Word: bebchuk
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Dates: during 2000-2009
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...study was authored by Harvard Law School Professor Lucian A. Bebchuk, Holger Spamann, a lecturer at the Law School, and Alma Cohen, a visiting law professor from Tel Aviv University. The authors attempt to dispel what they call the “standard narrative of the meltdown” that does not give payment schemes a leading role in the financial crisis...
...seeks to contribute to this ongoing examination. We do by showing that the examples of Bear Stearns and Lehman should not be used as a basis for dismissing the potential role of compensation structures in past risk-taking and the potential value of fixing such structures,” Bebchuk wrote in an e-mailed statement to The Crimson...
When I run this example by Lucian Bebchuk, a Harvard Law School professor who has supplied much of the intellectual firepower for the current pay-regulation campaign, he has a ready retort. "When they run out of good, substantive arguments, they come to the argument of unintended consequences," he says of pay-regulation opponents. "We have seen the consequences of the lack of intervention in the last 10 years. We have lived with that experiment...
...case for limiting pay at corporations not on government life support rests on two main arguments, Bebchuk says. Top executives are supposed to answer to shareholders, but to a large extent they have been able to determine their own pay packages. Say-on-pay votes and other measures that empower shareholders and outside directors are meant to shift that balance of power. At banks, meanwhile, pay is simply one more risk factor that regulators should keep an eye on. "Once you accept that government is already regulating the business decisions of banks, I don't know why this particular business...
...value of doing this is it would clarify which banks are and which banks aren't undercapitalized," says Harvard Law professor Lucian Bebchuk, whose September proposal for toxic-asset purchases by competing investors seems to have provided a template for Treasury's plan. "It's reasonable to expect that restarting the market for troubled assets will lead us to discover that some banks are in a healthy position and will make it absolutely clear that some banks are in an unacceptable position...