The “Academic Business Judgment Rule”

Larry Ribstein is ruminating on recent flack he’s taken for his posts [here and here] on Ken Lay’s accountability. I think (or hope) that he is referring to posts like mine when he says:

I’m dubious about the use of criminal law for the sort of non-Vesco crimes Lay was convicted of, and think that a life sentence for such crimes belongs in the “foolish” category. But this sort of thinking is protected by what one might call the academic business judgment rule, and it’s not the pathology I’m discussing here.

He also suggests that some anti-capitalist sentiment is “ingrained.” Overall, Larry’s post is well worth a read. I very much endorse the idea that the aspect of academic freedom most worth defending is the freedom to be apparently wrong!

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