Bankruptcy Not Bailout

Bankruptcy Not Bailout

A Special Chapter 14

Editors: Kenneth E. Scott, John B. Taylor
ISBN: 978-0-8179-1514-8
Publication Date: 9/17/2012
Pages: 264

Fixing Dodd-Frank—a new proposal for bankruptcy law

The events of the last several years on Wall Street make a compelling case for comprehensive, fundamental reform in the oversight of financial firms. In Bankruptcy Not Bailout, a group of expert contributors show why, if a new addition to the bankruptcy laws—Chapter 14—were implemented along with other genuine reforms, the changes could strengthen the US financial system and provide the impetus the US economy needs to thrive once again.

The authors reveal the weaknesses in Dodd-Frank Title II, showing how the current law creates an elaborate, and potentially cumbersome, bureaucratic procedure for triggering seizure of a financial company—and tell why Chapter 14 could greatly improve that process, creating greater financial stability and reducing the likelihood of bailouts. They lay the groundwork for a return to a clearer, more rules-based oversight regime that relies more on real capital and true market forces and urge adoption of a Chapter 14 even were Dodd-Frank left untouched.

Kenneth E. Scott is a senior research fellow and the Ralph M. Parsons Professor of Law and Business Emeritus, Stanford University Law School.

John B. Taylor is the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University.

CONTRIBUTORS: Andrew Crockett, Darrell Duffie, Thomas H. Jackson, William F. Kroener III, Kenneth E. Scott, David A. Skeel, Kimberly Anne Summe, John B. Taylor, Kevin M. Warsh

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John B. Taylor

John B. Taylor is the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University. He chairs the Hoover Working Group on Economic Policy and is director of Stanford’s Introductory Economics Center.

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Kenneth E. Scott

Kenneth E. Scott is a senior research fellow and the Ralph M. Parsons Professor of Law and Business Emeritus, Stanford University Law School. He is an expert in public regulation of banking institutions, corporation law, and securities law. His current research focuses on legislative and policy developments related to bank regulation and deposit insurance reform. He is also exploring the application of new economic perspectives to corporate law and governance issues.

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Contents


Preface
John B. Taylor


PART A:      A NEW BANKRUPTCY APPROACH
1.     A guide to the Resolution of Failed Financial Institutions: Dodd-Frank Title II and Proposed Chapter 14
        Kenenth E. Scott
2.     Bankruptcy Code Chapter 14: A Proposal
        Thomas H. Jackson



PART B:      LEHMAN AND "ORDERLY LIQUIDATION"
3.     Comment on Orderly Liquidation under Title II of Dodd-Frank and Chapter 14
        William F. Kroener III
4.     An Examination of Lehman Brother's Derivatives Portfolio Postbankruptcy: Would Dodd-Frank Have Made a Difference?
        Kimberly Anne Summe



PART C:      Liquidation and Reorganization
5.     A Dialogue on the Costs and benefits of Automatic Stays for Derivatives and Repurchase Agreements
        Darrell Duffie and David Skeel
6.     The Going-Concern Value of a Failed SIFI: Dodd-Frank and Chapter 14
        Kenneth E. Scott and Thomas H. jackson
7.     Dodd-Frank: Resolution or Expropriation?
        Kenneth E. Scott



POSTLOGUE
8.     Regulatory Reform: A Practitioner's Perspective
        Kevin M. Warsh
9.     A Macroeconomic Perspective: "Dealing with Too Big to Fail"
        Andrew Crockett

About the Authors
About the Hoover Institution's Working Group on Economic Policy
Index



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