Institutional choice in an economic crisis

Wisconsin Law Review

Volumn 2013, Issue 2, 2013, Pages 629-647

  Skeel, David A ^a  

^a UNIVERSITY OF PENNSYLVANIA LAW SCHOOL   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 84878941899     PISSN: 0043650X     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Review

References (42)

1. NEIL K. KOMESAR, IMPERFECT ALTERNATIVES: CHOOSING INSTITUTIONS IN LAW, ECONOMICS, AND PUBLIC POLICY (1994).
2. NEIL K. KOMESAR, LAW'S LIMITS: THE RULE OF LAW AND THE SUPPLY AND DEMAND OF RIGHTS (2001).
3. See Jonathan C. Lipson, Epic Fail: An Institutional Analysis of Financial Distress 74-77
4. See ERIC A. POSNER & ADRIAN VERMEULE, THE EXECUTIVE UNBOUND: AFTER THE MADISONIAN REPUBLIC (2010).
5. See, e.g., Kate Kelly, Fear, Rumors Touched Off Fatal Run on Bear Stearns, WALL ST. J. (May 28, 2008), http://online.wsj.com/article/ SB121193290927324603.html.
6. See, e.g., Roddy Boyd, The Last Days of Bear Stearns, CNNMONEY (Mar. 31, 2008), http://money.cnn.com/2008/03/28/magazines/fortune/boyd-bear.fortune/.
7. David Lawder, NY Fed to Provide $29 Billion in Bear Stearns Financing, REUTERS, Mar. 24, 2008, available at http://www.reuters.com/article/ 2008/03/24/usbearstearns-fed-idUSWAT00917720080324.
8. Kate Kelly, Bears Stearns Neared Collapse Twice in Frenzied Final Week, WALL ST. J. (May 29, 2008), http://online.wsj.com/article/SB121202057232127889. html.
9. Marcel Kahan & Edward Rock, How to Prevent Hard Cases from Making Bad Law: Bear Stearns, Delaware, and the Strategic Use of Comity, 58 EMORY L.J. 713 (2009)
10. See generally DAVID WESSEL, IN FED WE TRUST: BEN BERNANKE'S WAR ON THE GREAT PANIC 176-87 (2009)
11. See Too Big to Fail: The Role for Bankruptcy and Antitrust Law in Financial Regulation Reform (Part I): Hearing Before the Subcomm. on Commercial & Admin. Law of the H. Comm. on the Judiciary, 111th Cong. 69-73 (2009)
12. See William K. Sjostrom, Jr., The AIG Bailout, 66 WASH. & LEE L. REV. 943 (2009)
13. See, e.g., Eric A. Posner & Adrian Vermeule, Crisis Governance in the Administrative State: 9/11 and the Financial Meltdown of 2008, 76 U. CHI. L. REV. 1613, 1629-30 (2009).
14. See ANDREW ROSS SORKIN, TOO BIG TO FAIL: THE INSIDE STORY OF HOW WALL STREET AND WASHINGTON FOUGHT TO SAVE THE FINANCIAL SYSTEM-AND THEMSELVES 490-97 (2009).
15. See JOHN B. TAYLOR, GETTING OFF TRACK: HOW GOVERNMENT ACTIONS AND INTERVENTIONS CAUSED, PROLONGED, AND WORSENED THE FINANCIAL CRISIS 28 (2009).
16. See Wendy Jones, Paulson, Bernanke Testify, Get Grilled, NBC NEWS (Nov. 18, 2008, 7:25 PM), http://firstread.msnbc.msn.com/-news/2008/11/18/4425489- paulson-bernanke-testify-get-grilled (quoting Paulson testimony).
17. See Michael Giusti, Automakers Receive $17 Billion in Bush Bailout, BANKRATE.COM, http://www.bankrate.com/finance/auto/automakers-receive- 17-billionin-bush-bailout-1.aspx (last visited Feb. 25, 2013).
18. Steven Rattner, The Auto Bailout: How We Did It, CNNMONEY (Oct. 21, 2009, 9:30 AM), http://money.cnn.com/2009/10/21/autos/auto-bailout-rattner.fortune/ (asomewhat self-serving inside account of the Auto Task Force's work).
19. Mark J. Roe & David Skeel, Assessing the Chrysler Bankruptcy, 108 MICH. L. REV. 727, 733-34 (2010)
20. See, e.g., Steven Rattner, Delusions about the Detroit Bailout, N.Y. TIMES, Feb. 24, 2012, at A27
21. Ind. State Police Pension Trust v. Chrysler LLC, 130 S. Ct. 1015 (2009).
22. David Ellis, Stress Tests: Banks Need $75 Billion, CNNMONEY (May 8, 2009, 7:47 AM), http://money.cnn.com/2009/05/07/news/companies/stress-test- announcement/index.htm.
23. Davis Polk & Wardwell LLP, Summary of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Enacted into Law on July 21, 2010, i (July 21, 2010), http://www.davispolk.com/files/Publication/7084f9fe-6580-413b-b870- b7c025ed2ecf/Presentation/PublicationAttachment/1d4495c7-0be0-4e9a-ba77- f786fb90464a/070910-Financial-Reform-Summary.pdf.
24. See Neil K. Komesar, The Logic of the Law and the Essence of Economics: Reflections on Forty Years in the Wilderness, 2013 WIS. L. REV. 265, 288.
25. Thomas W. Merrill, Institutional Choice and Political Faith, 22 LAW & SOC. INQUIRY 959, 982-87 (1997)
26. See Conor Friedersdorf, Why the Tea Party and Occupy Wall Street Should Cooperate, ATLANTIC (Oct. 11, 2011, 11:00 AM), http://www.theatlantic.com/ politics/archive/2011/10/why-the-tea-party-and-occupy-wall-street-should- cooperate/246413/.
27. See, e.g., Aziz Z. Huq, Binding the Executive (by Law or by Politics), 79 U. CHI. L. REV. 777, 795-99 (2012)
28. Richard H. Pildes, Law and the President, 125 HARV. L. REV. 1381, 1407 (2012)
29. Saikrishna B. Prakash & Michael D. Ramsey, The Goldilocks Executive, 90 TEX. L. REV. 973, 985-95 (2012)
30. See Franklin D. Roosevelt, Inaugural Address. March 4, 1933, in 2 THE PUBLIC PAPERS AND ADDRESSES OF FRANKLIN D. ROOSEVELT 15 (Random House 1938).
31. See JONATHAN ALTER, THE DEFINING MOMENT: FDR'S HUNDRED DAYS AND THE TRIUMPH OF HOPE 322-23 (2006).
32. BRADLEY BLAYLOCK ET AL., THE MARKET-WIDE CONSEQUENCES OF GOVERNMENT INTERVENTION 32-33 (2011), available at http://home.business.utah.edu/finmh/ GovIntervention.pdf
33. DENIZ ANGINER & A. JOSEPH WARBURTON, THE CHRYSLER EFFECT: THE IMPACT OF THE CHRYSLER BAILOUT ON BORROWING COSTS 31-32 (2011), available at http://www.clevelandfed.org/research/conferences/2011/4-14-2011/ Anginer-Warburton.pdf.
34. see, for example, Larry E. Ribstein, Bubble Laws, 40 HOUS. L. REV. 77 (2003
35. Roberta Romano, The Sarbanes-Oxley Act and the Making of Quack Corporate Governance, 114 YALE L.J. 1521, 1591-94 (2005).
36. DAVID SKEEL, ICARUS IN THE BOARDROOM: THE FUNDAMENTAL FLAWS IN CORPORATE AMERICA AND WHERE THEY CAME FROM (2005).
37. see Thomas H. Jackson & David A. Skeel, Jr., Dynamic Resolution of Large Financial Institutions, 2 HARV. BUS. L. REV. 435, 441 (2012).
38. Editorial, What about the Rest of Us?, N.Y. TIMES (Sept. 25, 2008), http://www.nytimes.com/2008/09/26/opinion/26fri1.html?-r=0.
39. See DEP'T OF THE TREASURY, FINANCIAL REGULATORY REFORM: A NEW FOUNDATION 76-79 (2009) [hereinafter FINANCIAL REGULATORY REFORM], available at http://www.treasury.gov/initiatives/Documents/FinalReport-web.pdf.
40. See, e.g., Mark J. Roe, Delaware's Competition, 117 HARV. L. REV. 588, 592 (2003).
41. See Michael J. de la Merced, Lehman Sale to Barclays Was Proper, Judge Rules, N.Y. TIMES DEALBOOK (Feb. 22, 2011, 7:55 PM), http://dealbook.nytimes. com/2011/02/22/lehman-sale-to-barclays-was-proper-judge-rules/.
42. See Ind. State Police Pension Trust v. Chrysler LLC, 130 S. Ct. 1015 (2009).