Regulation

Gerhard Schick discusses the CumEx and CumCum share-trading scandals that cost German taxpayers billions of euros over the course of several decades and the failures in political and social institutions that allowed these scandals to persist for so long.

Former Federal Trade Commissioner and Consumer Financial Protection Bureau Director Rohit Chopra writes that as the federal government circumvents the rule of law by pardoning corporate infractions and crimes in exchange for political favors, individual states, citizens, and businesses will need to pursue private actions against corporate wrongdoing.

In new research, Tomaso Duso, Joseph Harrington, Carl Kreuzberg, and Geza Sapi demonstrate how their screening tool can aid antitrust authorities in identifying potential collusion between firms through public communications.

Kleptocracy is often thought to plague developing countries, but this grand corruption would be infeasible without the West’s financial and legal plumbing to launder misbegotten gains. American and European government initiatives to remedy their complicity have run aground or even reversed course, particularly in the United States under the new Trump administration, writes Alexander Cooley.

Fabio De Pasquale, a prosecutor at the Milan prosecutor’s office who led the investigation into energy conglomerates Eni and Shell for their alleged involvement...

Corporations can sidestep prosecution by cooperating with the government and offering up employees to avoid their own criminal liability. Ellen S. Podgor discusses two prominent reasons why the current approach to corporate criminality is inefficient.

Gary Kalman writes that actions under the second Trump administration to dismantle recent anti-corruption initiatives, including those pioneered during the first Trump administration, will cost dearly the American and global economy and enable many of the nefarious actors President Trump has publicly admonished.

Judge Jed S. Rakoff of the United States District Court for the Southern District of New York reflects on the history of cryptocurrency and his experience adjudicating criminal cases involving it.

The following is an excerpt from "Private Finance, Public Power: A History of Bank Supervision in America" by Peter Conti-Brown and Sean H. Vanatta, now out at Princeton University Press. 

Anat R. Admati reviews Unjust Debts: How Our Bankruptcy System Makes America More Unequal (2024) by Melissa B. Jacoby.