I just can’t believe our worthless bar associations aren’t up in arms about this. But I do have to take a bunch of worthless CLE classes every year, so that’s cool.
Goldman was A.I.G.'s largest trading partner, according to several people close to A.I.G. who requested anonymity because of confidentiality agreements.
This spectacle necessarily raises the question: if the state can intervene to save corporations that took reckless risks in the housing markets, why can't it intervene to prevent millions of Americans from imminent foreclosure? By the same token, if $85bn can be made instantly available to buy the insurance giant AIG, why is single-payer health care - which would protect Americans from the predatory practices of health-care insurance companies - seemingly such an unattainable dream? And if ever more corporations need taxpayer funds to stay afloat, why can't taxpayers make demands in return - like caps on executive pay, and a guarantee against more job losses?
The government can help restore liquidity to the banking system by buying depreciated assets at "a price close to the hold-to-maturity price,'' rather than the price they would fetch in the market today, Bernanke said. He also warned the economy will contract "if the credit markets are not functioning.''
Seidman [Note-William Seidman worked extensively on the S&L bailout], who also served as Federal Deposit Insurance Corp. chairman, said a 1990s attempt by Japan to halt that nation's banking crisis failed because the government offered prices that would have drained companies' capital.
The Upshot: Valuation will be for above market rates.
“Their retirement savings, their home values, their ability to borrow for college” and their chance to find and keep good jobs depend on it, he said.
You can’t possibly assess the safety and soundness of an institution if you can’t get clarity each day with where they stand in their net positions versus the people they’re trading with.
ICDR Y&I is pleased to announce its first event in Brazil! ICDR Y&I, in cooperation with LCIA YIAG and ICC YAF, will join with ITA and CBAR to present this special 3-hour program on September 21, 2008, on the eve of the 4th ITA Americas Workshop and the 8th Annual Congress of the Comite Brasiliero de Arbitragem on September 22-23, 2008.
America has been busy with old-fashioned territory grabs and the eastward crawl of NATO towards Ukraine and Georgia, aiming for relatively modest oil reserves in the Caspian region. However, Russia has been nursing a modern global strategy that leaps over borders. Russia has cut landmark deals with former and potential American clients: weapon sales to Saudi Arabia, Indonesia, and Venezuela are the first of their kind. Sales of gas via a new trans-Siberia gas pipeline to northern China and talks of a "gas OPEC" with Iran, Algeria and others is another that towers over the pseudo-democratic ideas of Georgia. Border demarcation of the North Pole (with purported reserves of more than 90 billion barrels of oil-- twelve times the amount in the Caspian region), nuclear power deals with India and Iran and direct under-sea gas pipelines to Germany, Turkey and south-eastern Europe (bypassing the Ukrainian chokehold on Russian gas lines to Europe) are other moves on the multi-dimensional chess board -- all as Russia is simply keeping cool and amusing itself with the much hyped, but failed mission of Tony Blair as the chief negotiator of the Middle East Quartet, of which Russia is a member. From the Russian perspective, all options are on the table!
The report, commissioned by the government and prepared by a panel that heard from more than 150 witnesses, is not only a devastating account of France's eager participation in mass murder. It is also the most provocative example in modern history of a victimized nation pointing a credible finger of blame at the supposedly virtuous West.
Regulators have accused banks of misrepresenting ARS as liquid, cash-like instruments. The collapse of the $330bn market in February highlighted the risk in the long-term securities, whose interest rates are periodically reset at auctions.
"When I bought these I wanted a safe security and I was told they were redeemable at par," said Stokes. "Then when the market failed and I wanted a secondary market to trade out, I was told that Wachovia doesn't make a secondary market."
France’s backing of the previous Rwandan regime, led by President Juvenal Habyarimana, is regarded by many analysts as the nadir of its decades-long engagement in French-speaking Africa. The regime, dominated by ethnic Hutus,
created the conditions in which Hutu extremists orchestrated the murder of
800,000 ethnic Tutsis and moderate Hutus in a 100-day killing spree that marked
the apogee of years of systematic anti-Tutsi violence.Mr Kagame, who came to power after leading a Tutsi rebel army that drove those responsible for the genocide out of the country, has long accused France of playing an active role in the killings.
France was aware of preparations for the genocide; that it participated in them by training Rwandan troops; that its own soldiers allowed the genocide to continue in an area they were deployed to secure a safe zone; and that they actively participated in the genocide elsewhere. (from Afrik.com)
Out of the credit crunch, therefore, must come change at central banks. New regimes under which they will lend, at penalty rates, against illiquid securities must be institutionalised. The Fed must take over responsibility for Wall Street, while the UK must push through a new insolvency regime for banks. Financiers are ever adept at circumventing rules but regulators must keep trying. As the example of 1987 shows, however, useful financial innovations such as securitisation will make a comeback, and it is up to investors to show greater discipline – a forlorn hope.
Several candidates interviewed by Goodling told us they believed that her question about identifying their favorite Supreme Court Justice, President, or legislator was an attempt to determine the candidates’ political beliefs. For example, one candidate reported that after he stated he admired Secretary of State Condoleezza Rice, Goodling “frowned” and commented, “but she’s pro-choice.”
[First name of a candidate]! and pre/2 [last name of a candidate] w/7 bush or gore or republican! or democrat! or charg! or accus! or criticiz! or blam! or defend! or iran contra or clinton or spotted owl or florida recount or sex! or controvers! or racis! or fraud! or investigat! or bankrupt! or layoff! or downsiz! or PNTR or NAFTA or outsourc! or indict! or enron or kerry or iraq or wmd! or arrest! or intox! or fired
or sex! or racis! or intox! or slur! or arrest! or fired or controvers! or abortion! or gay! or homosexual! or gun! or firearm!
The man behind the idea: Tom Geoghegan (who is also my employer)For example, because the Civil Rights Act bars racial discrimination, businesses
are motivated to try to prevent bigotry: They want to avoid being sued. This is
why no company brags about being racist.But when it comes to unions, there is no such deterrent. The lack of civil rights protection effectively encourages businesses to punish pro-union employees — and publicize the abuse to intimidate their workforce. By making the six words law, the dynamic would shift. Companies would have a reason — fear of litigation — to respect workers’ rights.
The prosecutor of the ICC has encouraged self-referrals, and the only such
referrals have been from African countries. While the ICC has received some
1,700 communications to investigate alleged crimes in 139 countries, 80 percent
of these communications have been found outside the jurisdiction of the court.
This is "not a question of picking on Africa," says John Washburn (PDF) of the American NGO Coalition for the ICC. "The UN Security Council referred [Darfur], and the other countries came forward voluntarily." Some international law experts say the weakness of Africa's national legal systems has led individual countries to refer situations to the ICC. Most African states have yet to implement the Rome Statutes in their domestic legislation, write Olympia Bekou and Sangeeta Shah in
Human Rights Law Review, which is the first step toward retaining domestic
jurisdiction. "Strengthening domestic prosecutions so that the ICC does not have
to intervene should be the ultimate goal of every state," they write.
The proposed law would require the president to notify Congress of any plans for
combat lasting, or expected to last, longer than one week and require Congress
to vote on a resolution of approval within 30 days of being notified. Military
actions shorter than one week and covert operations would be exempt.
Some Africans complain that the ICC is using their continent as a laboratory.
For although justice is meant to be blind, it is clear that there are certain
countries and political leaders that are just too powerful to bring before the
court. There will be no prosecutions of Russian leaders over crimes in Chechnya.
And – despite the fears of American conservatives, which have led the US to
reject the court – the ICC is also highly unlikely to prosecute Americans.
This begs the question of how "strategic" U.S. interest is in the Middle East actually is, especially in comparison to the "strategic interest" of the rest of the world.
rising oil prices are the result of a number of fundamental changes and factors in the market, but that the relatively recent ability of investment institutions to invest in the futures market through index funds is exaggerating price rises and creating an oil market bubble.
"In fact, a corporate rate cut would help a lot of voters, though they might not know it."
"The over-the-counter markets are a very important part of the way industry and institutions manage risk."Well, he certainly makes over the counter deals sound a lot like insurance. Of course, most of the trades entered are not for true hedging purposes, e.g. futures purchased by airlines, but are instead large, heavily leveraged bets sold by traders and investment banks to investors seeking above market returns. And of course, if these deals were actually "insurance" as opposed to speculation, they (and the dealers who package and sell them) would fall under an entire class of regulation.
...the lethal injection and voter ID decisions hewed closely to the facts of each case. Kentucky’s lethal injection protocol passed muster, but the court left open the possibility that another state’s practice might not. The voter ID challenge reached the court on a nonexistent record, so perhaps a stronger case could be made at a later time. Justice Antonin Scalia’s majority opinion in the child pornography case construed the statute so narrowly as to allay the First Amendment concerns of Justices Stevens and Breyer and win their full concurrence.
Oil's rally to a record above $135 a barrel came as traders bought crude to cover wrong-way bets that prices would decline, according to data from the New York Mercantile Exchange.
All are good, but Judge Wood's talk was particularly interesting, and not only in that it timely addresses Medellin v. Texas (what effect does a U.S. state have to give an ICJ decision). Her insightful discussion noted that the U.S. is party to many treaties with arbitration clauses, and that the ICJ decision could be treated as an arbitral body (albeit with a fancy name-MP). The standard arbitration review questions then become the standard for enforcement, i.e. was there an agreement (Art. 36 of the ICJ Statute), was it within the scope of the agreement (Vienna Convention of Consular Relations and Art. 36 of the ICJ Statute), and is there some public policy which forbids enforcing it?
State investigators have been trying to determine if Allstate and other
companies colluded to prevent property insurance rates from dropping despite the
legislative action last year aimed at reducing premiums.
Notice by a Contracting State [of its withdrawal] shall not affect the rights or
obligations under this Convention [of the withdrawing state or its nationals]
arising out of consent to the jurisdiction of [ICSID] given by [the
withdrawing state] before such notice was received [by ICSID].
The jurisdiction of the Center shall extend [to any investment dispute] between a Contracting State...The point being, that the ICSID convention does not provide for ad hoc tribunals; it can only hear disputes between contracting states, and once Bolivia withdraws it is no longer a contracting state!
"In Winnebago Homes Inc. v. Sheldon, [29 Wis. 2d 692, 700-01, 139 N.W. 2d 606In general, promissory estoppel is used to create a cause of action under a "quasi-contract" theory. So, would it be reasonable, and within the Supreme Court's discretion, to construe the breach of contract claim as implicitly containing a quasi-contract claim? Especially where there is a well-developed factual record?
(1966)], we made it clear that the failure to plead a cause of action for
promissory estoppel in the trial court precludes the plaintiff, as a matter of
right, from raising the question for the first time on appeal. However, in the
instant case, the facts which plaintiff relies upon to support this new cause of
action are of record, and the defendant-respondent has been able to defend on
the basis of the facts as found by the trial court. Under these circumstances,
where the consideration of promissory estoppel for the first time on appeal does
not result in hardship or inequity to either party, we will proceed upon the
basis of the facts found by the trial court to dispose of the plaintiff's
contention upon the merits." [citing to]Babler, 39 Wis. 2d at 572-73. Based on Holt,
Liberty Trucking and Babler, we are confident that our action is supported by
law and promotes justice.
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