Regulatory Sloth and Activism in the Effervescence of Financial Crisis

21 Pages Posted: 23 Jun 2011  

Nicholas Dorn

Institute of Advanced Legal Studies, University of London

Multiple version iconThere are 2 versions of this paper

Date Written: July 2011

Abstract

Certain financial market practices, previously denied or disregarded by financial market regulators, are being redefined as candidates for active investigation and enforcement. This article contrasts the passive stance of the U.S. Securities and Exchange Commission vis‐à‐vis the Madoff fraud with its relatively diligent but now settled Complaint against Goldman Sachs. The article also explores compromises in the EU's approach to market regulation of information asymmetry, suggesting that grounds for pessimism outweigh those for hope. The introduction sets the context, describing aspects of the first leg of the crisis (states bail out banks) and the second leg (states themselves come under strain).

Suggested Citation

Dorn, Nicholas, Regulatory Sloth and Activism in the Effervescence of Financial Crisis (July 2011). Law & Policy, Vol. 33, Issue 3, pp. 428-448, 2011. Available at SSRN: https://ssrn.com/abstract=1870728 or http://dx.doi.org/10.1111/j.1467-9930.2011.00342.x

Nicholas Dorn (Contact Author)

Institute of Advanced Legal Studies, University of London

Charles Clore House
17 Russell Square
London, WC1B 5DR
United Kingdom

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