University of Southern California

Volume 86, Number 2 (January, 2013)

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    Investment Company as Instrument: The Limitations of the Corporate Governance Regulatory Paradigm
    Article by Anita K. Krug

    U.S. regulation of public investment companies (such as mutual funds) is based on a notion that, from a governance perspective, investment companies are simply another type of business enterprise, not substantially different from companies that produce goods or provide (noninvestment) services. In other words, investment company regulation is founded on what this Article calls a “corporate governance paradigm,” in that it provides a significant regulatory role for boards of directors, as the tra...

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    End of the Dialogue? Political Polarization, the Supreme Court, and Congress
    Article by Richard L. Hasen

    This Article considers the likely effects of continued political polarization on the relative power of Congress and the Supreme Court. Polarization is already leading to an increase in the power of the Court against Congress, whether or not the Justices affirmatively seek that additional power. The governing model of congressional-Supreme Court relations is that the branches are in dialogue on statutory interpretation: Congress writes federal statutes, the Court interprets them, and Congress has...

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    Essay: The Enduring and Universal Principle of “Fair Notice”
    Article by Theodore J. Boutros, Jr. & Blaine H. Evanson

    The Supreme Court held in FCC v. Fox Television Stations, Inc. that the due process clause of the Fifth Amendment precludes the Federal Communications Commission from punishing Fox for its broadcasting of “fleeting expletives,” because the  regulations did not give Fox “fair notice” that such conduct could subject it to punishment. The result surprised many court watchers, who were expecting a key First Amendment ruling on whether minor obscenities uttered or shown on TV were protected speech....

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    Proposition 9, Marsy’s Law: An Ill-Suited Ballot Initiative and the (Predictably) Unsatisfactory Results
    Note by Ryan S. Appleby

    On November 4, 2008, California residents voted on twelve statewide ballot initiatives. Seven initiatives were approved, including Proposition 9: the “Victims’ Bill of Rights Act of 2008: Marsy’s Law.” It received the fourth fewest total votes of the twelve ballot initiatives, and was dwarfed in total spending compared to other bills such as Proposition 8, the “California Marriage Protection Act.” Despite passing without significant publicity, Marsy’s Law instituted broad legal reforms. It alter...

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    Is Financial Regulation Structurally Biased to Favor Deregulation?
    Note by Carolyn Sissoko

    In the early months of the financial crisis that started in August 2007, Citigroup suddenly had to take onto its balance sheet $25 billion of assets–which, due to subprime mortgage exposure, were worth on the market only a third the amount that Citigroup was required to pay for them. The reason for the appearance of these troubled assets on the bank’s balance sheet was a liquidity guarantee provided by Citibank from the time it originally sold the assets to protect short-term lenders from the po...


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