Larry Ribstein Archives
Over the weekend, the Washington Post reported on an incredible new law in Virginia that would drastically raise traffic fines for Virginians breaking traffic laws to help pay for Virginia roads. I analyzed the law, reporting among other things that one wag had called it the Lawyer Full Employment Act because it could significantly increase incentives to litigate traffic cases (among many other bad effects). Now we have a report that the law's principal proponent in the legislature is a partner in a law firm that defends traffic tickets. Big surprise.
[Also see: Overlawyered, May 5, 2006 -- W.O.]
Ben Stein once again sounds off in the NYT on aiding and abetting. As I discuss, he prefers to obfuscate by beating the Enron horse rather than actually dealing with the genuine problems involved in extending aiding and abetting liability. I also show that we might be better off if this were the Enron case because that would give the Court an opportunity to kill scheme liability rather than just cutting off some limbs.
According to the Wall Street Journal, the SEC is studying regulating so-called "empty voting" -- that is, corporate voting without owning shares. This would move the federal government into another area formerly controlled by state corporate law. This is part of the attack on hedge funds, fueled by the fairy tale of "shareholder democracy." Here's an analysis of what's really at stake.