Monday, August 31, 2009
A financial storm sparked by a crisis in the US housing market swept across the world late last year. Its impact spilled over into the general economy and sent several countries into recession. Prominent US investment bank Lehman Brothers collapsed into bankruptcy, while several other major Western banks suffered massive losses.
'Despite the financial turmoil in late 2008 that crippled so many large Western institutions, Islamic banks have continued to grow in prominence and size,' the magazine said in a press statement. Emmanuel Daniel, the magazine's president and chief executive, added: 'Islamic finance has seen an incredible surge in popularity, based on stronger regulatory regimes and a better international understanding of its dynamics.'
Tuesday, August 25, 2009
Sunday, August 23, 2009
No matter how mixed or hopeful an assessment of the current economic state we might cast, we might heed Bernanke's warning (one he has given already):
"Looking forward, we must urgently address structural weaknesses in the financial system, in particular in the regulatory framework, to ensure that the enormous costs of the past two years will not be borne again."
Over the coming months we will see more pieces to the financial regulation puzzle. I would like to see some changes in consumer rights. The current framework makes it difficult for initiatives to move forward as it may require action of several federal agencies (see How your $4 Cup of Coffee Can Cost You $35 or More). To the extent we want to blame consumers for their role in the real estate and credit crisis in particular, it is easy to argue that transparency in financial services dealings with consumers would be enhanced with a single watchdog agency.
Thursday, August 20, 2009
Monday, August 17, 2009
Because of the sudden and tragic death of our colleague, Brooke Overby, Tulane Law School is seeking a coverage visitor for the spring 2010 semester. Our most pressing need is for someone who can teach Contracts II, which, at Tulane, is an Article 2 Sales course taught to first-year students. The second course is negotiable, but would ideally be either Real Estate Transactions or Payment Systems (in that order of preference). Self-nominations are welcome, but, as it is late, so are suggestions of others who might be available.
Please reply directly to Prof. Wessman at his contact information listed below.
Mark B. Wessman
Thomas J. Andre Professor of Law
Tulane Law School
6329 Freret Street
New Orleans, LA 70118
Phone: (504) 865-5989
FAX: (504) 862-8815
Of course, blueberries are a good in that they are movable. While I am sure the farmer-owners never thought about Article 2, it applies nevertheless. That is, after all, why I like it so much. The simplicity of something that fills in for all that would never be said in on a u-pick blueberry farm. No contracts, no receipts, and no paper at all. Sure, there will be a student who might suggest that I took my sons there for entertainment, rather than for the purchase of blueberries. But, I did do all this baking and some freezing (and fully intended to at the time of purchase). Some students might also inquire about whether the farmers are merchants and whether it matters. Of course, Article 2 applies anyway, but students sometimes get caught up on the merchant nuance in terms of deciding which law applies. The merchant classification does matter when it comes to warranties on the blueberries (i.e. merchantability).
Happy thoughts to all UCCers contemplating new hypos for Fall 2009. Time to pull the pie out of the oven!