Loyola University Chicago, School of Law: LAW eCommons
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From Texas Gulf Sulphur to Laudato Si\u27: Mining Equitable Principles from Insider Trading Law
No full textIn SEC v. Texas Gulf Sulphur, the Second Circuit declared that all investors trading on impersonal exchanges should have equal access to material information, and therefore anyone who possesses material inside information must either turn it over to the investing public or not trade. The broad reach of that insider trading prohibition sent shock waves throughout the financial markets and encountered significant judicial resistance from the Supreme Court.
Although the Supreme Court initially rejected the insider trading prohibition announced in Texas Gulf Sulphur, the fundamental equitable trading principles underlying that decision have endured. This article shows that TGS was more than a case about insider trading. It established the fundamental inequity and unfairness of misappropriating resources that are meant to be shared. This article will trace the evolution of those equitable principles from TGS to the Supreme Court\u27s current insider trading law. I also suggest that those principles have much in common with both the teachings of Pope Francis in Laudato Si\u27 and with the latest research regarding sustainable economic productivity within a robust capitalist system
Would Hamsterdam Work - Drug Depenalization in The Wire and in Real Life
No full textThe television show The Wire depicts a plan called “Hamsterdam” in which police let people sell drugs in isolated places, and only those places, without fear of arrest. Based on limited but decent empirical evidence, we can make educated guesses about what would happen if that were tried in real life. Indeed, Swiss police tried something remarkably similar in the 1980s. More generally, the results of various forms of drug legalization, depenalization, and decriminalization in Europe--such as in Portugal, which has transferred the state\u27s method of dealing with drug use (including heroin and cocaine) from the criminal justice system to a civil administrative system since 2001--shed light on the likely strengths and weaknesses of Hamsterdam-like efforts. The Wire seems to get a lot right, including some of Hamsterdam\u27s successes and Hamsterdam\u27s political unsustainability. Unfortunately, The Wire might actually understate how hard it would be, even if there were no political impediments, to make sweeping improvements in real-world drug policy via Hamsterdam-like efforts
The Dodd-Frank Death Knell
No full textThis Essay recounts a panel discussion regarding certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”). It begins by discussing the repeal of the provision requiring SEC adoption of resource extractive industries rules. It then considers the fate of the conflict minerals rule promulgated by the SEC pursuant to Section 1502 of Dodd-Frank. Next, it details several provisions of the CHOICE Act, which is aimed at undermining Dodd-Frank, including the Act’s attempt to change the scope of the SEC’s whistleblower program. The Essay further discusses the Trump administration’s attempt to defund and restructure the Consumer Financial Protection Bureau. Finally, it concludes that despite the many attacks on Dodd-Frank, it is too early to sound the death knell
From Common Good to Convivencia: Religious Liberty and the Cake Wars
No full textThis article explores what is at stake theologically in current cases where religious liberty is presumed at risk and interpretations of the common good are contested. While attention to the theological details are not explicitly of relevance to the courts, they should be considered in their complexity by religious entities that participate by filing amicus briefs and/or by adding to the rhetoric around highly charged neuralgic issues like same-sex marriage. The cases involving bakers and the Colorado Civil Rights Commission are worth considering, from a perspective that complicates the roles of communities of faith in terms of serving the common good
