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Commentary

An outlet for insiders to speak freely (as they remain anonymous to the reader) on what they perceive as problematic practices in their own industry – with an emphasis on how the industry tweaks the rules of the game and captures regulation.
“People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices. It is impossible indeed to prevent such meetings, by any law which either could be executed, or would be consistent with liberty and justice.” Adam Smith – An Inquiry into the Nature and Causes of the Wealth of Nations (1776)

Commentary

How Has the Affordable Care Act Fared After Ten Years?

David Ennis
David Ennis evaluates how well the Affordable Care Act has met its expectations and where it has fallen short ten years after its implementation.
Antitrust and Competition

The Legality of the FTC’s Noncompete Ban Is Less Certain Than Masur and Posner Suggest

Gus Hurwitz
Gus Hurwitz replies to Jonathan Masur and Eric Posner’s May 8 article defending the Federal Trade Commission’s Congressional mandate to enforce a rule banning noncompetes. He argues that Congressional responses to FTC rulemaking in the 1970s suggest courts are unlikely to find that the FTC possesses such authority, either as a matter of statutory interpretation or under the major questions doctrine.
Commentary

Tesla Directors Took a Big Accounting Bet With No Independent Accounting Advice

Lucian Bebchuk
Lucian Bebchuk and Robert Jackson argue that the Tesla board’s prediction that restoring Musk’s old pay package would require no new compensation charge to Tesla’s financial statement seems not to have been based on any independent accounting advice. This could carry substantial risks for Tesla stockholders.
Commentary

Tesla Should Take the Court Decision Seriously, Not Dismissively

Lucian Bebchuk
Lucian Bebchuk argues that, in response to the Delaware court decision invalidating the 2018 pay grant to Elon Musk, the Tesla board did not react with contrition and an attempt to improve its governance, but rather followed an approach of dismissal and defiance.
Commentary

Tesla Is Short on Director Independence

Lucian Bebchuk
Lucian Bebchuk and Robert Jackson discuss how Tesla is failing to bolster director independence despite a highly critical court opinion.
Commentary

Tesla Investors Deserve Musk’s Attention

Lucian Bebchuk
Lucian Bebchuk and Robert Jackson argue that Tesla’s proposal to ratify Elon Musk’s $50 billion pay package would fail to secure Musk’s devotion of time and effort to Tesla rather than other endeavors, just as its past pay arrangement did.
Commentary

The Elephant in Tesla’s Boardroom

Lucian Bebchuk
Lucian Bebchuk and Robert Jackson discuss how Elon Musk’s threat to develop AI projects outside Tesla may distort investors’ votes on restoring his large options grant.
Antitrust and Competition

What Is Bold, Old, and Necessary about the DOJ’s Lawsuit Against Live Nation-Ticketmaster

John Kwoka
Drawing on their research, John Kwoka and Tommaso Valletti refute criticisms of the Department of Justice’s lawsuit to break up Live Nation-Ticketmaster that argue such actions irreparably ruin the operations of the constituent firms. The authors highlight the many examples of successful breakups and conclude that only a breakup will now repair the market for live entertainment.
Commentary

Why It Is Important to Address the Misconduct Cases at the FDIC

Hamid Mehran
Hamid Mehran discusses the recent report on sexual harassment and misconduct at the Federal Deposit Insurance Corporation, highlighting the potential negative impact on financial stability due to the departure of experienced examiners and supervisors. Mehran suggests adopting a clawback scheme in employment contracts for senior employees to foster a healthier work environment and protect the FDIC's most valuable asset, its human talent.
Commentary

What Prevents Local Governments From Managing Their Finances More Effectively?

Travis St. Clair
Travis St. Clair outlines how fiscal problems at the local level often stem from short-term fiscal and electoral incentives as well as voters’ limited attention. He reviews potential solutions to improve the financial transparency and long-term planning of local governments.
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The publication of the Stigler Center at The University of Chicago Booth School of Business

ProMarket is dedicated to discussing how competition tends to be subverted by special interests. The posts represent the opinions of their writers, not necessarily those of the University of Chicago, the Booth School of Business, or its faculty. For more information, please visit ProMarket Policy.