Even in the wake of the biggest financial crash of the postwar era, the United States continues to rely on Securities and Exchange Commission oversight and the Sarbanes-Oxley Act, which set tougher rules for boards, management, and public accounting firms to protect the interests of...

This paper offers a critique of a recent paper, entitled “Did Harvard Violate the Federal Securities laws? The Campaign Against Classified Boards of Directors,” that was issued by SEC Commissioner Daniel Gallagher and Professor Joseph Grundfest. Gallagher/Grundfest claim that...