A History of Securities Law and the Supreme Court explores how the Supreme Court has made (and remade) securities law. It covers the history of the federal securities laws from their inception during the Great Depression, relying on the justices' conference notes, internal memoranda, and correspondence to shed light on how they came to their decisions and drafted their opinions. That history can be divided into five periods that parallel and illustrate key trends of the Court's jurisprudence more generally. The first saw the administration of Franklin Delano Roosevelt--aided by his filling eight seats on the Court-triumph in its efforts to enact the securities laws and establish their constitutional legitimacy. This brought an end to the Court's long-standing hostility to the regulation of business. The arrival of Roosevelt's justices, all committed to social control of finance, ushered in an era of deference to the SEC's expertise that lasted through the 1940s and 1950s. The 1960s brought an era of judicial activism-and further expansion--by the Warren Court, with purpose taking precedence over text in statutory interpretation. The arrival of Lewis F. Powell, Jr. in 1972 brought a sharp reversal. Powell's leadership of the Court in securities law produced a counter-revolution in the field and an end to the SEC's long winning streak at the Court. Powell's retirement in 1987 marked the beginning of the final period of this study. In the absence of ideological consensus or strong leadership, the Court's securities jurisprudence meandered, taking a random walk between expansive and restrictive decisions.
NEW YORK TIMES BESTSELLER • From an award-winning journalist at The Atlantic, these searing essays make a powerful case that “real hope lies not in a sunny nostalgia for American greatness but in seeing this history plain—in all of its brutality, unadorned by euphemism” (The New York Times). NAMED ONE OF THE BEST BOOKS OF THE YEAR BY NPR • “No writer better demonstrates how American dreams are so often sabotaged by American history. Adam Serwer is essential.”—Ta-Nehisi Coates To many, our most shocking political crises appear unprecedented—un-American, even. But they are not, writes The Atlantic’s Adam Serwer in this prescient essay collection, which dissects the most devastating moments in recent memory to reveal deeply entrenched dynamics, patterns as old as the country itself. The January 6 insurrection, anti-immigrant sentiment, and American authoritarianism all have historic roots that explain their continued power with or without President Donald Trump—a fact borne out by what has happened since his departure from the White House. Serwer argues that Trump is not the cause, he is a symptom. Serwer’s phrase “the cruelty is the point” became among the most-used descriptions of Trump’s era, but as this book demonstrates, it resonates across centuries. The essays here combine revelatory reporting, searing analysis, and a clarity that’s bracing. In this new, expanded version of his bestselling debut, Serwer elegantly dissects white supremacy’s profound influence on our political system, looking at the persistence of the Lost Cause, the past and present of police unions, the mythology of migration, and the many faces of anti-Semitism. In so doing, he offers abundant proof that our past is present and demonstrates the devastating costs of continuing to pretend it’s not. The Cruelty Is the Point dares us, the reader, to not look away.
For any government agency, the distribution of available resources among problems or programs is crucially important. Agencies, however, typically lack a self-conscious process for examining priorities, much less an explicit method for defining what priorities should be. Worst Things First? illustrates the controversy that ensues when previously implicit administrative processes are made explicit and subjected to critical examination. It reveals surprising limitations to quantitative risk assessment as an instrument for precise tuning of policy judgments. The book also demonstrates the strength of political and social forces opposing the exclusive use of risk assessment in setting environmental priorities.
This authored monograph presents a mathematical description of the time evolution of neutral genomic regions in terms of the differential Lyapunov equation. The qualitative behavior of its solutions, with respect to different mutation models and demographic patterns, can be characterized using operator semi group theory. Mutation and drift are two of the main genetic forces, which act on genes of individuals in populations. Their effects are influenced by population dynamics. This book covers the application to two mutation models: single step mutation for microsatellite loci and single-base substitutions. The effects of demographic change to the asymptotic of the distribution are also covered. The target audience primarily covers researchers and experts in the field but the book may also be beneficial for graduate students.
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