From the 2009 News Archive

Prof. Rhee Decries AIG Bailout in National Law Journal Op-Ed

In a March 23 op-ed in the National Law Journal, Associate Professor of Law Robert Rhee suggests the AIG bonus scandal is a "distracting sideshow" diverting attention from the real scandal: the bailout of counterparty party risk in the wind up of the derivatives business.

"The AIG bailout is a wealth transfer scheme in the guise of a public investment in a supposedly going concern," wrote Rhee. "In plain English, AIG is winding up its derivative business. Since it was on the losing side of derivatives bets, wind up means payment to winners."

Read Professor Rhee’s National Law Journal op-ed “Who assumes risk?”

Professor Rhee, who joined the Maryland Law faculty in 2008, holds a JD from George Washington University and an MBA from the University of Pennsylvania’s Wharton School of Business. His legal experience includes positions as a law clerk on the U.S. Court of Appeals for the Third Circuit, and a trial attorney in the Honors Program of the U.S. Department of Justice. Professor Rhee also has significant investment banking experience. He was a vice president in financial institutions investment banking at Swiss Re (Fox-Pitt, Kelton unit) in New York, and an M&A investment banker at UBS Warburg in London and a real estate investment banker Deutchebanc Alex Brown in Baltimore. His scholarly interests include risk-focused economic analyses of legal and social problems. His articles have been published or accepted for publication in journals including the New York University Law Review, and Northwestern University Law Review.

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