The statement "trust but verify" seems self-contradictory, as "trust" means reliance without the need to verify. This paper discusses the use of this statement including by President Reagan and the possible origin of the statement. The paper concludes that the word "verify" limits or eliminates...

Broker dealers and investment advisers form the lifeline of the financial markets. While in the past their functions were separate, and their regulation differed, throughout the years their functions were allowed to merge but their regulation remained separate. Advisers are their clients'...

This paper suggests that bank holding companies are in fact “financial malls.” I demonstrates the problems that they pose for the financial system, not only by size but by inefficient and inappropriate concentration. The article suggests restructuring of bank holding companies by introducing...

This Article focuses on unifying fiduciary law in Civil Law and the Common Law systems. The problems that fiduciary law addresses are similar throughout history and in all societies. However, the legal systems which address these problems differ. While in the Common Law fiduciary law is founded...

This Article presents three exemplars of upper-level law school classes, and is divided into three parts. Part I discusses "Securitization and Asset-Backed Securities"; Part II discusses "Using Transactions to Teach Secured Transactions"; and Part III discusses "Teaching Deals Through a Focus on...

This Essay represents a version of a chapter in my forth coming book "Trust and Honesty, America's Business Culture at a Crossroad." In designing legal protection from breach of trust and deception lawyers and judges have not only used this branch of economics as an information source but also...

In Boomer v. Muir, a subcontractor on a hydroelectric project continued to provide goods and services even though the value of the performance far exceeded the contract price. The general contractor, who was receiving these goods and services, breached the contract even though he was paying less...

The Internet transcends boundaries and time, reduces and shifts the cost of receiving and disseminating information. It poses unusual pressures of change on the common law. Internet jurisprudence demonstrates the vitality of the common law, yet highlighted its limitations. The Article describes...

Sarbanes-Oxley Act offers an opportunity to reward truthful corporations and their management, offering them a competitive advantage, and relieving them from some the Act's provisions. Corporate culture plays an important role in a corporation's honest behavior. One size does not fit all in...

This Essay proposes changing future government examinations of market intermediaries and focusing on bubbles and crashes as the main dangers to the financial system and the economy. Prior substantive regulation has an undesirable effect on innovations and freedom of the markets. Regulating after...