Faculty in the News - Archive
Thursday, September 25, 2008
Professor Michael GreenbergerCCHWallStreet.com, FinancialPlanning.com – The Securities and Exchange Commission has asked for the authority to regulate credit default swaps, calling for disclosure and transparency of the complex financial instrument that was deregulated by legislation passed in 2000. Michael Greenberger, JD, a professor at the School of Law and a former director at the Commodity Futures Trading Commission, said "this represents an internal desire by SEC staff to have regulatory responsibility for CDS, and I think the meltdown immediately leading up to the need for a bailout has given the SEC the intestinal fortitude to express its internal positions publicly."
Wednesday, September 24, 2008
Professor Lisa FairfaxThe Baltimore Sun – More shareholders are joining a major Constellation Energy Group investor in protesting the company's $4.7 billion sale to Warren Buffett’s MidAmerican Energy Holdings. At least six lawsuits, including one yesterday, have been filed since the shotgun takeover was announced late last week. Lawsuits are common when investors don't agree with the outcomes of a major transaction, especially when it comes to mergers and acquisitions, said Lisa Fairfax, JD, professor at the School of Law and director of the School’s business law program. "The issues most likely to see shareholder lawsuits are when shareholders find out there was another potential transaction out there that seems to be giving them higher value," Fairfax said.
Wednesday, September 24, 2008
Professor Michael GreenbergerAmerican Banker – Securities and Exchange Commission (SEC) Chairman Christopher Cox called Tuesday for regulation of certain credit derivative products, saying the market was overrun by fraud that contributed to the housing crisis. At a Senate Banking Committee hearing, Cox said the SEC is investigating the market. "It’s a very pleasant surprise," said Michael Greenberger, JD, a professor at the School of Law who was director of the trading division at the Commodity Futures Trading Commission. "This represents an internal desire by SEC staff to have regulatory responsibility for CDS, and I think the meltdown immediately leading up to the need for a bailout has given the SEC the intestinal fortitude to express its internal positions publicly."
Wednesday, September 24, 2008
Professor Michael GreenbergerThe Wall Street Journal, SeekingAlpha.com, CNN Money – Securities and Exchange Commission (SEC) Chairman Christopher Cox asked Congress this week for the authority to regulate credit-default swaps, complex financial instruments that have swelled to almost $60 trillion outstanding. Legislation passed in 2000 significantly limited the SEC’s authority to regulate credit-default swaps, and some experts say that deregulatory move helped pave the way for today’s financial crisis. Michael Greenberger, JD, a professor at the School of Law and a former director at the Commodity Futures Trading Commission, said "it has put them out of bounds to regulators. I think somebody at the federal level needs to have that authority."
Wednesday, September 24, 2008
Professor Michael GreenbergerBusiness Week – Federal regulators have converted investment bank giants Morgan Stanley and Goldman Sachs into bank holding companies, morphing their high-risk business to resemble the dealings of commercial banks. But as Wall Street’s mighty have fallen, commercial banks have also made costly financial mistakes; Citigroup, which is regulated by the Fed, has taken $55 billion in write-downs in the last year alone. Michael Greenberger, JD, a professor at the School of Law and a former director at the Commodity Futures Trading Commission, said "the commercial banks haven't been the poster children for prudence in this fiasco."
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