In one of his characteristically thoughtful blog postings (available here), Ed Fallone argues that market regulation follows the Second Law of Thermodynamics, which states (to paraphrase) that in any closed system, disorder will reign over time. Ed argues that this principle holds true for federal securities regulation, where technological and market changes have made the comprehensive statutory scheme of market regulation obsolete. With respect to non-financial institutions, he proposes (consistent with the Obama administration’s proposal) replacing our current scheme of detailed disclosure rules with regulation that focuses on the consumer (the investor), and the consumer’s need for multiple products to choose from as well as information to make product comparisons.
It does seem to make sense to consider the needs of investors in creating legislation aimed at protecting investors. But in my view, any new regulatory scheme aimed at protecting investors should leave to the states the regulation over business organizations’ internal affairs.
The following excerpt from Ed’s post aptly describes the purpose of federal securities laws:
“Federal securities laws were designed to force companies selling their securities to the public to make ... Read more..
Archive for February, 2010
Families do not always approve of who their loved ones choose to marry.
Five years ago, a Saudi couple was forced to get a divorce because the wife’s brothers did not approve of her husband’s lineage. But recently they were granted the right to reunite their marriage, according to Reuters.
The couple had initially married in 2003 after her father approved of the union. And before Fatima Azazz and Mansour al-Timani could marry, the bride’s family checked the lineage or background of her future husband, al-Timani.
It is custom in Islamic culture to determine if the future husband comes from a good tribe before their families join in matrimony.
When the family initially checked his background, they found that al-Timani’s lineage was from a good family. He was from the town of Jouf and belonged to the Shammar Tribe.
The marriage was allowed to proceed, but things changed shortly after Azazz’s father passed away. Her half brothers said they no longer approved of her husband’s lineage and wanted the marriage annulled.
Reuters reported that in 2006 her half brothers ... Read more..
This semester, I am offering a new course in Election Law. It’s work in progress, but one of the things that I have tried to do is bring in speakers from the local political world to react to the material we have covered. So far, students have heard from Jim Troupis, a nationally renowned expert on redistricting and Madison based lawyer to Republicans, and Mike Tate, currently chair of the state Democratic Party and, even at what seems to me to be his impossibly young age, a very seasoned political operative with a strikingly broad range of experience , i.e., a pretty good example of a client for election lawyers.
Both Mike and Jim were extraordinarily candid and I believe that what happens in Room 210 stays in Room 210. So I will simply say that both enhanced our educational experience. The purpose of this post is simply to thank them and to let them know that their MULS pens are in the mail.
Read more..
In Texas, a unique divorce case is raising the attention of lawmakers, all the way up to the attorney general, who has made the claim that one can’t get a divorce in a state that doesn’t recognize the marriage to begin with.
The Austin-American Statesman is reporting that Angelique Naylor and Sabina Daly were married in 2004 in Massachusetts, taking advantage of that state’s law legalizing gay marriage. After they were married, they returned to their home in Austin, where they adopted a child and carried on with their life.
The couple was separated almost a year ago, however, and now they have found themselves in court to determine the terms of their divorce. Whether or not they can even get a divorce, however, is under dispute from some Texas lawmakers.
Texas Attorney General Greg Abbott intervened in the case, in which, according to the couple’s lawyer, a judge had agreed to grant the couple a divorce and ordered that they put that agreement in writing for the court to sign later. This ruling was the culmination of a two-day hearing to determine ... Read more..
George Soros is funding an effort to undermine the Electoral College. The idea is to enter into a compact with other states in which each state agrees to require their electors to vote for the candidate who has won the national popular vote. The compact would not become effective until states comprising a majority of electoral votes have agreed.
The effort has resulted in the introduction of AB 751 in the Wisconsin legislature.
The proposal may well be unconstitutional under the Compact Clause. It is almost certainly motivated by partisan concerns. It isn’t simply that Democrats tend to be more geographically concentrated. That can actually help if Democratic voters are packed in the right states. Thus, while Bush lost the popular election and won the electoral vote in ‘00, Kerry almost did the same thing in ‘04.
Rather, the back story is population trends that will move electoral votes to Republican states. For the first time in who can remember, California will not pick up a seat and the Midwest and Northeast continue to lose population to the south and southwest.
Republicans should not ... Read more..
