On June 17, 2010, the Supreme Court held in New Process Steel, L.P. v. NLRB that over 600 decisions made by two-member panels of the National Labor Relations Board (NLRB) must be vacated and reheard because the procedure of having two-member panels hear a dispute did not comply with the National Labor Relations Act (NLRA). The majority and the dissent both based their decisions on their interpretation of the statute. However, in his dissent, Justice Kennedy also highlights the fact that when Congress passed the NLRA, they surely did not intend to allow the Labor Board be left defunct for a long period of time. [More]

In May 2009 American President Barack Obama spoke of how an address in the Cayman Islands housed 12,000 companies. Alluding to the possibility of illegal activity, he noted that this location was either the biggest building in the world or “the largest tax scam in the world.” [1] This image of Offshore Financial Centers (OFCs) as havens for wrongdoing is generally held throughout the world.

Recent data indicates that the Cayman Islands holds over 670 billion American Dollars in banking assets from international investors[2]. Because of such statistics, these small islands are considered a global villain, a haven for illegal capital. According to the OECD Harmful Tax Competition: An Emerging Global Issue (1998 Tax Report) jurisdictions that (a) imposes no or only nominal taxes, (b) lacks policy of effective exchange information, (c) lacks transparency and (d) has no requirement of “substantial activity” is identified as a tax haven[3].

A Background Information Brief released by the OECD (Organisation for Economic Co-operation and Development) in March 2010 acknowledged the implementation of the Cayman’s actions towards transparency and information exchange. Despite this report’s recognition of the Caymans, it touched upon only a few of the measures that have been taken by the Cayman Islands in the last few years. These improvements in the Cayman’s internal structure and the regulatory actions taken by the Cayman Islands have enhanced the islands’ status within the international community. The Cayman’s pejorative title as a “tax haven” is, therefore, incorrect.



First, this article will examine the true atmosphere of the Cayman Islands, and how this British territory and the 5th largest banking center in the world is cooperating with the OECD and other jurisdictions by partaking in several Tax Information Exchange Agreements (TIEAs). Second, this article also aims to defend the valuable and important role of international policy distinctions among nations as a pursuit of effectiveness in the financial system worldwide [More]

The recent decision by the Illinois Supreme Court regarding tax exemption for hospitals is troubling for the already volatile and uncertain future of many hospitals that are facing increasing difficulties in the current economic market. The Illinois Supreme Court held that Provena Medical Center in Urbana does not provide enough charity care to qualify for the tax exemption provided for hospitals that care for uninsured and poor patients without generating a profit or collecting fees.[1] The decision has generated significant criticism for relying on old precedent, failing to take into account current economic conditions, and for failing to provide clear guidelines for nonprofit hospitals that want to qualify for tax exemption in Illinois.[2] The implications of this decision while not precisely known can have wide ranging consequences for hospital financing and for access to healthcare for low income and uninsured individuals. What are hospitals required to do to quality for tax exemption in Illinois? What financial implications does this have on nonprofit hospitals? What implications does this have on patients? Will this decision effectively end charitable exemptions for nonprofit hospitals? This article will attempt to briefly outline the issue and provide the possible policy implications of this decision. [More]

The so-called "Green Movement" has been a hot topic in recent years. However, the fact of the matter is that this movement has not spawned any real change. This is a result of outside factors such a government regulation and economics which must be changed first before the Green movement can advance. [More]

“Policy decisions at the organizational, corporate, and governmental levels should be more heavily influenced by issues related to well-being––people’s evaluations and feelings about their lives.” This recent trend in economic development literature, that policy decisions at the government and corporate level should be influenced not by profit maximization but their effect on people’s subjective well-being, is gaining acceptance in the real world. Empirical research and analysis shows that policy aimed at improving workplace happiness not only has an impact on employees subjective feelings of well-being, but also improves worker productivity and by extension corporate profitability. [More]

The Supreme Court is expected to release its decision in American Needle, Inc. v. NFL in the near future after hearing oral arguments on January 13, 2010. In this case, the National Football League is arguing that its teams operate as a single-entity and therefore cannot be held in violation of anti-trust laws. The result of this case is likely to have its impact on other major sports leagues as well. While many of the implications for the NFL have been discussed through coverage of the case, this article suggests specifically how those changes would affect fans of the National Hockey League. [More]

For years the implications of the Coase Theorem have guided policy debates concerning the efficient allocation of property rights. Recently, many studies have pointed to the existence of the Endowment Effect. The Endowment Effect suggests that initial entitlement to certain property rights may matter, and has led many Scholars to re-examine previous assumption based on the main tenet of the Coase Theorem – absent transaction costs property rights will be allocated efficiently. This article will give an overview of the Coase Theorem, Rational Choice Theory, and the Endowment Effect and how they impact the bargain for exchange. [More]

Personal Seat Licenses (PSLs) are a relatively new concept that attempts to, and has been successful in, creating revenue streams for facility construction. However, this concept is not without widespread controversy, and the practice is under attack by sports writers and fans alike. This article gives a brief history into the practice and suggests some alternative measures that can be employed to reduce the use of PSL system. [More]

This article addresses various mechanisms for the board of directors to oversee and supervise the company’s ever expanding General Counsel role. The modern-day corporate General Counsel wears many hats, including adviser to the board of directors, overseeing in-house day-to-day legal matters as well the corporation’s overall compliance program with federal and state regulations. Furthermore, in today’s corporations the General Counsel potentially holds dual roles as the company’s chief legal officer and a member of the executive management team, for which conflict of interests may arise. Given the complexity of the General Counsel role and the important connection of the role to maximizing shareholder wealth, the board of directors must implement balanced methods to ensure the General Counsel upholds its primary duty as the chief legal officer. This article finally addresses how regulations and/or guidelines outside the realm of the board of directors may limit what the General Counsel may do in its role. [More]

This article will consider the various treatments and readings the Illinois courts have given the Home Repair and Remodeling Act and consider how different courts attempt to make the law conform to unexpected facts. This article will analyze the judicial activism taking place in three very different cases and consider the methods in which the courts achieve their goals. [More]