Posts Tagged ‘corporate governance’

Banking and finance roundup

Banking and finance roundup

Banking and finance roundup

  • High cross-border remittance costs for globally mobile workers slow ascent from poverty, and know-your-customer and money-laundering regulations have made things worse [Money and Banking]
  • “The Supreme Court should find ALJs to be ‘officers of the United States’ and thus make them subject to presidential appointment and removal.” [Ilya Shapiro on Cato merits amicus filing in Lucia v. Securities and Exchange Commission]
  • “Settlement of Lawyer-Driven ‘Merger Tax’ Litigation Stumbles in New York” [Greg Herbers, WLF]
  • “Financial Regulation: The Apotheosis of the Administrative State?” 2017 National Lawyers Convention Federalist Society panel with Richard Epstein, Hal Scott, Peter Wallison, and Arthur Wilmarth, moderated by Judge Carlos Bea;
  • With advances in Oregon and even California, deregulation of commercial insurance lines is having a moment [Ray Lehmann, Insurance Journal; Lehmann’s 2017 Insurance Regulation Report Card for R Street Institute] Perennially troubled Massachusetts, on the other hand, continues slide in same survey [Agency Checklists]
  • Tech companies have been experimenting with old and lawful device of dual class stock and SEC shouldn’t be allowed to use raised eyebrow power to stop that [Bainbridge, WLF]

“California Bill Would Mandate Gender Quotas For Publicly Traded Companies”

“Earlier this month, California Senators Hannah-Beth Jackson and Toni G. Atkins introduced a bill, SB 826, that would require a publicly held corporation with its principal places of business in California to have a minimum number of women directors.” [Keith Paul Bishop, Cal Corporate Law, via Prof. Bainbridge, who asks: “How is this constitutional?”]

Banking and finance roundup

Banking and finance roundup

  • D.C. Circuit’s en banc decision upholding constitutionality of CFPB disappointing but not surprising. On to SCOTUS [Ilya Shapiro, Aaron Nielson, Jonathan Adler]
  • Big thinking under way at the SEC could replace securities class action sector with free contract: “The SEC should authorize mandatory arbitration of shareholder class action lawsuits” [Bainbridge, Benjamin Bain/Bloomberg News (noting that broker dealers have long been free to use arbitration clauses)]
  • Milberg Weiss founder Melvyn Weiss dies at 82 [ABA Journal, our coverage over the years of Weiss and his firm, @PaulHorwitz (“Give generously, and to the right people, so that your NYT obit can be a glowing apologia despite a few inconvenient facts.”)]
  • Here come the shareholder derivative suits over sleazy-boss #MeToo scandals [Kevin LaCroix] “NERA: 2017 Securities Suits Filed at ‘Record Pace'” [same]
  • Rogoff rebuttals: “More Evidence of the High Collateral Damage of a War on Cash” [Lawrence White, Cato, earlier] “Money as coined liberty” [David R. Henderson]
  • Quotas/targets for percentages of women, disabled and indigenous persons on Canadian corporate boards? [Terence Corcoran/Financial Post, more]

Banking and finance roundup

Banking and finance roundup

“Theresa May’s proposed curbs on business are rehashed Milibandism”

Curbs on CEO pay, laws requiring worker representatives on company boards? Sounds as if incoming British prime minister Theresa May wants Euro policy despite Brexit [Sam Bowman, Telegraph]:

Take worker representation on company boards. It sounds fair, if worryingly European, but can backfire badly.

Volkswagen’s board turned toxic when its former chairman allied himself with workers’ representatives to block layoffs and wage cuts at the firm’s notoriously inefficient main factory in Wolfsburg, in exchange for support on other issues. In the wake of the carmaker’s costly emissions scandal, a former supervisory board member said in a newspaper interview that “it just killed the board as a place of proper discussion”.

Banking and finance roundup