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The New Financial Deal: Understanding the Dodd-Frank Act and its Unintended Consequences

Details

January 6, 2011 12:45pm - 2:00pm

Room 95
Sponsored by the Arthur and Toni Rembe Rock for Corporate Governance

Thursday January 6, 2011
12: 45 pm to 2:00 pm
Room 280A, Stanford Law School


About the Event: Under the new Dodd-Frank resolution rules, the U.S. Treasury—with the approval of the Federal Reserve and FDIC—has the power to take over a large financial institution that is “in default or in danger of default,” if the institution’s failure might have system-wide effects. Professor Skeel will explain how the resolution rules work, and critique the framework that places the FDIC—rather than a bankruptcy court—in charge of winding down large, complex, systemically important financial institutions. Professor Skeel argues that the best response to these shortcomings hard-wired into Dodd-Frank would be to give bankruptcy a chance, especially by reversing the special treatment that derivatives contracts currently receive in bankruptcy. Such reforms would do a better job of encouraging the managers of these institutions themselves to prepare for bankruptcy, rather than foist that process on to a government regulator.

About the speakers:
David Skeel is the S. Samuel Arsht Professor at the University of Pennsylvania Law School. He is the author of The New Financial Deal: Understanding the Dodd-Frank Act and its (Unintended) Consequences (Wiley, 2011); Icarus in the Boardroom: The Fundamental Flaws in Corporate America and Where They Came From (Oxford, 2005) and Debt’s Dominion: A History of Bankruptcy Law in America (Princeton, 2001), as well as many articles and book chapters. He has also has written commentaries for the New York Times, Wall Street Journal, Weekly Standard, Books & Culture, and other publications. In addition to bankruptcy and corporate law, Skeel also writes on Christianity and law and is co-author (with Bill Stuntz) of the blog “Less than the Least.”

Prof. Darrell Duffie is the Dean Witter Distinguished Professor of Finance at The Graduate School of Business, Stanford University, where he has been a member of the finance faculty since receiving his Ph.D. at Stanford in 1984. Among other books, Duffie is the author of Dynamic Asset Pricing Theory (Princeton University Press, third edition 2001) and a co-author of The Squam Lake Report: Fixing the Financial System (Princeton University Press, 2010). His recent research focuses on asset pricing, credit risk, fixed-income securities, and over-the-counter markets. Duffie is a Fellow and member of the Council of the Econometric Society, a Research Associate of the National Bureau of Economic Research, a member of the Financial Advisory Roundtable of the New York Federal Reserve Bank, and a Fellow of The American Academy of Arts and Sciences. He was the President of The American Finance Association for 2009.

Registration Information: Registration for this event is complimentary and open to the public.

Please click here to register

For questions and additional information, please contact rockcenter@law.stanford.edu or call (650) 723-5905. To view other event sponsored event sponsored by the Rock Center, please visit the Rock Center events webpage

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