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Modern Capital Markets and the Financial Crisis

Money: Shadow Banking, Dark Financial Matter and the Future of Finance. nThis course introduces law students to the structure of the shadow banking system and related financial markets. Emphasis is placed on the securitization process, the swaps markets (including credit default swaps, total returns swaps, interest rate, and currency swaps), repo agreements, forwards, futures, and related institutions such as clearing houses and exchanges. The course will consider the role that these markets played in the recent and ongoing financial crisis, their potential implications for future crises, and several of the regulatory initiatives proposed by the Dodd Frank Act. Much of the course will operate through the lens of a series of case studies including the Greek debt crisis, Harvard's loss of $500 million in the swaps market, the AIG bailout, and JPMorgan's loss of $2 billion in its hedge book. nSpecial Instructions: If you have taken Law 559: Modern Securities Regulation (Sonsini) and/or Law 542: Modern Securities Fraud Litigation (Eth), you may take Law 590: Modern Capital Markets (Grundfest).nElements used in grading: Class attendance, participation and exam.


Instructors for this course

Joseph A. Grundfest