curb its harmful effects. This groundbreaking study focuses on one such form of regulation, the liability imposed on alcohol servers and social hosts by tort law. Basing their analysis on important new data from their extensive research and in-depth interviews with actors on all sides of the issue, the authors conclude that, despite their relative unpopularity, tort laws are very effective in reducing accidents—even more than criminal sanctions. Extraordinary in scope and exacting in detail, Drinkers, Drivers, and Bartenders: Balancing Private Choices and Public Accountability links alcohol problems, deterrence, and serving practices in a way no other work has been able to do and is certain to become a crucial reference point for researchers and policymakers alike.



Rights of Inclusion

Rights of Inclusion Author David M. Engel
ISBN-10 0226208338
Release 2003-06-15
Pages 274
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Examines how civil rights legislation impacts the lives of ordinary Americans, drawing on the experiences of sixty interviewees that have been victims of discrimination to discuss how civil rights impacted their lives.



The Regulated Economy

The Regulated Economy Author Claudia Goldin
ISBN-10 0226301346
Release 2008-04-15
Pages 320
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How has the United States government grown? What political and economic factors have given rise to its regulation of the economy? These eight case studies explore the late-nineteenth- and early twentieth-century origins of government intervention in the United States economy, focusing on the political influence of special interest groups in the development of economic regulation. The Regulated Economy examines how constituent groups emerged and demanded government action to solve perceived economic problems, such as exorbitant railroad and utility rates, bank failure, falling agricultural prices, the immigration of low-skilled workers, workplace injury, and the financing of government. The contributors look at how preexisting policies, institutions, and market structures shaped regulatory activity; the origins of regulatory movements at the state and local levels; the effects of consensus-building on the timing and content of legislation; and how well government policies reflect constituency interests. A wide-ranging historical view of the way interest group demands and political bargaining have influenced the growth of economic regulation in the United States, this book is important reading for economists, political scientists, and public policy experts.



The Constitution in Congress

The Constitution in Congress Author David P. Currie
ISBN-10 0226131149
Release 1997-05-15
Pages 327
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In the most thorough examination to date, David P. Currie analyzes from a legal perspective the work of the first six congresses and of the executive branch during the Federalist era, with a view to its significance for constitutional interpretation. He concludes that the original understanding of the Constitution was forged not so much in the courts as in the legislative and executive branches, an argument of crucial importance for scholars in constitutional law, history, and government. "A joy to read."—Appellate Practive Journal and Update "[A] patient and exemplary analysis of the work of the first six Congresses."—Geoffrey Marshall, Times Literary Supplement



Desperately Seeking Certainty

Desperately Seeking Certainty Author Daniel A. Farber
ISBN-10 0226238105
Release 2004-03-01
Pages 219
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Irreverent, provocative, and engaging, Desperately Seeking Certainty attacks the current legal vogue for grand unified theories of constitutional interpretation. On both the Right and the Left, prominent legal scholars are attempting to build all of constitutional law from a single foundational idea. Dan Farber and Suzanna Sherry find that in the end no single, all-encompassing theory can successfully guide judges or provide definitive or even sensible answers to every constitutional question. Their book brilliantly reveals how problematic foundationalism is and shows how the pragmatic, multifaceted common law methods already used by the Court provide a far better means of reaching sound decisions and controlling judicial discretion than do any of the grand theories.



The Cultural Study of Law

The Cultural Study of Law Author Paul W. Kahn
ISBN-10 0226422550
Release 2000-12-15
Pages 169
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Drawing on philosophers from Plato to Foucault and cultural anthropologists and historians such as Clifford Geertz and Perry Miller, Kahn outlines the conceptual tools necessary for such an inquiry. He analyzes the concepts of time, space, citizen, judge, sovereignty, and theory within the culture of law's rule and goes on to consider the methodological problems entailed in stripping the study of law of its reformist ambitions.



When Law Goes Pop

When Law Goes Pop Author Richard K. Sherwin
ISBN-10 0226752917
Release 2000-06-28
Pages 325
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"When Law Goes Pop" is an examination of legal practice in today's world, one that should be needed by everyone concerned with the future of our legal system and the meaning we invest in it.



The Illusion of Equality

The Illusion of Equality Author Martha Albertson Fineman
ISBN-10 0226249573
Release 1994-06-01
Pages 262
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How do "no-fault," "gender-neutral" divorce reforms actually harm the lives of women and children they are designed to protect? Focusing on the language and symbols of reform, Martha Fineman argues that by advocating measures based on equality of treatment rather than of outcome, liberal feminists disregarded the socioeconomic factors that simultaneously place women at a disadvantage in the market and favor their taking on primary domestic responsibilities. She traces in persuasive detail the detrimental effects of equality rhetoric in shaping divorce law — such as the legal separation of parents' and children's interests; equality replacing need as the prime criterion for settlements; and the increase of state intervention into family life. More than a critique, this book is an incisive argument for adopting outcome-oriented measures and a valuable overview of the pitfalls of uncritically implementing any rhetoric as social policy.



Suing for Medical Malpractice

Suing for Medical Malpractice Author Frank A. Sloan
ISBN-10 0226762793
Release 1993-09-15
Pages 258
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Medical malpractice suits today can result in multi-million-dollar settlements, and a practicing physician can pay $100,000 or more annually for malpractice insurance. Some complain that lawyers and plaintiffs are overcompensated by exorbitant judgments that add to the rising cost of health care. But there has been very little evidence to show whether these arguments are true. In this timely work, six experts in health policy, law, and medicine study nearly 200 malpractice claims to show that, contrary to popular perceptions, victims of malpractice are not overcompensated and our legal system for dealing with malpractice claims is not defective. The authors survey claims filed in Florida between 1986 and 1989 by people who suffered permanent injury or death during birth or during treatment in an emergency room. How often did illegitimate claims result in financial awards? What was the relation between the injury and the amount the patient lost economically? How much did the plaintiffs actually recover? How did the claimants choose their lawyers and what kind of relationship did they have? Contrary to common perceptions, in the majority of cases the claims were merited, and the authors found that claimants were on average substantially undercompensated—only about one-fifth of plaintiffs recovered more than their economic loss caused by injury or death. The evidence in this book suggests that placing dollar limits on malpractice cases is unjustified and that our tort system is not so faulty after all.



Images of a Free Press

Images of a Free Press Author Lee C. Bollinger
ISBN-10 0226063496
Release 1994-06-15
Pages 209
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Rich in historical detail, Images of a Free Press is an elegant, powerful guide to the evolution of our modern conception of freedom of the press, which finds expression in laws that protect print journalism and regulate broadcast media. Bollinger argues that this distinction remains meaningful but he advocates a more sophisticated approach to issues of privacy, access, and technology. Providing concrete guidelines for improving media laws, Images of a Free Press is a vital First Amendment primer for lawyers, media professionals, and critics, and all concerned citizens. "Images of a Free Press is the natural sequel to Lee Bollinger's first book, The Tolerant Society, and is destined to become a standard in first amendment scholarship."—Rodney A. Smolla, Constitutional Commentary "Revisiting themes he first explored some fifteen years ago, Bollinger now adds further to our understanding of the complex relationship among the First Amendment, the Supreme Court, the public, the press and the democratic process. This is a work of insight, sensitivity, and power. Bollinger has a profound knowledge of and a deep affection for his subject, and it shows."—Geoffrey R. Stone, Michigan Law Review "This thoughtful, understated book remains a call to come join the town meeting and hammer out some new rules of order. Scholars and citizens alike could do well to read Bollinger's book and accept his challenge."—Yale Law Review "For a number of years, Lee Bollinger has argued that the First Amendment has been applied differently to the print media than it has been to the broadcast media. In his new book, Images of a Free Press, Bollinger provides a concise, persuasive account of why this is so—and why it ought to be so."—Columbia Law Review



Urban Lawyers

Urban Lawyers Author John P. Heinz
ISBN-10 0226325407
Release 2005-07-05
Pages 376
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Over the past several decades, the number of lawyers in large cities has doubled, women have entered the bar at an unprecedented rate, and the scale of firms has greatly expanded. This immense growth has transformed the nature and social structure of the legal profession. In the most comprehensive analysis of the urban bar to date, Urban Lawyers presents a compelling portrait of how these changes continue to shape the field of law today. Drawing on extensive interviews with Chicago lawyers, the authors demonstrate how developments in the profession have affected virtually every aspect of the work and careers of urban lawyers-their relationships with clients, job tenure and satisfaction, income, social and political values, networks of professional connections, and patterns of participation in the broader community. Yet despite the dramatic changes, much remains the same. Stratification of income and power based on gender, race, and religious background, for instance, still maintains inequality within the bar. The authors of Urban Lawyers conclude that organizational priorities will likely determine the future direction of the legal profession. And with this landmark study as their guide, readers will be able to make their own informed predictions.