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Public Plicy Brief 44
PPB No.44 2/18/99 2:50 PM Page a1 The Jerome Levy Economics Institute of Bard College Public Policy Brief The Asian Disease: Pl a u s i b l e Di a g n o s e s , Po s s i b l e Re m e d i e s Regulation of Cros s - B o r der Interbank Lending and Derivatives Tra d e Ma r tin Mayer No. 44, 1998 PPB No.44 2/18/99 2:50 PM Page 2 The Jerome Levy Economics Institute of Bard Co l l e g e , founded in 1986, is an autonomous, inde- pendently endowed re s e a rch organization. It is n o n p a rtisan, open to the examination of diverse points of view, and dedicated to public servi c e . The Jerome Levy Economics Institute is publish - ing this proposal with the conviction that it rep r e - sents a constructive and positive contribution to the discussions and debates on the relevant policy issues. Neither the Institute’s Board of Governo r s nor its Advisory Board necessarily endorses the pr oposal in this issue. The Levy Institute believes in the potential for the study of economics to improve the human condi- tion. Through scholarship and economic forecast- ing it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad. The present res e a r ch agenda includes such issues as financial instability, povert y, employment, pro b- lems associated with the distribution of income and wealth, and international trade and competitive- ness. -
Tuesday July 30, 1996
7±30±96 Tuesday Vol. 61 No. 147 July 30, 1996 Pages 39555±39838 federal register 1 II Federal Register / Vol. 61, No. 147 / Tuesday, July 30, 1996 SUBSCRIPTIONS AND COPIES PUBLIC Subscriptions: Paper or fiche 202±512±1800 FEDERAL REGISTER Published daily, Monday through Friday, Assistance with public subscriptions 512±1806 (not published on Saturdays, Sundays, or on official holidays), by General online information 202±512±1530 the Office of the Federal Register, National Archives and Records Administration, Washington, DC 20408, under the Federal Register Single copies/back copies: Act (49 Stat. 500, as amended; 44 U.S.C. Ch. 15) and the Paper or fiche 512±1800 regulations of the Administrative Committee of the Federal Register Assistance with public single copies 512±1803 (1 CFR Ch. I). Distribution is made only by the Superintendent of Documents, U.S. Government Printing Office, Washington, DC FEDERAL AGENCIES 20402. Subscriptions: The Federal Register provides a uniform system for making Paper or fiche 523±5243 available to the public regulations and legal notices issued by Assistance with Federal agency subscriptions 523±5243 Federal agencies. These include Presidential proclamations and For other telephone numbers, see the Reader Aids section Executive Orders and Federal agency documents having general applicability and legal effect, documents required to be published at the end of this issue. by act of Congress and other Federal agency documents of public interest. Documents are on file for public inspection in the Office of the Federal Register the day before they are published, unless earlier filing is requested by the issuing agency. -
The Reason Given for the UK's Decision to Float Sterling Was the Weight of International Short-Term Capital
- Issue No. 181 No. 190, July 6, 1972 The Pound Afloat: The reason given for the U.K.'s decision to float sterling was the weight of international short-term capital movements which, despite concerted intervention from the Bank of England and European central banks, had necessitated massive sup port operations. The U.K. is anxious that the rate should quickly o.s move to a "realistic" level, at or around the old parity of %2. 40 - r,/, .• representing an effective 8% devaluation against the dollar. A w formal devaluation coupled with a wage freeze was urged by the :,I' Bank of England, but this would be politically embarrassing in the }t!IJ light of the U.K. Chancellor's repeated statements that the pound was "not at an unrealistic rate." The decision to float has been taken in spite of a danger that this may provoke an international or European monetary crisis. European markets tend to consider sterling as the dollar's first line of defense and, although the U.S. Treasury reaffirmed the Smithsonian Agreement, there are fears throughout Europe that pressure on the U.S. currency could disrupt the exchange rate re lationship established last December. On the Continent, the Dutch and Belgians have put forward a scheme for a joint float of Common Market currencies against the dollar. It will not easily be implemented, since speculation in the ex change markets has pushed the various EEC countries in different directions. The Germans have been under pressure to revalue, the Italians to devalue. Total opposition to a Community float is ex pected from France (this would sever the ties between the franc and gold), and the French also are adamant that Britain should re affirm its allegiance to the European monetary agreement and return to a fixed parity. -
EUROPEAN BANICING INTEGRATION, TEN YEARS AFTER by 95/92/FIN * Professor of Banking and Finance, at INSEAD, Boulevard De Constanc
EUROPEAN BANICING INTEGRATION, TEN YEARS AFTER by J. DERMINE 95/92/FIN * Professor of Banking and Finance, at INSEAD, Boulevard de Constance, 77305 Fontainebleau Codex, France. The author acknowledges financial support from INSEADs International Financial Services (IFS) programme. A working paper in the INSEAD Working Paper Series is intended as a means whereby a faculty researchers thoughts and findings may be communicated to interested readers. The paper should be considered preliminary in nature and may require revision. Printed at INSEAD, Fontainebleau, France EUROPEAN BANKING INTEGRATION, Ten Years After by Jean Dermine INSEAD F-77300 Fontainebleau, France October 1995 Revised and expanded version of a paper "Banking Industry in the ECs Internal Market" presented at a conference organized by the Sveriges Riksbank, Stockholm, November 1993. Forthcoming in European Financial Management. Abstract Ten year ago, the White Paper on the Completion of the Single Market announced the integration of European banking markets. The purpose of this essay is to identify four public issues that remain to be addressed. Home country control of international banks need to be complemented by host country control. The deposit guarantee schemes should be modified by rendering insured deposits "first order claim". A European authority is needed to ensure that banks do not exploit domestic rents to subsidize international activities. Finally, tax evasion is a fourth issue that remains to be addressed. At a meeting of the Council of Ministers held in Milan in 1985, the European Commission proposed a detailed timetable for the complete integration of European markets by January 1993. The aim was to dismantle the technological, regulatory and fiscal barriers which prevented the free flow of goods, capital and persons in the European Union. -
The Real Scandal on Spain's Economic Scene
Click here for Full Issue of EIR Volume 10, Number 10, March 15, 1983 ical environment of Spain today would appear to have other motivations than economic ones. A key to the apparent mystery may be the unusual serenity of the private banks. Indeed, it is now suspected that the entire operation against Rumasa was cooked up between the top private banks, in particular Banesto, Bilbao, Central, and Hispanoamericano, and Mariano Rubio, deputy governor of the Bank of Spain since 1965 and architect of the monetarist The real scandal on takeover of the country's finances. The profile of these top banks is highly interesting. Spain's economic scene Investments abroad-otherWise known as capital flight doubled in 1982 relative to 1981. Ninty-five percent of all overseas investment by banks was carried out by the top 10, by Katherine Kanter in Paris and after the United States-Miami, to be precise--Chile, Portugal, and Puerto Rico were the major recipients of Span When Spanish Finance Minister Miguel Boyer announced ish bankers' money. Investments increased most into Chile, Feb. 23, that due to non-cooperation on the part of the coun Puerto Rico, and Uruguary, and decreased in those countries try's largest private enterprise Rumasa S.A. (1.5 percent of struggling to industrialize in spite of their debt burden: Ar the GNP, 400 companies, 350,000 employees, 18 banks), gentina, Mexico, Brazil, and Peru. the government would probably have to send in auditors from Now, whatever one may think of the "ride' em cowboy" the central bank, the Bank of Spain, he provoked an imme entrepreneurial approach of Ruiz Mateus, the unescapable diate run on the Rumasa group's banks and a stir in the fact is that the Rumasa empire he controlled was the only :'1ternational financialpress demanding that Spain should be major economic and financial power in the country with some blacklisted on the credit markets. -
The Dangerous Breadth of the Hobbs Act and Other Corruption Statutes, The, 87 Notre Dame L
Notre Dame Law Review Volume 87 | Issue 1 Article 8 11-1-2011 Hobbs Leviathan: The aD ngerous Breadth of the Hobbs Act and Other Corruption Statutes, The John S. Gawey Follow this and additional works at: http://scholarship.law.nd.edu/ndlr Recommended Citation John S. Gawey, Hobbs Leviathan: The Dangerous Breadth of the Hobbs Act and Other Corruption Statutes, The, 87 Notre Dame L. Rev. 383 (2013). Available at: http://scholarship.law.nd.edu/ndlr/vol87/iss1/8 This Note is brought to you for free and open access by NDLScholarship. It has been accepted for inclusion in Notre Dame Law Review by an authorized administrator of NDLScholarship. For more information, please contact [email protected]. NOTES THE HOBBS LEVIATHAN: THE DANGEROUS BREADTH OF THE HOBBS ACT AND OTHER CORRUPTION STATUTES John S. Gawey* "[T]he more corrupt the State, the greater the number of its laws."' BACKGROUND On March 2, 1942 the Supreme Court infamously upheld the Sec- ond Circuit's reversals of extortion convictions for the Local 807 branch of the International Brotherhood of Teamsters in United States v. Local 807 InternationalBrotherhood of Teamsters.2 For years, Local 807 routinely stopped out-of-state non-union trucks carrying large quanti- ties of merchandise as they entered New York City and demanded, sometimes violently,3 that the drivers pay regular union-fees and per- * Candidate for Juris Doctor, Notre Dame Law School, 2012; B.A., Letters, University of Oklahoma, 2009. Many thanks to Professor G. Robert Blakey for his advice and encouragement during the planning stages of this Note, the staff of the Notre Dame Law Review for their work during the editing process, and finally to my parents Dr. -
A Map of the Financial Powers That Control P-2 Operations
Click here for Full Issue of EIR Volume 8, Number 27, July 7, 1981 THE BANKING CONNECTIONS A map of the financial powers that control P-2 operations by David Goldman, Economics Editor Italian banking has been more international in character precedented opportunity to work through the Chinese than any other country's since the 14th century, and it is boxes of money-laundering fr om the inside outwards. not likely that a scandal implicating the board chairmen The most prominent financier of the Italian Socialist of every major Italian bank could fail to have worldwide Party, Calvi built the $6 billion Banco Ambrosiano as the ramifications. In fact, the publication of P-2 Grand core of a $20 billion international empire of merged and Master Licio Gelli's membership list sent shock waves associated companies. But Ambrosiano itself fits tightly out to Canada, Hong Kong, and the Caribbean. The into a larger series of boxes, a publicity-shy but powerful evidence now in the public domain comes very close to international syndicate known as "Inter-Alpha," among demonstrating the existence of a tightly coordinated the first. It includes West Germany's BHF-Bank, world network for dirty money transactions-a "Dope, France's Swiss-connected Credit Commercial, the Kre Inc.," as this publication first characterized it in an dietbank of Luxemburg, and the British combination of October 1978 feature. Williams and Glyns-Royal Bank of Scotland, the latter Not merely the major Italian banks, but Bank of about to merge with the Hongkong and Shanghai Bank. America and Chase Manhattan in the United States, the Ambrosiano is thoroughly Italian in character, but Hongkong and Shanghai Bank, and major institutions not in ownership. -
Cross-Border Crime 1100
Eumpooo Jour d ISSN 0928-1371 00 D0mó000 po0óoy o11 oooooreh v© _ 1 Ro 0 Cross-border crime 1100 MU9W puil M~ M° WY© European Journal ISSN 0928-137 on Criminal Policy and Research Volume 1 no 3 Cross-border crime 1993 Kugler Publications Amsterdam/New York RDC, The Hague Aims and scope Advisory board The European Journal on Criminal Policy dr. H.-J. Albrecht, Germany and Research is a platform for discussion Max Planck Institute and information exchange on the crime dr. A.E. Bottoms, Great Britain problem in Europe. Every issue University of Cambridge concentrates on one central topic in the prof. dr. N.E. Courakis, Greece criminal field, incorporating different University of Athens angles and perspectives. The editorial prof. dr. J.J.M. van Dijk, The Netherlands policy is on an invitational basis. The Ministry of Justice / University of Leiden journal is at the same time policy-based dr. C. Faugeron, France and scientific, it is both informative and Cesdip plural in its approach. The journal is of prof. K. Gdnczàl, Hungary interest to researchers, policy makers and Eótvós University other parties that are involved in the dr. M. Joutsen, Finland crime problem in Europe. Heuni The European Journal on Criminal prof. dr. H.-J. Kerner, Germany Policy and Research is published by University of Tubingen Kugler Publications in cooperation with prof. dr. M. Levi, Great Britain the Research and Documentation Centre University of Wales of the Ministry of Justice in The dr. P. Mayhew, Great Britain Netherlands. The RDC is, independently Home Office from the Ministry, responsible for the prof. -
Public Integrity Section (PIN) REPORT to CONGRESS on THE
REPORT TO CONGRESS ON THE ACTIVITIES AND OPERATIONS OF THE PUBLIC INTEGRITY SECTION FOR 1995 Public Integrity Section Criminal Division United States Department of Justice Submitted Pursuant to Section 603 of the Ethics in Government Act of 1978 REPORT TO CONGRESS ON THE ACTIVITIES AND OPERATIONS OF THE PUBLIC INTEGRITY SECTION FOR 1995 qJ J't ' Public Integrity Section CriminI Division U.S. Department of Justice Submitted Pursuant to Section 529 of the Ethics in Government Act of 1978 WFRODUCTION This Report to the Congress, prepared as required by Section 529 of the Ethics in Government Act of 1978, details the activities and operations of the Public Integrity Section and provides statistics concerning the nationwide effort against corruption for calendar year 1995. The Public Integrity Section was established in 1976. The Section was given the responsibility for overseeing the federal effort to combat corruption through the prosecution of elected and appointed public officials at all levels of government. The Section is also responsible for supervising the handling of investigations and prosecutions of election crimes. Its attorneys prosecute selected cases against federal, state, and local officials, and are available as a source of advice and expertise to prosecutors and investigators. The Public Integrity Section also supervises the administration of the Independent Counsel provisions of the Ethics in Government Act. In addition, the Section serves as the Justice Department's center for the handling of issues that may arise from time to time regarding public corruption investigations and prosecutions. The Section maintains a staff of approximately 25 to 30 attorneys including experts in election law, the laws prohibiting conflicts of interest and bribery, the Independent Counsel provisions, and the statutes providing federal jurisdiction over corruption at the state and local levels. -
Beyond 1984: Undercover in America–Serpico to Abscam Robert Blecker New York Law School, [email protected]
digitalcommons.nyls.edu Faculty Scholarship Articles & Chapters 1984 Beyond 1984: Undercover in America–Serpico to Abscam Robert Blecker New York Law School, [email protected] Follow this and additional works at: http://digitalcommons.nyls.edu/fac_articles_chapters Part of the Criminal Law Commons Recommended Citation 28 N.Y.L. Sch. L. Rev. 823 (1983-1984) This Article is brought to you for free and open access by the Faculty Scholarship at DigitalCommons@NYLS. It has been accepted for inclusion in Articles & Chapters by an authorized administrator of DigitalCommons@NYLS. BEYOND 1984: UNDERCOVER IN AMERICA- SERPICO TO ABSCAM ROBERT I. BLECKER PART ONE PROLOGUE ................................................. 824 SERPICO To ARCHER ........................................ 840 The Archer Trial-United States v. Sherman: Subjective versus Objective Entrapment-Judge Friendly and Federal Jurisdiction-United States v. Russell-Archer reversed-A Second Try-The New York State Archer Case-Hampton v. United States: The Government on Both Sides-Archer's Conviction Affirmed: The Technique Vindicated. ABsc m ................................................... 872 The Undercover Background-Guccione and Williams-The Coaching Incident-Meyers' Payoff-Kelly-Schwartz and Jannotti. TRIALS AND HEARINGS ...................................... 899 United States v. Jannotti: Due Process-Congressional Hearings-The Archer Stain-United States v. Meyers-United States v. Williams-A Linguistic Probe of Abscam-Jannotti on Appeal: Entrapment and Due Process-United -
Beyond Competition for Incorporation
UC Berkeley Law and Economics Workshop Title Beyond Competition for Incorporation Permalink https://escholarship.org/uc/item/8dx735c2 Author Kamar, Ehud Publication Date 2005-10-01 eScholarship.org Powered by the California Digital Library University of California BEYOND COMPETITION FOR INCORPORATIONS Ehud Kamar* October 2005 Forthcoming in the Georgetown Law Journal This Article documents and analyzes a powerful form of regulatory competi- tion — competition for investments — that has transformed national corpo- rate laws in the European Union in recent years. Unlike the competition for incorporations that shapes Delaware corporate law and, by some accounts, the corporate laws of other American states as well, competition for invest- ments sparks innovation in corporate law when firms cannot incorporate outside the jurisdiction in which they operate, and is designed to attract in- vestments in local businesses rather than incorporations by foreign busi- nesses. The high political payoffs that await successful participants in the competition for investments enable them to overcome opposition that could stifle competition for incorporations. And, together with the fact that no single jurisdiction in the European Union can dominate the market for in- vestments, these payoffs drive multiple jurisdictions, including large ones, to compete. Allowing firms to incorporate outside the jurisdiction in which they operate, as a recent series of European Court of Justice rulings re- quires, may or may not breed competition for incorporations. Either way, however, as long as the competition for investments does not lose its steam, the effect on firms will be quite the same. Judging from the reforms that the competition for investments has fueled so far, the effect will be positive. -
Enforcement of Campaign Finance Rules: a System in Search of Reform
The Enforcement of Campaign Finance Rules: A System in Search of Reform Kenneth A. Grosst In the wake of the savings and loan crisis, the so-called "Keating Five" scandal, and increasing disillusionment with the electoral system, campaign finance reform is once again an issue of major national concern. As has often occurred in the past,' Congress appears poised to enact major campaign reform legislation as a response to these latest political scandals. Indeed, the United States Senate passed a campaign finance reform bill in May of this year,2 and the House of Representatives is currently considering campaign finance reform legislation.' While there have been many proposals to make substantive changes to the campaign finance laws, historically, these proposals have overlooked the need to improve procedures for enforcement of these laws. If this round of reforms is to be effective, particular attention must be devoted to the enforcement provisions in light of the critical inadequacies of the current enforcement scheme. The current enforcement mechanism is flawed in three fundamental ways. First, individuals and campaigns accused of Federal Election Campaign Act (FECA)4 violations do not enjoy many of the due process protections available to the accused in other administrative contexts. Second, the statutory enforce- ment scheme under the FECA constrains the ability of the Federal Election Commission (FEC) to adequately deter FECA violations-a daunting task in the face of entities that aggressively seek creative ways to evade the laws. Finally, despite the existence of a number of criminal statutes prohibiting elected officials from accepting campaign contributions for improper purposes, the criminal law has been of limited value in regulating campaign finance t Kenneth A.