The rapid escalation in uninsured deposit runs in March 2023 led to chaotic intervention with potentially severe fiscal implications. The runs spotlighted once again the limit on prudential norms. Since the collapse of SVB, Credit Suisse, and other smaller banks
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Davis Polk Discusses RECOUP Act’s Clawbacks of Failed-Bank Executives’ Compensation
In a recent opinion piece in the Washington Post, former FDIC Chair Sheila Bair and leading British bank historian Charles Goodhart argued in favor of the executive compensation clawback provision in the proposed RECOUP Act, which we analyzed here.…
Cleary Gottlieb Discusses Refusal of Delaware Bankruptcy Judge to Order Arbitration
In a memorandum opinion and order issued on March 27, 2024, in In re Yellow Corporation, et. al., Judge Craig T. Goldblatt denied motions filed by multiemployer pension funds to arbitrate debtors’ objections to pension withdrawal liability claims in the…
How to Regulate FinTech, Crypto Assets, DeFi, and Other Financial Innovations
In a new article, I attempt to build a systematic framework for regulating FinTech-driven innovations. In doing so, I clarify and simplify the confusing terminology that makes FinTech appear more complicated than it is.
“FinTech” refers to the use of…
Why Criminal Recordkeeping Laws Are Justified, Including in the Case Against Trump
In March 2023, Donald Trump became the first former U.S. president to be charged with a crime. And barring any last-minute delays, next week he will become the first former U.S. president to stand trial as a criminal defendant. Trump’s…
Ropes & Gray Discusses Executive Order Limiting Data Transfers to China and Other Nations
On February 28, 2024, President Biden announced an Executive Order (“EO”) directing the Department of Justice (“DOJ”) to promulgate regulations that restrict or prohibit transactions involving certain bulk sensitive personal data or United States Government-related data and countries of concern…
Are Financial Firms Ready for Climate Regulation?
Regulators globally are requiring companies to disclose their greenhouse gas (GHG) emissions. For companies in some industries, Scope 1 and 2 emissions – covering, respectively, emissions from direct fuel use and from acquired energy – will cover most relevant emissions…
We Need to Move Beyond Profit Maximization to Plural Business Purposes
For many business economists and legal academics, the purpose of any business organization is simply stated: to maximize profits. And it is true that many practical advantages may follow from this statement of purpose. Focusing only on profit-making allows leaders…
Can Antitrust Promote Sustainability and Reduce Inequality?
How can antitrust best serve social goals? For the many who argue that market power yields greater wealth inequality, vigorous antitrust enforcement is necessary to close the gap. Yet equality is not a consideration for current antitrust policy, which…
Cleary Gottlieb Discusses How Merger Safe Harbor for Sherman Act Violations Punishes Innocent Acquirers
In March 2024, the U.S. Department of Justice (“DOJ”) revised its Justice Manual to include a new safe harbor for acquiring companies that self-report criminal conduct by an acquired company identified in due diligence (the “Safe Harbor”). When the Safe…