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17 May 2023, 9:02 pm by Neil H. Buchanan
What would happen if the President were prevented from paying bills (including principal and interest on Treasury securities), leaving people without the payment that was due to them and instead holding what at that point would merely be a piece of paper with an unfulfilled promise on it? [read post]
16 May 2023, 9:01 pm by Neil H. Buchanan and Michael C. Dorf
Dark Brandon might even look into the Tax Code and cancel things like the carried interest loophole, which allows hedge fund managers to pay less than their fair share in taxes. [read post]
15 May 2023, 8:23 am by Jonathan H. Adler
In yesterday's New York Times, Michael McConnell explains why "The idea that the 14th Amendment gives the president unilateral power to borrow is dangerous nonsense. [read post]
15 May 2023, 4:00 am by Howard Friedman
Moreland, Response: Contingency and Contestation in Christianity and Liberalism, (Notre Dame Law Review, Forthcoming).Michael P., Moreland, Germaneness and Religious Liberty, (Notre Dame Law Review, Forthcoming).Michael P. [read post]
14 May 2023, 9:00 pm by Neil H. Buchanan and Michael C. Dorf
We would be delighted if the debt ceiling truly were a mere paper tiger that could be easily shredded by stamping “$3 trillion” on a piece of platinum or issuing bonds with a face value of one dollar but sold for a hundred dollars each because they offer 40,100 percent in interest (which is the rate Treasury would need to offer to reproduce the payback on a conventional 3-month hundred-dollar T-bill that pays the roughly 5 percent current interest rate). [read post]
8 May 2023, 9:01 pm by Neil H. Buchanan and Michael C. Dorf
If a consol promises to pay, say, 100 dollars per year, and alternative investments are paying four percent in annual interest, a consol would be worth the annual payment divided by the interest rate, or 2500 dollars.That means that, even though consols never pay back the original principal that was paid to buy the bond, the infinitely long stream of future payments has a finite value. [read post]
4 May 2023, 9:05 pm by renholding
It is a common refrain, mostly on the political right, that considering environmental, social, and governance (“ESG”) factors when investing is probably illegal.[1] The basis for this argument derives from the fiduciary duty of loyalty and its corollary, the “sole interest” or “exclusive benefit” rule, enshrined in both federal and state law, which prohibits fiduciaries from investing for any purpose other than the financial well-being of the beneficiary.… [read post]
1 May 2023, 9:01 pm by Neil H. Buchanan and Michael C. Dorf
Each day that passes without enactment of legislation raising or suspending the debt ceiling brings the United States and thus the global economy closer to disaster. [read post]
16 Apr 2023, 9:01 pm by Neil H. Buchanan and Michael C. Dorf
Conventional wisdom holds that the 2022 midterm elections went surprisingly well for Democrats. [read post]
6 Apr 2023, 10:36 am by Dennis Crouch
by Dennis Crouch The copyright lawsuit between the data-software company SAS Institute and its scrappy copycat World Programming has been interesting to follow over the past several years, and the Federal Circuit has now issued a controversial opinion in the case. [read post]
29 Mar 2023, 5:16 am by Jim Dempsey
In a 2002 article, business school professors Max H. [read post]