Illinois law faculty weigh in on America's Financial Crisis

Tuesday, October 21, 2008

The College of Law is home to a remarkable array of faculty specializing in business and corporate law. During America's financial crisis, Professors Robert Lawless, Larry Ribstein, and have been quoted on a regular basis by a variety of national media outlets. Here is a sampling:

Professor Ribstein: Flawed corporate watchdog methods helped fuel economic crisis

Archaic corporate governing systems that failed to ferret out risky business deals helped stoke the nation's deepest financial meltdown since the Great Depression. Professor Larry E. Ribstein argues the traditional, corporate-run firms that dominate the nation's Fortune 500 are ill equipped to prevent dicey management decisions that have choked credit markets, sparking a massive, taxpayer-financed Wall Street bailout.

Wall Street Journal                    "Post-Enron crackdown...woefully short" (Ribstein)       10/28

WSJ Law Blog                          "Enron was a Gnat...what's going on" (Ribstein)            10/28

Read UI News Bureau story...

Read (Hickory, N.C.) story...

Professor Lawless: Regulating Credit Cards and the Bailout Plan

Professor Robert Lawless is quoted repeatedly in this extensive 21-page in-depth feature story on America's credit card crisis. The story provides an overview of the issues facing credit card regulation, background, chronology, the current situation, outlook, and the next steps. Professor Lawless is the author of the popular blog site, Credit Slips, and many of his co-authors on the bankruptcy blog site are quoted in this article.

Read CQ Researcher article...

Southtown Star (Chicago, Sept. 28) -- "Americans deserve more than just vague warnings of economic doom before their tax dollars are poured into a massive $700 billion rescue of Wall Street," U. of I. law professor Robert Lawless says.

Read Daily Southtown article...

Read UI News Bureau article with Professor Lawless...

Professor Tabb: Hard Rock Park bankruptcy and ancient creditor/debtor traditions

Professor Charles Tabb comments on the recent Chapter 11 bankruptcy filing by Hard Rock Park, a large and ambitious theme park attraction that opened earlier this year in Myrtle Beach. A judge is scheduled to rule Monday in Delaware on the first steps of the bankruptcy procedure, including hiring attorneys and paying back wages. Bankruptcy can really whack a business's public image, even if it does have a plan to stay open, Tabb said. "It's pretty telling that they didn't even finish out the season," he said. "And that also suggests to me that they really have just been hemorrhaging money."

Read Myrtle Beach Sun article...

The Wall Street Journal (Sept. 20) -- According to Charles Tabb, a U. of I. professor who specializes in bankruptcy, creditors in ancient India and Nepal "fasted on" debtors. The creditor would fast on the debtor's doorway until the debt was paid, bringing humiliation to the debtor. If the creditor died, "public opinion would have taken the debtor out and beaten him to death."

Read Wall Street Journal article (look for sidebar featuring Professor Tabb)...

"Illinois Law" turns its attention to America's Mortgage and Financial Crisis

"Illinois Law," the College of Law's 30-minute television show on legal issues in the news, will focus on America's Mortgage and Financial Crisis this Sunday, October 26 at 10 a.m. on WCIA-TV, featuring Professor Christine Hurt; Ralph Schumann, President of the Illinois Real Estate Lawyers Association; and, Jerry Gorman, Vice President at Attorneys' Title Guaranty Fund.

Illinois law faculty on America's Financial Crisis

Wall Street Journal -"Debtor's Prism" (Tabb)

De Volkskrant - "De grote gokmachine is kapot" (Lawless)

UI News Bureau- "Government should lift shroud..." (Lawless) 

Myrtle Beach Sun - "Hard Rock filing itemizes blues" (Tabb) 

Daily Southtown- "Members of Congress: Don't Do It..." (Lawless)

National Law Journal- "Battle over Wachovia highlights" (Ribstein) -"Bankruptcies creeping upward..." (Lawless)"5 things to know before you file..." (Lawless)"State Bankruptcy Filings" (Lawless)

The Nation-"Debtor Nation" (Lawless)                                           

Strategic Risk (UK)-"A Grizzly end to Bear Stearns" (Ribstein)