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Value, Caution and Accountability in an Era of Large Banks and Complex Finance*
2011-2012 BETTING BIG 765 BETTING BIG: VALUE, CAUTION AND ACCOUNTABILITY IN AN ERA OF LARGE BANKS AND COMPLEX FINANCE* LAWRENCE G. BAXTER** Abstract Big banks are controversial. Their supporters maintain that they offer products, services and infrastructure that smaller banks simply cannot match and enjoy unprecedented economies of scale and scope. Detractors worry about the risks generated by big banks, their threats to financial stability, and the way they externalize costs of operation to the public. This article explains why there is no conclusive argument one way or the other and why simple measures for restricting the danger of big banks are neither plausible nor effective. The complex ecology of modern finance and the management and regulatory challenges generated by ultra-large banking, however, cast serious doubt on the proposition that the benefits of big banking outweigh its risks. Consequently, two general principles are proposed for further consideration. First, big banks should bear a greater degree of public accountability by reforming certain principles of corporate governance to require greater representation of public interests at the board and executive levels of big banks. Second, given the unproven promises of performance by big banks, their unimpressive actual record of performance, and the many hazards they inevitably generate or encounter, financial regulators should consciously adopt a strict cautionary approach. Under this approach, big banks would bear a very heavy onus to demonstrate in concrete terms that their continued growth – and even the maintenance of their current scale – can be adequately managed and supervised. * © Lawrence G. Baxter. ** Professor of the Practice of Law, Duke Law School. -
HAPPY FOURTH of JULY GEM STATE PATRIOTS “INSIDE THIS ISSUE” PAGE 2,3 Patriot Academy Graduation and Winning Essay by Elizabeth Harris
THE GEM STATE PATRIOT All Around Idaho Inc. Publication Knowledge is Power as Silence is Consent. We will Volume 16 , July 1, 2014 bring you the knowledge so you can rise up and © restore freedom and liberty back to our country. Welcome to The Gem State Patriot, we are a not-for-profit newsletter. HAPPY FOURTH OF JULY GEM STATE PATRIOTS “INSIDE THIS ISSUE” PAGE 2,3 Patriot Academy Graduation and Winning Essay by Elizabeth Harris. PAGE 4 Is Idaho’s Standard Concealed Carry Permit Going Away by Greg Pruett. PAGE 5,6 They Call It Black Friday for a Reason by Brent Regan . PAGE 7 The Credentials Committee of 2014 Republican Convention by Gresham Bouma. PAGE 8,9 There’s a New Kid in Town by Darr Moon. PAGE 10 Kevin Miller 580KIDO for the Boise Rescue Mission. PAGE 11 E-Mail Letter from Governor Otter. PAGE 12 Reply to Governor Otter’s Unity E-Mail by Robert and Barbara Forrey. PAGE 13,14 Rebuke of Governor Otter’s E-Mail by Tea Party Bob. PAGE 14 Introduction to a Democrat by Robert Forrey. PAGE 15 Rino Hunting—Remember the State Healthcare Exchange . PAGE 16 Knock Knock Butch-Please Reread the Proper Role of Government by Wayne Hoffman. PAGE 17 Eviction Notice to Lobbyists: Reprint and send to your legislator. PAGE 18,19 Food for Thought by Darr Moon / Thank You Letter from Senator Fulcher. PAGE 20,21 Operation American Spring by Warren Grover. PAGE 23,24 Common Core Ties to Federal Funding by Austin Hill/Idaho Reporter. PAGE 25-28 Consequences & Motives by Rich Loudenback. -
Phony Philanthropy of the Walmart Heirs
Legal Disclaimer: UFCW and OUR Walmart have the purpose of helping Wal-Mart employees as individuals or groups in their dealings with Wal-Mart over labor rights and standards and their efforts to have Wal-Mart publically commit to adhering to labor rights and standards. UFCW and OUR Walmart have no intent to have Walmart recognize or bargain with UFCW or OUR Walmart as the representative of Walmart employees. Walmart1Percent.Org WALTON FAMILY “PHILANTHROPY”: A Distraction from the Walmart Economy Americans believe in the power of charitable giving. Eighty-eight percent of American households give to charity, contributing more than $2,000 per year on average.1 Despite their charitable inclinations, most American families, acting on their own, lack the financial resources to make a significant impact on the problems facing our society. The Walton family, majority owner of Walmart, is a notable exception. As members of the richest family in the United States, the Waltons have $140 billion at their disposal—enough wealth to make a positive mark on the world and still leave a fortune for their descendants. The Waltons certainly wish to be seen as a force for good. Their company claims to help people “live better” and the Walton Family Foundation mission statement speaks of “creating opportunity so that individuals and communities can live better in today’s world.”2 But that mission statement seems ironic, given that many of the most acute challenges facing American families in 2014 could rightfully be viewed as symptoms of our “Walmart economy,” characterized by rising inequality and economic insecurity. -
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Can- Dom- tate ino Choir School News A Newsletter for Alumni & Friends of Saint Thomas Choir School SUMMER/FALL 2017 SUMMER/FALL The Class of 2017 FROM THE HEADMASTER’ S DESK After fourteen years at Saint Thomas, I’ve become eligible for my first-ever sabbatical, a six-month period beginning on July 1, 2017. During my absence, Amy Francisco, our seasoned English teacher, will expand her responsibilities to serve as Acting Head of School. As the newsletter goes to press, I’m making final preparations for this exciting opportunity and passing the reins into Ms. Francisco’s capable hands. My time away will be divided between two spots rather unlike West 58th Street: Morocco and Marseille. I’ll be working in parishes with significant ministries to refugees, and the focus of my daily life and work will shift markedly from my “day job.” Rather than addressing the educational needs of young people, I’ll be helping persons from different creeds and cultures who seek a better life for themselves and their families, often against great adversity. As stimulating as these challenges will be, I shall miss the rhythm of our common life at Saint Thomas. Happily, time apart is beneficial: it reminds us of our many blessings and our capacity to build meaningful relationships in new contexts. I look forward to returning to Saint Thomas in January 2018 with fresh perspectives – and stories to share. You are always in my thoughts and prayers. –Charles F. Wallace, Headmaster GRADUATION The ninety-eighth commencement exercises of the Choir School were held on June 10. -
[IRE Journal Issue Irejournaljulyaug2006; Tue Dec 5
95920 Quotes 8.5x11 2/17/06 3:04 PM Page 1 It’s not just about the words It’s about the Expand your pool of expert sources with quotesSM ProfNet Experts from PR Newswire. ProfNet ExpertsSM from PR Newswire is the smart but simple way to find fresh new sources for interviews and quotes. Our network of 13,000 news and information officers—representing more than 4,000 organizations on five continents—is standing by to help you develop stories on any topic. Just submit a query describing the nature of the expertise you need or search our database of 20,000 expert profiles. You’ll quickly connect with expert sources that can provide just the insights and quotes you need for your story. It’s fast, easy and it’s free. Find out today how ProfNet Experts can assist in making your job easier and your story more credible. Go to www.prnewswire.com/media or contact PR Newswire’s Media Help Desk at 800-387-8448. News Release Distribution and Archives • Multimedia and Photos • Media-only Web Site • Expert Database © PR Newswire Association LLC 2006 Publication: IRE Journal CONTENTSFEATURES THE IRE JOURNAL TABLE OF Contents 14 - 23 ON THE JOB JULY/AUGUST 2006 FATAL WORK Employers net small fines from OSHA 4 Service journalism when workers injured, killed on the job vs. corporate profits By Mike Casey By Brant Houston The Kansas City Star The IRE Journal BAD AIR 7 DRUG SCANDAL Workers battle respiratory ailments Major league baseball and ‘juicing’ after OSHA fails to establish regs of athletes the subject of three books By Randy Ludlow By Steve Weinberg -
List of Tax Reform Good News
List of Tax Reform Good News 1,200 examples of pay raises, charitable donations, special bonuses, 401(k) match hikes, business expansions, benefit increases, and utility rate reductions attributed to the Tax Cuts and Jobs Act As of August 17, 2020. Please send any additions to this list to John Kartch at [email protected] This list and all 50 state lists are constantly updated – please access this national list and all 50 state lists at www.atr.org/list A 1A Auto, Inc. (Westford, Massachusetts) -- Bonuses for all full-time employees: Massachusetts based online auto parts retailer 1A Auto announced across the board cash bonuses for all full-time employees. CEO Rick Green says that the decision was based on recent changes to tax policy. In a company meeting Wednesday, Green told employees, "Ultimately the tax savings will be passed to our customers in the form of lower prices, but we want to also share some of the savings with you, our hard-working employees." Jan. 25, 2018 1A Auto, Inc. press release 2nd South Market (Twin Falls, Idaho) -- A food hall is opening because of the TCJA Opportunity Zone program, and is slated to create new jobs: One of the nation’s fastest-growing trends, food halls, is coming to Twin Falls. 2nd South Market, slated to open this summer, will be housed in the historic 1926 downtown Twin Falls building formerly occupied by the Salvation Army. 2ndSouth Market will be the first Opportunity Zone project to open in Idaho and the state’s third Opportunity Zone investment. -
I:\28947 Ind Law Rev 47-1\47Masthead.Wpd
CITIGROUP: A CASE STUDY IN MANAGERIAL AND REGULATORY FAILURES ARTHUR E. WILMARTH, JR.* “I don’t think [Citigroup is] too big to manage or govern at all . [W]hen you look at the results of what happened, you have to say it was a great success.” Sanford “Sandy” Weill, chairman of Citigroup, 1998-20061 “Our job is to set a tone at the top to incent people to do the right thing and to set up safety nets to catch people who make mistakes or do the wrong thing and correct those as quickly as possible. And it is working. It is working.” Charles O. “Chuck” Prince III, CEO of Citigroup, 2003-20072 “People know I was concerned about the markets. Clearly, there were things wrong. But I don’t know of anyone who foresaw a perfect storm, and that’s what we’ve had here.” Robert Rubin, chairman of Citigroup’s executive committee, 1999- 20093 “I do not think we did enough as [regulators] with the authority we had to help contain the risks that ultimately emerged in [Citigroup].” Timothy Geithner, President of the Federal Reserve Bank of New York, 2003-2009; Secretary of the Treasury, 2009-20134 * Professor of Law and Executive Director of the Center for Law, Economics & Finance, George Washington University Law School. I wish to thank GW Law School and Dean Greg Maggs for a summer research grant that supported my work on this Article. I am indebted to Eric Klein, a member of GW Law’s Class of 2015, and Germaine Leahy, Head of Reference in the Jacob Burns Law Library, for their superb research assistance. -
Why Did “We” Not Work?
LANGEVOORT.PRINTER.UPDATED (DO NOT DELETE) 7/18/2021 5:50 PM Corporate Adolescence: Why Did “We” Not Work? * Donald C. Langevoort and Hillary A. Sale In academic and public commentary, entrepreneurial finance is usually portrayed as a quintessential American success story, an institutional structure whereby expert venture capitalists with strong reputational incentives channel much-needed equity to deserving entrepreneurs, then subject them to intense monitoring to assure they stay on the path to hoped- for success in the form of an initial public offering or public company acquisition.1 Thus, it is jarring that in recent years there have been so many troubles, from gross embarrassments to allegations of outright criminality, at companies like Uber, Theranos, and our subject here, WeWork. These dramas are often portrayed in terms of the predictable sins of youthfulness: reckless, disruptive, risk-taking behaviors that come from the volatile interaction of a charismatic young leader and a cult(ure) of STEM-smart followers who buy into the dream.2 * The authors thank Craig Lewis, Sharon Nellis, and Elizabeth Pollman for their helpful comments and Olivia Brown, Samantha Glazer, Hollie Chenault, Claire Creighton, Jing Xu, and Michael Marcus for their research, insights, and good humor. 1. E.g., Bernard S. Black & Ronald J. Gilson, Venture Capital and the Structure of Capital Markets, 47 J. FIN. ECON. 243 (1998). 2. See generally JOHN CARREYROU, BAD BLOOD: SECRETS AND LIES IN A SILICON VALLEY STARTUP (2018) (discussing the Theranos scandal -
Turning a Blind Eye: Why Washington Keeps Giving in to Wall Street
GW Law Faculty Publications & Other Works Faculty Scholarship 2013 Turning a Blind Eye: Why Washington Keeps Giving In to Wall Street Arthur E. Wilmarth Jr. George Washington University Law School, [email protected] Follow this and additional works at: https://scholarship.law.gwu.edu/faculty_publications Part of the Law Commons Recommended Citation Arthur E. Wilmarth, Jr., Turning a Blind Eye: Why Washington Keeps Giving In to Wall Street, 81 University of Cincinnati Law Review 1283-1446 (2013). This Article is brought to you for free and open access by the Faculty Scholarship at Scholarly Commons. It has been accepted for inclusion in GW Law Faculty Publications & Other Works by an authorized administrator of Scholarly Commons. For more information, please contact [email protected]. GW Law School Public Law and Legal Theory Paper No. 2013‐117 GW Legal Studies Research Paper No. 2013‐117 Turning a Blind Eye: Why Washington Keeps Giving In to Wall Street Arthur E. Wilmarth, Jr. 2013 81 U. CIN. L. REV. 1283-1446 This paper can be downloaded free of charge from the Social Science Research Network: http://ssrn.com/abstract=2327872 TURNING A BLIND EYE: WHY WASHINGTON KEEPS GIVING IN TO WALL STREET Arthur E. Wilmarth, Jr.* As the Dodd–Frank Act approaches its third anniversary in mid-2013, federal regulators have missed deadlines for more than 60% of the required implementing rules. The financial industry has undermined Dodd–Frank by lobbying regulators to delay or weaken rules, by suing to overturn completed rules, and by pushing for legislation to freeze agency budgets and repeal Dodd–Frank’s key mandates. -
Best Recent News Stories and Opinion Pieces About Corporate Tax Inversions Americans for Tax Fairness As of July 24, 2014
Best Recent News Stories and Opinion Pieces About Corporate Tax Inversions Americans for Tax Fairness As of July 24, 2014 Positively un-American Tax Dodges, Allan Sloan, Fortune, July 7, 2014 At Walgreen, Renouncing Corporate Citizenship, Andrew Ross Sorkin, The New York Times, June 30, 2014 A decision to desert America: To dodge taxes, more U.S. companies eye moving abroad, Sen. Dick Durbin, The Chicago Tribune, July 23, 2014 Companies Take U.S. Benefits, but Flee US Taxes, Editorial Board, The Raleigh News and Observer, July 10, 2014 An Open Letter to Medtronic on What it Means to be an American company, Steve Pearlstein, The Washington Post, June 20, 2014 U.S. Stands to Lose Billions From Corporate Tax Inversions, Joseph Walker, The Wall Street Journal, July 14, 2014 Tax Inversion: How U.S. Companies Buy Tax Breaks, Zachary Mider, Bloomberg News, July 14, 2014 Corporate Tax Dodgers Leave the Rest of Us to Foot the Bill, Allan Sloan, The Washington Post, July 12, 2014 Tax avoidance: The Irish inversion, Vanessa Houlder, Vincent Boland and James Politi, The Financial Times, April 29, 2014 In Deal to Cut Corporate Taxes, Shareholders Pay the Price, Steven Davidoff Solomon, The New York Times, July 8, 2014 How to Win Billions in Federal Contracts on a Permanent Tax Holiday, Zachary Mider, Bloomberg News, July 8, 2014 Key Senate Democrat Urges Action to Limit Tax Inversion ‘Virus’, Jim Puzzanghera, The Los Angeles times, July 22, 2014 Foreign Tax Ploys Raise a Question: What is an American Company? Allan Sloan, Fortune, June 2, 2014 Walgreens Potential HQ Move Draws Dixon Mayor’s Ire, Peter Frost, The Chicago Tribune, July 3, 2014 U.S. -
The 2020 Prize Winners
THE 2020 PRIZE WINNERS JOURNALISM PUBLIC SERVICE The Anchorage Daily News, in collaboration with ProPublica BREAKING NEWS REPORTING Staff of The Courier-Journal, Louisville, Ky. INVESTIGATIVE REPORTING Brian M. Rosenthal of The New York Times EXPLANATORY REPORTING Staff of The Washington Post LOCAL REPORTING Staff of The Baltimore Sun NATIONAL REPORTING T. Christian Miller, Megan Rose and Robert Faturechi of ProPublica and Dominic Gates, Steve Miletich, Mike Baker and Lewis Kamb of The Seattle Times INTERNATIONAL REPORTING Staff of The New York Times FEATURE WRITING Ben Taub of The New Yorker COMMENTARY Nikole Hannah-Jones of The New York Times CRITICISM Christopher Knight of the Los Angeles Times EDITORIAL WRITING Jeffery Gerritt of the Palestine (Tx.) Herald-Press EDITORIAL CARTOONING Barry Blitt, contributor, The New Yorker BREAKING NEWS PHOTOGRAPHY Photography Staff of Reuters FEATURE PHOTOGRAPHY Channi Anand, Mukhtar Khan and Dar Yasin of the Associated Press AUDIO REPORTING Staff of This American Life with Molly O’Toole of the Los Angeles Times and Emily Green, freelancer for Vice News for “The Out Crowd” THE 2020 PRIZE WINNERS LETTERS, DRAMA AND MUSIC FICTION The Nickel Boys by Colson Whitehead (Doubleday) DRAMA A Strange Loop by Michael R. Jackson HISTORY Sweet Taste of Liberty: A True Story of Slavery and Restitution in America by W. Caleb McDaniel (Oxford University Press) BIOGRAPHY Sontag: Her Life and Work by Benjamin Moser (Ecco/HarperCollins) POETRY The Tradition by Jericho Brown (Copper Canyon Press) GENERAL NONFICTION The Undying: Pain, Vulnerability, Mortality, Medicine, Art, Time, Dreams, Data, Exhaustion, Cancer, and Care by Anne Boyer (Farrar, Straus and Giroux) and The End of the Myth: From the Frontier to the Border Wall in the Mind of America by Greg Grandin (Metropolitan Books) MUSIC The Central Park Five by Anthony Davis, premiered by Long Beach Opera on June 15, 2019 SPECIAL CITATIONS Ida B. -
April 2011 Quarterly Program Topic Report Category: Abortion NOLA: MLNH 010002 Series Title: PBS Newshour Length
April 2011 Quarterly Program Topic Report Category: Abortion NOLA: MLNH 010002 Series Title: PBS NewsHour Length: 60 minutes Airdate: 4/8/2011 6:00:00 PM Service: PBS Format: News Segment Length: 00:10:09 Budget Battle Lines Drawn Over Spending, Planned Parenthood as Shutdown Nears: Federal agencies prepared for a shutdown as negotiators struggled to reach a budget compromise. Jeffrey Brown discusses the latest on the budget talks with Todd Zwillich, Washington correspondent for WNYC radio. Category: Abortion NOLA: MLNH 010015 Series Title: PBS NewsHour Length: 60 minutes Airdate: 4/27/2011 6:00:00 PM Service: PBS Format: News Segment Length: 00:07:47 Budget Battles Reignite Animosity Between Congress, D.C. Government: Kwame Holman reports on the historically tense relations between Congress and the District of Columbia's residents and local politicians. The two worlds collided recently when Congress and President Obama reached a budget agreement in part through provisions affecting abortion services and private- school voucher programs in D.C. Category: Aging NOLA: MLNH 010000 Series Title: PBS NewsHour Length: 60 minutes Airdate: 4/6/2011 6:00:00 PM Service: PBS Format: News Segment Length: 00:06:55 Estrogen Study Lead Researcher on Risks, Benefits of Hormone-Replacement Therapy: Once a popular treatment for menopause symptoms, hormone- replacement therapy had come under scrutiny for raising the risk of certain diseases, but a new study found a reduced risk of breast cancer and other benefits for some women. Jeffrey Brown discusses the latest findings with Dr. Andrea LaCroix, the study's lead author. Category: Aging NOLA: NBRT 030214 Series Title: Nightly Business Report Length: 30 minutes Airdate: 4/28/2011 5:30:00 PM Service: PBS Format: Magazine Segment Length: 00:00:00 Baby Boomers are Working Longer; Baby Boomers, Retirement, and Inheritance; NYSE Says No to Merger Bids; Demand for Nuclear Energy Rises; Preview of Berkshire Hathaway Shareholder Meeting; US Economy Slows in First Quarter; Market Focus with Tom Hudson; Market Stats for April 28, 2011.