Syllabus Globalization: Business, Legal and Public Policy Issues January Term, 2017 — January 3-6, 9-13, 17-18
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45 “The Trans-Pacific Partnership: Try Procrastination and Prevarication”, article in The Economist, February 21, 2014. Retrieved from: http://www.economist.com/blogs/banyan/2014/02/trans-pacific-partnership. 46 Joe Biden, “We cannot afford to stand on the sidelines of trade”, article in the Financial Times, February 27, 2014. Retrieved from: http://www.ft.com/intl/cms/s/0/bde80c72-9fb0-11e3-b6c7-00144feab7de.html. 47 Shawn Donnan, “Obama presses for Pacific Rim trade deal”, article in the Financial Times, November 14, 2014. Retrieved from: http://www.ft.com/intl/cms/s/0/aa69f72e-68d1-11e4-af00-00144feabdc0.html. 48 Excerpt from USTR, TPP: Summary of US Objectives, available at: http://www.ustr.gov/tpp/Summary-of-US-objectives. 49 “Labor Rights”, AFL-CIO publication. Available at: http://www.aflcio.org/Issues/Trade/Trans-Pacific-Partnership-Free-Trade-Agreement-TPP/Labor-Rights. 50 “153 House Democrats to USTR Froman: Protect Workers’ Rights in TPP Negotiations”, publication on Committee on Education and the Workforce, Democrats website. Available at: http://democrats.edworkforce.house.gov/press-release/153-house-democrats-ustr-froman-protect-workers%E2%80%99-rights-tpp-negotiations. 51 Nguyen Van Phu, “TPP is a remedy but of a different kind”, guest post from the Saigon Economic Times on the Financial Times blog, October 10, 2013. Retrieved from: http://blogs.ft.com/beyond-brics/2013/10/10/guest-post-tpp-is-a-remedy-but-of-a-different-kind/. 52 Nguyen Van Phu, “TPP is a remedy but of a different kind”, guest post from the Saigon Economic Times on the Financial Times blog, October 10, 2013. Retrieved from: http://blogs.ft.com/beyond-brics/2013/10/10/guest-post-tpp-is-a-remedy-but-of-a-different-kind/. 53 Khai Nguyen, “Vietnam risks TPP slot on labor reality”, article in the Asia Times Online, March 6, 2014. Retrieved from: http://www.atimes.com/atimes/Southeast_Asia/SEA-01-060314.html. 54 Nguyen Van Phu, “TPP is a remedy but of a different kind”, guest post from the Saigon Economic Times on the Financial Times blog, October 10, 2013. Retrieved from: http://blogs.ft.com/beyond-brics/2013/10/10/guest-post-tpp-is-a-remedy-but-of-a-different-kind/. 55 Howard LaFranchi, “Has US desire for Asia trade deal trumped slavery with Malaysia’s ranking?”, article in the Christian Science Monitor, July 13, 2015. Retrieved from: http://www.csmonitor.com/USA/Foreign-Policy/2015/0713/Has-US-desire-for-Asia-trade-deal-trumped-slavery-with-Malaysia-s-ranking. 56 Vicki Needham, “Menendez worried Obama will upgrade Malaysia in trafficking report”, article in The Hill, July 8, 2015. Retrieved from: http://www.csmonitor.com/USA/Foreign-Policy/2015/0713/Has-US-desire-for-Asia-trade-deal-trumped-slavery-with-Malaysia-s-ranking. 57 “Free-trade pacts: America’s big bet”, article in The Economist, November 15, 2014. Retrieved from: http://www.economist.com/news/special-report/21631797-america-needs-push-free-trade-pact-pacific-more-vigorously-americas-big-bet. 58 Id. 59 Hal S. Scott and Anna Gelpern, International Finance: Transactions, Policy, and Regulation 36 (19th ed. 2012) [hereinafter “Scott and Gelpern”]. 60 Scott and Gelpern, 37. 61 Pedro Nicolai Da Costa, Bernanke: 2008 Meltdown Was Worse Than Great Depression, Wall Street Journal (August 26, 2014). 62 International Monetary Fund, World Economic Outlook xii (April 2009). 63 Carmen M. Reinhart and Kenneth S. Rogoff, This Time is Different: Eight Centuries of Financial Folly 213 (2009) [hereinafter “Reinhart and Rogoff”]. 64 Alan S. Blinder, After the Music Stopped: The Financial Crisis, The Response, and The Work Ahead 38–39 (2013) [hereinafter “Blinder”]. 65 The Financial Crisis Inquiry Report, Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States xvi (January 2011). 66 Felix Salmon, Recipe for Disaster: The Formula That Killed Wall Street, Wired Magazine (February 23, 2009). 67 Blinder, 67–68. 68 Ben S. Bernanke, Speech at the Fourteenth Jacques Polak Annual Research Conference, Washington D.C. (November 8, 2013). 69 Blinder, 78. 70 Felix Salmon, Recipe for Disaster: The Formula That Killed Wall Street, Wired Magazine (February 23, 2009). 71 Scott and Gelpern, 43. 72 Congressional Budget Office, What Accounts for the Slow Growth of the Economy After the Recession? Pub. No. 4346 1–4 (November 2012). 73 Reinhart and Rogoff, 242. 74 Reinhart and Rogoff, 244. 75 Reinhart and Rogoff, 246–47. 76 Scott and Gelpern, 84–85. 77 Scott and Gelpern, 59. 78 Scott and Gelpern, 58. 79 Yalman Onaran, Fed Aided Bear Stearns as Firm Faced Chapter 11, Bernanke Says, Bloomberg (April 2, 2008). 80 Timothy Geithner, Stress Test: Reflections on Financial Crises 170–71 (2014) [hereinafter “Geithner”]. 81 Geithner, 174. 82 Geithner, 176–86. 83 Scott and Gelpern, 62. 84 Scott and Gelpern, 64. 85 Matthew Karnitschnig et al., U.S. to Take Over AIG in $85 Billion Bailout; Central Banks Inject Cash as Credit Dries Up, Wall Street Journal (September 16, 2008). 86 Geithner, 190–94. 87 Geithner, 195. 88 Scott and Gelpern, 57. 89 Geithner, 202–04. 90 Scott and Gelpern, 37. 91 Geithner, 205–06. 92 Scott and Gelpern, 69. 93 Scott and Gelpern, 69–71. 94 Scott and Gelpern, 71. 95 Tom Barkley, TARP Profit on Citigroup: $12.3 Billion, Wall Street Journal (January 27, 2011). 96 U.S. Department of the Treasury, Treasury Notes (December 12, 2012), available at: http://www.treasury.gov/connect/blog/Pages/AIG-wrapup.aspx. 97 U.S. Department of the Treasury, Investment in AIG (last updated December 11, 2013), available at: http://www.treasury.gov/initiatives/financial-stability/TARP-Programs/aig/Pages/status.aspx. 98 U.S. Department of the Treasury, Auto Industry (last updated September 16, 2014), available at: http://www.treasury.gov/initiatives/financial-stability/TARP-Programs/automotive-programs/Pages/default.aspx. 99 Congressional Budget Office, Report on the Troubled Asset Relief Program 7 (April 2014). 100 Blinder, 268. 101 Blinder, 263–85. 102 James Bullard et al., Systemic Risk and the Financial Crisis: A Primer, Federal Reserve Bank of St. Louis Review 403 (September/October 2009). 103 U.S. Department of the Treasury, Financial Stability Oversight Council (last updated April 25, 2013), available at: http://www.treasury.gov/initiatives/fsoc/Pages/home.aspx. 104 U.S. Department of the Treasury, Financial Stability Oversight Council: Designations (last updated December 17, 2013), available at: http://www.treasury.gov/initiatives/fsoc/designations/Pages/default.aspx. 105 Janet L. Yellen, Speech at the American Economic Association/American Finance Association Joint Luncheon, San Diego, California (January 4, 2013) [hereinafter “Yellen Speech”]. 106 Yellen Speech. 107 Yellen Speech. 108 Blinder, 271. 109 Blinder, 271–72. 110 Stanley Fischer, Speech at the Martin Feldstein Lecture, National Bureau of Economic Research, Cambridge, Massachusetts (July 10, 2014) [hereinafter “Fischer Speech”]. 111 Fischer Speech. 112 The Harvard Law School Forum on Corporate Governance and Financial Regulation, Fed Outlines Proposals to Limit Short-Term Wholesale Funding Risks (January 3, 2014). 113 Daniel K. Tarullo, Testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Washington, D.C. (September 9, 2014). 114 Fischer Speech. 115 Daniel K. Tarullo, Speech at the Federal Reserve Board and Federal Reserve Bank of Richmond Conference, Washington, D.C. (October 18, 2013) [hereinafter “Tarullo Speech”]. 116 Tarullo Speech. 117 Fischer Speech. 118 FDIC, Title I and IDI Resolution Plans (last updated July 7, 2014), available at: https://www.fdic.gov/regulations/reform/resplans/. 119 Peter Eavis, Federal Reserve and F.D.I.C. Fault Big Banks’ ‘Living Wills’, New York Times (August 5, 2014). 120 Ryan Tracy et al., U.S. Tells Big Banks to Rewrite ‘Living Will’ Bankruptcy Plans, Wall Street Journal (August 5, 2014). 121 See Elizabeth Warren, Unsafe at any Rate, Democracy (Summer 2007). 122 Consumer Financial Protection Bureau, About Us (last updated August 26, 2014), available at: http://www.consumerfinance.gov/the-bureau/. 123 Reuters, New U.S. consumer financial bureau has wide powers (September 14, 2010). 124 Lydia DePillis, A watchdog grows up: The inside story of the Consumer Financial Protection Bureau, The Washington Post (January 11, 2014). 125 Paul Volcker, Speech at the Economic Club of New York (April 8, 2008). 126 Institute of International Finance, Compensation Reform: Embedding Global Standards (October 2013). 127 PricewaterhouseCoopers, Regulatory Brief: EU bonus cap to take effect January 1, 2014 (July 2013). 128 Jim Brunsden, EU Banker-Bonus Cap Faces U.K. Challenge in Highest Court, Bloomberg (September 5, 2014). 129 Geithner, 255–56. 130 Scott and Gelpern, 61. 131 Paul Volcker, Speech at the Economic Club of New York (April 8, 2008). 132 Scott and Gelpern, 82–83. See Dodd-Frank Act, Section 1101. 133 Scott and Gelpern, 82–83. See Dodd-Frank Act, Section 1101. 134 Lawrence Summers, Beware moral hazard fundamentalists, Financial Times (September 23, 2007). 135 Ryan Tracy et al., U.S. Tells Big Banks to Rewrite ‘Living Will’ Bankruptcy Plans, Wall Street Journal (August 5, 2014). 136 Scott and Gelpern, 86. 137 The Harvard Law School Forum on Corporate Governance and Financial Regulation, US Intermediate Holding Company: Structuring and Regulatory Considerations for Foreign Banks (April 14, 2014). 138 Linda Goldberg and Arun Gupta, Ring-Fencing and “Financial Protectionism” in International Banking, Federal Reserve Bank of New York: Liberty Street Economics (January 9, 2013). 139 The Economist, The Rotten Heart of Finance (July 7, 2012). 140 William C. Dudley, Speech at the Global Economic Policy Forum, New York City (November 7, 2013). 141 Marty Robins, Why Have Top Executives Escaped Prosecution? The New York Review of Books (April 3, 2014). 142 Jed S. Rakoff (reply), Why Have Top Executives Escaped Prosecution? The New York Review of Books (April 3, 2014). 143 Cigarette smuggling was big business. According to one claim, “[f]ully one-third of all cigarettes produced in the word end up being smuggled.” NOW: Tobacco Traffic (PBS Television Broadcast Apr. 19, 2002), available at http://www.pbs.org/now/transcript/transcript114_full.html. 144 Id.; Suzanne Daley, Europeans Suing Big Tobacco in U.S., N.Y. Times, Nov. 7, 2000, available at http://www.nytimes.com/2000/11/07/us/europeans-suing-big-tobacco-in-us.html (“Faced with little or no growth in sales in the United States, American tobacco companies have been aggressively expanding their overseas sales and marketing. But American brands, subject to various taxes and import duties, are expensive—as much as $6.67 a pack in Norway—and smugglers are increasingly avoiding duties by illegally bringing cigarettes into markets like Spain and Italy and selling them for 20 to 30 percent less than the legal price.”). 145 Marc Schapiro, Big Tobacco, The Nation, Apr. 18, 2002, available at http://www.thenation.com/article/big-tobacco ( “Smuggling has enabled multinational tobacco companies to increase sales volume dramatically by evading local tariffs and competing head to head with domestic producers, thereby helping to establish internationally recognizable brands.”; “If you have high tariffs or a state [tobacco] monopoly, [the pattern is to] smuggle to get into the market, weaken the state monopolies, and lead the market into the hands of the multinationals.”); see also Complaint at 21, European Cmty. v. RJR Nabisco, Inc., 150 F. Supp. 2d 456 (E.D.N.Y. 2001) (No. 00-CV-06617) (“The Defendants have increased their market share by making their cigarettes available to the general public within the European Community at prices below that which could be charged by their competitors whose products are sold lawfully and, therefore, are more expensive.”). 146 See, e.g., Ethan Bilby, Europe’s Illegal Cigarette Trade Grows Again—Report, Reuters, Apr. 17, 2013, available at http://uk.reuters.com/article/2013/04/17/uk-eu-tobacco-idUKBRE93G0Q020130417 (reporting estimates of 12 billion Euros in lost tax revenue in 2012); Raymond Bonner, Europe Turning to U.S. to Fight Illicit Cigarettes, N.Y. Times, May 8, 1998, available at http://www.nytimes.com/1998/05/08/world/europe-turning-to-us-to-fight-illicit-cigarettes.html (reporting estimates of $1.5 billion in lost tax revenue in 1997). 147 See infra, note 12. 148 For a summary of the cases and their complicated procedural history, see European Cmty. v. RJR Nabisco, Inc., 424 F.3d 175, 177–179 (2d Cir. 2005). 149 See Bio: Kevin A. Malone, Krupnick, Campbell, Malone, Buser, Slama, Hancock, Liberman, available at http://www.krupnickcampbell.com/attorneys/kevin-a-malone; Myron Levin, Philip Morris Asks to Settle Suits, L.A. Times, July 21, 2001, available at http://articles.latimes.com/2001/jul/21/business/fi-24871. 150 See European Cmty. v. RJR Nabisco, Inc. (European Community I), 150 F. Supp. 2d 456 (E.D.N.Y. 2001); Complaint, Dept. of Amazonas v. Philip Morris Co., Inc., 150 F. Supp. 2d 456 (E.D.N.Y. 2001) (No. 00-CV-02881); Complaint, European Cmty. v. RJR Nabisco, Inc., 150 F. Supp. 2d 456 (E.D.N.Y. 2001) (No. 00-CV-06617). The Colombian law suit was actually brought by a number of individual Colombian states, or Departments, rather than the Republic of Colombia. 151 Complaint at 1–2, European Community I, 150 F. Supp. 2d 456. 152 Id. at 24 (“The Defendants sell large quantities of cigarettes to entities and/or destinations even though the Defendants know, based on their own marketing studies, that the legitimate demand for cigarettes from those entities and/or destinations cannot possibly account for the orders made and the massive quantities delivered. Under these circumstances, the Defendants know that their cigarettes are being sold for illegal purposes.”). 153 Id. at 19–20 (“Defendants have collaborated with smugglers, encouraged smugglers and, directly and indirectly, sold cigarettes to persons and entities who they know, or had reason to know, were smugglers.”); id. at 24 (“Defendants knowingly label, mislabel, or fail to label their cigarettes so as to facilitate and expedite the activities of the smugglers.”); id. (“Defendants generate false or misleading invoices, bills of lading, shipping documents, and other documents that expedite the smuggling process.”). 154 Id. at 19 (claiming that Defendants “have actively engaged in smuggling activities and concealed such conduct through illegal acts, including money laundering”); id. at 90–95 (discussing ties to terrorism, money laundering, and organized crime). 155 See, e.g., NOW: Tobacco Traffic, Philip Morris Responds (PBS Television Broadcast Apr. 19, 2002) (No serious treatment of the subject of cigarette smuggling can ignore the increasing and dramatic impact of counterfeit cigarettes. Billions of counterfeit cigarettes are produced each year and smuggled into markets around the world. This results in incalculable damage to the brand owners’ goodwill and integrity of the brands through the mistaken attribution of contraband cigarettes of inferior quality to producers such as Philip Morris, as well as tax losses to governments.”), available at http://www.pbs.org/now/transcript/transcript_pm.html. 156 European Community I, 150 F. Supp. 2d at 501. 157 See European Cmty. v. Japan Tobacco, Inc. (European Community II), 186 F. Supp. 2d 231 (E.D.N.Y. 2002). The European Community member states were Belgium, Finland, France, Greece, Germany, Italy, Luxembourg, the Netherlands, Portugal, and Spain. 158 Id. at 235. 159 Id. 160 Id. at 236. 161 Id. at 235. 162 Id. at 237 (quoting Attorney General of Canada v. R.J. Reynolds Tobacco Holdings, Inc., 268 F.3d 103, 133 (2d Cir. 2001). 163 See European Cmty. v. RJR Nabisco, Inc., 424 F.3d 175 (2d Cir. 2005), cert. denied European Cmty. v. RJR Nabisco, Inc., 546 U.S. 1092 (2006). 164 European Cmty. v. RJR Nabisco, Inc., 355 F.3d 123 (2d Cir. 2004) cert. granted, judgment vacated, 544 U.S. 1012 (2005). 165 European Cmty. v. RJR Nabisco, Inc., 544 U.S. 1012 (2005). 166 Pasquantino v. United States, 544 U.S. 349 (2005). 167 European Cmty. v. RJR Nabisco, Inc., 424 F.3d 175 (2d Cir. 2005), cert. denied European Cmty. v. RJR Nabisco, Inc., 546 U.S. 1092 (2006). 168 Reynolds Tobacco and Others v. Commission, 2006 E.C.R. I-07795 (finding that the European Commission’s authorization of the lawsuit was not subject to review by the Court under the Treaty of the European Union). 169 As noted above, the revenue rule barred the civil suit brought by the EC and European Commission, but did not bar criminal prosecution by the United States for violations of foreign tax law. See supra note 24 and accompanying text. 170 Japan Domestic Tobacco Business, JT.com, available at http://www.jt.com/about/division/tobacco/japan/index.html. 171 Bloomberg Industry Market Leaders: Tobacco, Bloomberg, available at http://www.bloomberg.com/visual-data/industries/detail/tobacco/an9. Japan Tobacco is the second largest tobacco company in the world by sales and the fourth largest by market share, behind Philip Morris, Imperial Tobacco Group, and British American Tobacco. Id. 172 JTI At a Glance, JT.com, available at http://www.jti.com/our-company/jti-at-a-glance/. 173 U.S. Department of Justice, Press Release: UBS Enters into Deferred Prosecution Agreement, Feb. 18, 2009, available at http://www.justice.gov/opa/pr/ubs-enters-deferred-prosecution-agreement; Lynnley Browning, A Swiss Bank Is Set to Open Its Secret Files, N.Y. Times, Feb. 19, 2009, available at http://www.nytimes.com/2009/02/19/business/worldbusiness/19ubs.html. 174 Deferred Prosecution Agreement, United States v. UBS AG, No. 09-60033-CR-COHN (S.D. Fla. Feb. 18, 2009). 175 Department of Justice, Joint Statement between U.S. DOJ and Swiss Federal Department of Finance and Program for Non-Prosecution Agreements or Non-Target Letters for Swiss Banks, Aug. 29, 2013, available at http://www.justice.gov/iso/opa/resources/7532013829164644664074.pdf. 176 Nate Raymond & Lynnley Browning, Swiss Bank Wegelin to Close After Guilty Plea, Reuters, Jan. 4, 2013, available at http://www.reuters.com/article/2013/01/04/us-swissbank-wegelin-idUSBRE9020O020130104. 177 David Voreacos, Swiss Banks Seek Tax Amnesty as Third Accept U.S. Offer, Bloomberg, Jan. 26, 2014, available at http://www.bloomberg.com/news/2014-01-25/tax-amnesty-program-draws-106-swiss-banks-u-s-prosecutor-says.html. 178 John Letzing, Swiss Banks Say Goodbye to a Big Chunk of Bank Secrecy, Wall Street Journal, July 1, 2014, available at http://blogs.wsj.com/moneybeat/2014/07/01/swiss-banks-say-goodbye-to-a-big-chunk-of-bank-secrecy; Vanessa Houlder, Switzerland Pledges to Lift Veil on Tax Secrecy, Financial Times, May 6, 2014, available at www.ft.com/intl/cms/s/0/65447580-d514-11e3-9187-00144feabdc0.html. 180 Charles Gasparino, Merrill Will Pay $100 Million Fine to Settle New York’s Analyst Probe, Wall Street Journal, May 22, 2002, available at http://online.wsj.com/articles/SB1021984263586757080. 181 Nicholas Thompson, The Sword of Spitzer, Legal Affairs, May/June 2004. 182 Securities Exchange Commission, SEC Fact Sheet on Global Analyst Research Settlements, Apr. 28, 2003. 183 See, e.g., Tom Braithwaite, JP Morgan Cyber Attack Hits 76 Million Households, Financial Times, Oct. 2, 2014. 184 Paul A. Ferrillo & David J. Schwartz, Alert: Cyber Security, Cyber Governance, and Cyber Insurance, Weil, Gotschal & Manges LLP, Sept. 4, 2014. 185 Id. Directory: syllabus syllabus -> Ap united States History Course Description syllabus -> Syllabus for cjsa 1312 Crime in America Hybrid Course Semester Hours Credit: 3 Course Dates/Times: In Class sessions syllabus -> Complex Systems Safety and Resiliency: Safety Culture, Systems Design & Integration Professor syllabus -> Tbd & by appointment Phone: 617-495-1462 Faculty Assistant syllabus -> Catalog description syllabus -> MA180 and ma418 statistics, Fall 2012 syllabus -> Engineering Design and Sustainability syllabus -> Principles and Algorithms of Computer Vision Download 440.88 Kb. Share with your friends:
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