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Book
xviii, 286 p. : ill. ; 24 cm.
  • A revolution in economics (but not in law)
  • The corrupted corporation
  • Animal spirits and financial regulation
  • Rigged globalization
  • The costs of economic oppression
  • The crisis in crisis management
  • The potential for an economic rule of law
  • Epilogue : optimized legal infrastructure and the end of scarcity.
The subprime mortgage crisis has been blamed on many: the Bush Administration, Bernie Madoff, the financial industry, overzealous housing developers. Yet little scrutiny has been placed on the American legal system as a whole, even though parts of that system, such as the laws that regulate high-risk lending, have been dissected to bits and pieces. In this innovative and exhaustive study, Steven A. Ramirez posits that the subprime mortgage crisis, as well as the global macroeconomic catastrophe it spawned, is traceable to a gross failure of law. The rule of law must appropriately channel and constrain the exercise of economic and political power. Used effectively, it ensures that economic opportunity isn't limited to a small group of elites that enjoy growth at the expense of many, particularly those in vulnerable economic situations. In Lawless Capitalism, Ramirez calls for the rule of law to displace crony capitalism. Only through the rule of law, he argues, can capitalism be reconstructed.
(source: Nielsen Book Data)9780814776490 20160609
Green Library
Book
xviii, 286 p. : ill. ; 24 cm.
  • Introduction
  • A revolution in economics (but not in law)
  • The corrupted corporation
  • Animal spirits and financial regulation
  • Rigged globalization
  • The costs of economic oppression
  • The crisis in crisis management
  • The potential for an economic rule of law
  • Epilogue: Optimized legal infrastructure and the end of scarcity.
The subprime mortgage crisis has been blamed on many: the Bush Administration, Bernie Madoff, the financial industry, overzealous housing developers. Yet little scrutiny has been placed on the American legal system as a whole, even though parts of that system, such as the laws that regulate high-risk lending, have been dissected to bits and pieces. In this innovative and exhaustive study, Steven A. Ramirez posits that the subprime mortgage crisis, as well as the global macroeconomic catastrophe it spawned, is traceable to a gross failure of law. The rule of law must appropriately channel and constrain the exercise of economic and political power. Used effectively, it ensures that economic opportunity isn't limited to a small group of elites that enjoy growth at the expense of many, particularly those in vulnerable economic situations. In Lawless Capitalism, Ramirez calls for the rule of law to displace crony capitalism. Only through the rule of law, he argues, can capitalism be reconstructed.
(source: Nielsen Book Data)9780814776490 20160609
Law Library (Crown)
Book
xiv, 257 pages ; 24 cm
  • Introduction
  • A short history of white-collar criminal prosecutions
  • Angelo Mozilo and Countrywide's "toxic" subprime mortgages
  • Wall Street's fraudulent sales of toxic mortgages --\tLehman's phantom cash
  • Joe Cassano and AIG's derivatives casino
  • Goldman's abacus
  • The dimensions of lawlessness
  • Looking forward : reimposing law.
A critical examination of the wrongdoing underlying the 2008 financial crisis An unprecedented breakdown in the rule of law occurred in the United States after the 2008 financial collapse. Bank of America, JPMorgan, Citigroup, Goldman Sachs, and other large banks settled securities fraud claims with the Securities and Exchange Commission for failing to disclose the risks of subprime mortgages they sold to the investing public. But a corporation cannot commit fraud except through human beings working at and managing the firm. Rather than breaking up these powerful megabanks, essentially imposing a corporate death penalty, the government simply accepted fines that essentially punished innocent shareholders instead of senior leaders at the megabanks. It allowed the real wrongdoers to walk away from criminal responsibility. In The Case for the Corporate Death Penalty, Mary Kreiner Ramirez and Steven A. Ramirez examine the best available evidence about the wrongdoing underlying the financial crisis. They reveal that the government failed to use its most powerful law enforcement tools despite overwhelming proof of wide-ranging and large-scale fraud on Wall Street before, during, and after the crisis. The pattern of criminal indulgences exposes the onset of a new degree of crony capitalism in which the most economically and political powerful can commit financial crimes of vast scale with criminal and regulatory immunity. A new economic royalty has seized the commanding heights of our economy through their control of trillions in corporate and individual wealth and their ability to dispense patronage. The Case for the Corporate Death Penalty shows that this new lawlessness poses a profound threat that urgently demands political action and proposes attainable measures to restore the rule of law in the financial sector.
(source: Nielsen Book Data)9781479881574 20170424
Law Library (Crown)

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