Monday, August 30, 2004

Question of the Day

(This is especially for the Miserable Failure supporters out there.)

On September 11, 2001, the United States was attacked by-

(a) Saddam Hussein
(b) Al Qaeda & Osama bin Laden
(c) Martians
(d) killer bees

Bonus Question
As of August 30, 2004 which of the following are still free to harm the United States-

(a) John Ashcroft
(b) married gay couples
(c) Al Qaeda & Osama bin Laden
(d) a & c

Saturday, August 28, 2004


I just realized that I have yet to give any updates about Atlanta or about school. So, here goes---

I am so happy to have transferred. The stress, the hassle of moving, etc. was all completely worth it. Administration at Emory is a marked improvement over Wash U. Everyone has been so helpful and friendly and welcoming. Maybe that is just a Southern thing.

I was able to get into good classes, with good professors. Some may seem a little boring, but that can happen anywhere. I was lucky enough to get one prof who shares my interest in rape statutes and we have already begun a dialogue about the issue. She has also offered her advice about courses and going on the academic market.

We have a critical mass of transfer students here, so we even have our own listserv. And that has made the transition a lot easier than it otherwise would have been. Have met a few of the other 2L's who are not transfer and all seem just nice. And while I have heard the rumors about cliqueyness, I am keeping an open mind.

My gym though, is closing down at the end of September, but they are transferring me over to Crunch, which is cool. Have met some people at the gym, though that may be because it has a large gay population and I am "fresh meat." I'd like to believe it's because people are just friendlier, though.

Overall, I just feel more comfortable here. I never felt welcome in St. Louis and that was partly because I had no intention of staying there beyond school. Whereas I am considering Atlanta as one of the cities I would practice in.

And on that front, I just made it into OCI and was fortunate enough to get a couple of bites on my resume. One is from what is considered to be THE FIRM in the Southeast. The other is from a CT, DC, Miami firm that does both financial services work (securities, reinsurance, etc.) and government relations. But soon after my casenote is done I will be blasting out somewhere between 75 and 100 resumes to firms I missed out on (those that were here in August and the resume forward bunch). I feel pretty good about the CSO here, too. They have given me very good advice and they have a good deal of success with firms in the markets I am interested in.

In short, this is just a very happy time for me. I am even doing something I never thought I would-- enjoying law school!

Food for Thought

Since I am otherwise tied up with the write on competition, there will be very little going on around these parts until the end of next week. However, I want to leave you with something (snarky) to think about. A lot of George Miserable Failure Bush's supporters and defenders base their arguments and feelings on his professed faith. To these folks, simply saying you believe is good enough (apparently owning a ranch is good enough to make him a cowboy, eventhough he grew up in New England and went to Yale). Profession of faith alone vouches for your goodness of character. No matter how bad your policies are nor how much you seek to divide people by sexual preference, race, wealth nor how much you fail to live the word will harm you in some folks' eyes.

I often wonder, and want to ask directly, do these same people not also believe that the priests who molested boys had faith, or at least professed such faith? Do they not recall the downfalls of some of the most self-proclaimed pious evangelists? Simply saying that you have faith and going through the motions of church services does not make one a good person. Rather it is the acts. Or put another way, "character is what you do when no one else is looking."

Monday, August 23, 2004

Not a Dichotomous Choice

As is the case with a good deal of his writings (at least on his blog) ProfessorBainbridge oversimplifies complex matters. (ed: isn't that what all conservatives do?) To read this piece one would be led to believe that the question facing corporate governance is a simple dichotomous choice between shareholder rule or board rule. The problem, of course, is that there are some of us who believe that there is a third way, somewhere in the middle.

The dangers of an all powerful board have been made apparent over the past few years. The centralization of power between the board and the officers of the corporation have allowed inefficient, and illegal, practices to continue. To people like Bainbridge who support the current regime, the answer is for shareholders to vote with their feet and sell their shares. However, this is a poor solution in that there is an enormous potential for the investor to lose value in that transaction. It also fails to consider the inefficiency of transaction costs of shareholders being forced to sell as their only remedy.

On the other side, it is equally inefficient for shareholders to have any say over day to day operations of a corporation. It might be questionable to even give them a voice in somewhat larger decisions. Yet, allowing shareholders some control over broad corporate goals makes sense. After all, they are in FACT the owners of the corporation. Take a look back and Berle and Means seminal work The Modern Corporation and Private Property, written in the 1930's, to see the warnings they made about the concentration of power away from the actual owners of public corporations. What they said seventy years ago is equally applicable today.

And today's boards and officers have even nore power represented by their use of poison pills and other devices to prevent takeovers. By exercising these powers, board and officers have locked shareholders (owners) out of selling the corporation. This may not sound too bad, but think of what it represents. Why would a corporation wish to purchase another- often because the pursuer believes it can run the business more profitably. So by blocking the transaction the board and officers have in effect protected inefficient management.

By reforming governance such that shareholders have a vote in the mergers and acquisitions context, we allow the actual owners the power to sell their assets. But we also eliminate an inefficient management's source of protection. It is a reform that would be relatively simple to implement and one that would maximize economic efficiency. Plus, it simply makes sense that the owners of a set of assets be allowed to sell those assets, if they so decide. Management and the board have ample opportunity to persuade shareholders why a sale would not be in their best interests. And shareholders would be free to disagree.

The current system of governance protects, if not encourages, poor management and the only solution it contemplates for unhappy shareholders is one that potentially costs them value. We should hope to treat owners with a little bit more esteem and respect. However, I think many (like Bainbridge) who oppose governance reform are more worried about institutional activism that might be politically motivated by a politics they do not share.

Sunday, August 22, 2004

Welcome to Bizzaro World

It is a world in which some Vietname vets attack one of their own in furtherance of the political objectives of someone who weaseled out of going to 'Nam. A world in which a former military doctor claims to have treated someone, yet whose name appears nowhere in the medical record of that injury. Where people claim to have served with someone because they were in the same theater at close to the same time, yet had never even met that person. A world in which people's recent claims run counter to the documents used supporting their own medals and commendations from their Vietnam service. And, where the media run with these wild allegations spouted off by people funded by GOP donors. Where the media ignores the fact that this group of malcontents has coordinated with the Bush campaign and other GOP groups.

Saturday, August 21, 2004

Fall Lineup

For anyone who cares--

Business Associations
Criminal Procedure I- Investigations
Securities Regulation

One class on Monday, Wednesday and Friday. As you can imagine that makes Tuesday and Thursday a bit rough.

P.S. Writing competition for transfers begins this Wednesday and we get our OCI bids back this week, too (I think). Busy times, busy times.

Friday, August 20, 2004

Oh Irony, How I Hate You

Anyone who has read this site probably knows that I am not a fan of the Dean of my former law school, nor particularly of Professor Bainbridge (though that is largely because of his religious right political views). So, of course, the gods have seen fit that I need to purchase textbooks by each of the aforementioned people. And while this does not surprise me considering that each is well repsected in his field (securities and corporations, respectively), there is still a part of me that is miffed.

Thursday, August 19, 2004

GOP Puts Its Halloween Mask On Early Again This Year

Take a look at the RNC list of speakers and themes here. This is not the real GOP! Where are Rick "Man on Dog Sex" Santorum and the other Christian Crusaders? Maybe the GOP realizes that would not be the best face to put forward and are instead throwing some lipstick on their pig.

Let's see here.. one maverick Republican who has broken with BushCo. on taxes, gay marriage, etc. One pro-choice, socially moderate Governator. One Elephant in Donkey clothing. One former NYC mayor who famously stayed with a gay couple during his divorce proceedings.

This is all very similar to 2000 when the GOP spotlighted the four or five minorities in America who are Republicans. But one has to wonder about two things- (1) how will the religious wingnuts respond to pro-choice, moderate speakers; (2) will the So Called Liberal Media point out that the leadership of the GOP does not look anything like the highlighted convention speakers?

But Will They Have a NASCAR Team?

According to this AP Article Jerry Falwell's Liberty "University" is opening up a "law school". And yes, the quotes are my way of sneering at the Religious Right's idea of higher education infused with their interpretation of the Bible. Although I am not certain of this, I assume that biology classes at the "university" probably do not spend much time on that scientific reality called evolution. One can only imagine what these wingnuts will do in a law school. Will they advocate stoning and an eye for an eye in criminal law?

On a serious note, there is a clear difference between law schools at religiously affiliated universities and how they envision their mission (ie, Georgetown, BC, Notre Dame) and the indoctrination that people like Falwell practice. This is merely one more step towards the theocracy that Falwell and his ilk would like to impose on America. (American Taliban, anyone?)

Wednesday, August 18, 2004

I Made It

For those of you who may be wondering. I am here in Atlanta. The move went well and a lot more smoothly than I had thought. But then again, all of my moves have been less stressful than I had imagined they would be.

You may notice that I have taken my name of the posts. I have been getting a few too many Google searches of my name turning up here. And, to err on the safe side I am choosing to go sort of anonymous. Though regular readers know who I am and if anyone else REALLY wants to know, they can email me for the answer. I am just trying to stay off the radar of prospective employers. I think people can understand the reasons for such a move.

Tuesday, August 10, 2004

Another Hiatus

Until sometime next week. I leave for ATL Saturday morning. Will have internet access on Tuesday afternoon. However, that will be a busy week with all the hoops of transferring and getting set up in a new city. (Did I mention that I have to go to Orientation with the 1L's?)
See you soon.

Sunday, August 08, 2004

Crazy Christians for George Miserable Failure Bush

Another story about the Bible Thumpers for Bush. So much of this is rich for ridicule, but even I get bored of making fun of such easy targets. So I will just point out a few things.

(1) The irony of Catholic leaders who support Bush because he is "pro-life". Apparently, the death penalty does not "stop a beating heart."

(2) The irony the that Catholic Church has five "non-negotiable" issues. Apparently, child molesting is negotiable.

(3) Apparently all it takes to get the votes of some of the dumber people in America is to bow your head in prayer.

(4) Is it not just a tad bit arrogant to believe that you know how God wants me to vote?

Saturday, August 07, 2004

The Joy of Music

Revboy have this great new song, called Republican Fight Song. Go check it out!

Thursday, August 05, 2004

Hypocrisy Watch

Professor Bainbridge is again whining about the funding situation at the UCal system. It is interesting to note that in pretty much all of his other writings, the professor is a staunch conservative and purportedly free market (I say purportedly because anyone who supports the Bush brand of crony capitalism is certainly not a true free market capitalist). But when it comes to his own public institution and his paycheck, he wants more of the tax dollars of hard working Californians. Hmmm.. sounds like another big government conservative.

Of course, the simple solution (and the one in line with Bainbridge's supposed ideology) is to take the UCal system private.

Unswift Bushie Dirty Trick

The group of Bush loving morons known as Swift Boat Veterans for Truth is set to run an ad alleging Senator Kerry lied about his Vietnam record and faked his injuries. Luckily, the Straight Talk Express is still in effect, as Senator McCain has already called the ads "dishonest and dishonorable" and has said that the Bush campaign should condemn the ads. Noted in the article linked above is that of the six men who served with Kerry, five support him and the other is deceased. In other words, the folks in Swift Boat Veterans did not even know Kerry in Vietnam!!

We can only expect more of this shit as the election draws nearer. But even though McCain is back on the Bush reservation, the GOP must realize that the Senator will not sit quietly by as Rove and Co. lie about John Kerry. Thank god some people still put truth above party!

Wednesday, August 04, 2004


To my reader(s) from Emory. Hopefully you enjoy the site and will introduce yourself so that I know someone there next weekend when I move.
And sorry to the visitor who found the site while searching for elderly energy boost.

So Disappointed

Missouri, the little Bible thumping hell in which I have lived for the past year, voted to add hateful discrimination into its constitution yesterday. I have nothing to say about this that has not already been said before. I cannot wait to get the heck out of here next week!