In other corporate governance news, Stephen Bainbridge has just released a paper, Corporate Governance and U.S. Capital Market Competitiveness -- a topic near and dear to my heart. Steve's conclusion: "litigation and regulatory reform remain essential if U.S. capital markets are to retain their leadership position. Unfortunately, the article concludes that federal corporate governance regulation follows a ratchet effect, in which the regulatory scheme becomes more complex with each financial crisis. If so, significant reform may be difficult to achieve."