I want to thank the authors of Concurring Opinion for giving me this wonderful space to guest blog the past several weeks. I truly enjoyed my experience, and I am grateful for the opportunity. I also want to thank the readers who provided thought-provoking and insightful comments on my posts. I enjoyed our ongoing dialogue.
I started my posts by concentrating on the economic crisis; the issues and flaws in our financial and governance systems highlighted by the crisis will keep many of us scholars, practitioners and politicians busy for the foreseeable future. Indeed, we are still revisiting issues from the economic downturn and corporate scandals of the early 2000s (e.g., the U.S. Supreme Court will hear Jeff Skilling’s appeal tomorrow, see here and here). Congress continues to propose new legislation intended to address the current crisis (see here for the latest proposal introduced by Senator Dodd to create a Bureau of Financial Protection within Treasury), and it is by no means evident that the current crisis is over (see here, here and here).
As I mentioned in several of my posts, many of the issues we face today as a result of the crisis are neither new nor novel. We have long struggled with corporate mismanagement, risk management, agency costs, executive compensation and regulating innovation. The recurring nature of these issues suggests that a fresh look at both the issues and the corresponding legal system is needed. Simply creating more rules or more bureaucracy is not the answer. Adversity often creates opportunity; I certainly hope that is the case here.