Our friends over at naked capitalism brought this opinion piece from the FT to our attention. It is by the best known securities law professor in the country, John Coffee at Columbia Law School. He argues persuasively that despite all the post Sarbanes-Oxley panic, the US capital markets remain the most attractive around the globe. My view of this is pretty simple: in no other country do investors stand as good a chance at enforcing their legal rights than in the US. And investors continue to be willing to pay a “Rule of Law” premium to buy stocks here. That suggests the deregulation mantra sung by so many in the last few years ought to be softened considerably. With several seats open on the SEC perhaps it is time to elevate someone to that critical body who actually believes in what the SEC does!
Author Archives: sdiamond
The Perils of Private Equity
My article on private equity has been published by Dissent Magazine. You can order a copy here at dissentmagazine.org
The Perils of Private Equity
My article on private equity has been published by Dissent Magazine. You can order a copy here at dissentmagazine.org
Perils of Private Equity
My paper on Private Equity has now been published by Dissent Magazine as “Private Equity and Public Good.” Online copies are not available yet but you can order a copy (or subscribe) here: Dissent
Road Bump or Earth Quake in Digital Distribution?
In late 1999, I worked closely with the AFL-CIO to defend German workers targeted by Vodafone in their takeover bid for Mannesmann’s cell phone business. Vodafone argued that so-called 3G technology would make the billions they proposed to spend on the deal worth it. Seven years later, 3G is still largely unavailable and Vodafone lost tens of billions in shareholder value on the deal. Oh, and their CEO is history. The AFL-CIO predicted all this with pretty impressive accuracy.
Fast forward to today’s digital distribution environment for the entertainment industry and we have news of another flameout as Google announces that its video download service has failed. Now Google hopes that it can make a go of the billion or two its spent to buy You Tube (plagued by its own intellectual property rights concerns as it faces lawsuits from content providers). RIght now, the DVD biz is looking pretty good.
Workers kill boss in China over unpaid wages
This may be one reason employers want the State/Party backed ACFTU in their workplaces in China!
Credit Crunch Heading West – Terrible Timing for Guilds
The headlines coming from Wall Street these days sing only one tune: the end of cheap credit. That means interest rates are rising and the risks associated with companies that have borrowed heavily or those buyout funds that use leverage to take over companies are headed for tough times. But it may surprise folks to learn that this will impact Hollywood, too, and the timing could not be worse. One of the trends that has not gotten enough attention in the EMI sector is the role of private equity in changing the ownership structure of big media companies. Now the funds that the big studios increasinly rely on to produce films may get more scarce and come with tougher terms. That means heavier going on the financial side of the business just as the Guilds try to make their case in contract negotiations.
Beyond the Berle and Means Paradigm: Private Equity and the New Capitalist Order
I have blogged about the important role that private equity funds play in the global econmy and about their impact on the labor movement. I decided to take a closer look at the nature of PE funds and the impact they are having on corporate governance. A copy of my paper can be accessed here. As it is still a draft, I welcome comments.
SSRN-Beyond the Berle and Means Paradigm: Private Equity and the New Capitalist Order
I have blogged here about the important role that private equity funds now play in corporate America. I decided to take a closer look at the nature of PE funds and the impact they are having on corporate governance. A copy of my paper can be accessed here. As it is still a draft, I welcome comments.
Private Equity and the New Capitalist Order
I have blogged here about the important role that private equity funds play in the new Hollywood. I decided to take a closer look at the nature of PE funds and the impact they are having on corporate governance. A copy of my paper can be accessed here. As it is still a draft, I welcome comments.