Financial Regulation

Constitutionalizing Financial Instability
Patricia A. McCoy
Patricia A. McCoy is the Liberty Mutual Insurance Professor at Boston College Law School. Professor McCoy previously was a senior official at the Consumer Financial Protection Bureau.

In the last Supreme Court term, the Court ruled in Seila Law LLC v. Consumer Financial Protection Bureau that Article II of the U.S. Constitution and separation of powers prohibit Congress from shielding the Bureau’s director from termination except for cause. More troubling, Seila Law could open up the financial system to destabilization by paving the path for a full-scale assault on the traditional independence of federal financial regulators and presidential manipulation of the economy.

Cybersecurity in the Payment Card Industry
Richard A. Epstein
James Parker Hall Distinguished Service Professor of Law, The University of Chicago and Peter and Kirsten Bedford Senior Fellow, The Hoover Institution
Thomas P. Brown
Partner, O’Melveny & Myers

Both authors have consulted for Visa Inc. But our views on this subject are our own. We thank Chad Clamage, Stanford Law School, Class of 2008, and Ramtin Taheri, The University of Chicago Law School, Class of 2009, for their valuable research assistance on earlier drafts of the article.

The Tax Advantage to Paying Private Equity Fund Managers with Profit Shares: What Is It? Why Is It Bad?
Chris William Sanchirico
Professor of Law, Business, and Public Policy and Codirector of the Center for Tax Law and Policy, University of Pennsylvania Law School, Wharton School, Business and Public Policy Department

For helpful comments, I thank Alan Auerbach, Alan Blinder, Mitchell Engler, Victor Fleischer, Mark Gergen, Kevin Hassett, James Hines, Mitchell Kane, Alex Raskolnikov, Julie Roin, Frank Sammartino, Daniel Shaviro, Joel Slemrod, Gene Seago, David Weisbach, Larry Zelenak, and participants at the University of Michigan’s Tax Policy Workshop Series and NYU’s Colloquium Series on Tax Policy and Public Finance. Special thanks to Reed Shuldiner and Michael Knoll for many useful discussions. This research was not supported by funding from any outside source. The working paper version of this Article was first circulated and posted on SSRN on June 25, 2007. See Chris William Sanchirico, The Tax Advantage to Paying Private Equity Fund Managers with Profit Shares: What is It? Why is It Bad? (University of Pennsylvania Institute for Law and Economics Research Paper No 07-14, June 25, 2007), online at 996665 (visited June 8, 2008).

Stock Exchanges and the New Markets for Securities Laws
Chris Brummer
Assistant Professor of Law, Vanderbilt University Law School

This Article has benefited from the comments and suggestions of Professors Bobby Ahdieh, Douglas Baird, Margaret Blair, Bill Bratton, William Christie, Steven Davidoff, Gillian Hadfield, Paul Heald, Larry Helfer, Donald Langevoort, David Millon, Erin O’Hara, Bob Rasmussen, Hans Stoll, Bob Thompson, Joel Trachtman, and Todd Zywicki. The Article also benefited from faculty workshops at the University of Georgia, the University of Pennsylvania, the University of Southern California, and Northwestern University. I would also like to thank Murray Teitelbaum, James Duffy, and the staff of the New York Stock Exchange for their time and valuable insight.

How Private Is Private Equity, and at What Cost?
James C. Spindler
Associate Professor of Law and Business, University of Southern California Law School

In preparing this Article, I benefited greatly from conversations with several private-equity partners (both limited and general) as well as the excellent research assistance of Tracey Chenoweth. Thanks also, for insightful comments and advice, to Bobby Bartlett, Kate Litvak, Bob Rasmussen, Larry Ribstein, and Randall Thomas.

Partnership Governance of Large Firms
Larry E. Ribstein
Mildred van Voorhis Jones Chair, University of Illinois College of Law

Thanks for comments on previous versions to Amitai Aviram, Steve Bainbridge, Vic Fleischer, Ron Gilson, Richard Squire, Michael Weisbach, and Charles Whitehead, and participants at workshops at the Association of American Law Schools, University of Connecticut, Fordham, UCLA School of Law, George Washington University, and the Symposium, The Going-private Phenomenon: Causes and Implications at The University of Chicago Law School. For a longer version of this Article, see Larry E. Ribstein, Uncorporating the Large Firm (University of Illinois Law & Economics Research Paper No LE08-016, May 27, 2008), online at abstract=1138092 (visited Jan 11, 2009).