Morgan Ricks
@morganricks1.bsky.social
Vanderbilt law professor. Formerly U.S. Treasury (crisis team), Citadel (merger arbitrage), Merrill Lynch (financial institutions investment banking), Wachtell (M&A).
I'm pleased to announce the publication of the second edition of Enterprise Organizations: Law, Theory, and Practice, a law school casebook on business organizations. As with last year's first edition, I have aimed to make it modern, accessible, practical, and affordable ($85).
My new casebook is the bestseller in corporate law on Amazon -->
There is no need to be maximalist anti-tariff, which can be a useful tool to allow infant industries to thrive. That's especially true when praising an industrial policy that used tariffs!
"We spent the last 30 years coming to a new understanding as a country about what we need to do. And sometimes that means tariffs." -- Buttigieg
What @jomichell.bsky.social says.
Jo Michell@jomichell.bsky.social · last yr.Also: the fact that the trigger is entirely policy-driven doesn’t mean that having a financial system built around huge leveraged systemically important financial institutions, largely outside of regulatory oversight and doing a lot of stuff that is not obviously socially useful, is sensible.
Time really is a circle. Leveraged hedge funds make billions; bets blow up; dash for cash; the Fed steps in; repeat. Here's what I wrote four years ago about central banks as guarantors of this unjust and inefficient (some might say: stupid) system. benjaminbraun.org/assets/pubs/...
You may see care for the intellectually and developmentally disabled as a moral imperative. Private equity has been consolidating the field for the last decade because, well, because of money. Dan Boguslaw reports on a new study of PE's lucrative rollup, and the consequences:
Private Equity Vultures Descend on Care Facilities for the Disabled
A new report chronicles ten years of consolidation.
prospect.org
.@matt-levine.bsky.social on Eurodollars. The most fundamental question in all of finance is -- and for hundreds of years has been -- "who gets to issue money [dollars in this case] and subject to what constraints."
I haven't listened to part 3 yet but you absolutely cannot miss parts 1 and 2 of this podcast. Incredible stuff. podcasts.apple.com/us/podcast/t...
The Hidden History of Eurodollars, Part 2: Defending the Dollar System
Podcast Episode · Odd Lots · 01/15/2025 · 43m
podcasts.apple.com
Musk's apparent flouting of Exchange Act § 13(d) in 2022 without any legal repercussions tells you a lot about elite impunity in America. (clip from recent @matt-levine.bsky.social newsletter)
Konings's introductory essay here is deep and has given me a lot to think about. I highly recommend it to anyone interested in finance and economic policy. Parts of it relate to what Lev Menand and I have called "the monetary-financial complex."
Martijn Konings@mkonings.bsky.social · 2y agoboundary2 just published a forum on the gordian knot of finance, where @stefeich.bsky.social, @aminsamman.bsky.social, @thisblue.bsky.social, Janet Roitman, Dick Bryan, and myself reflect on the infuriating hold of finance on economic policy (and how to break it) www.boundary2.org/the-gordian-...
If we're going to be overhauling bank regulatory structure then may I humbly suggest:
It's amazing that the mainstream retail payment system is controlled by a duopoly, basically free from meaningful economic regulation. It would be nice to see some leadership from the Fed in this area. t.co/2qGESBLwBy
https://youtube.com/shorts/dFK_u8pDV3Q?si=hgvrU0jyVDMhAok0
t.co
I'm looking for readings re: whether changes in US equity market structure from ~1997 to 2005 (order handling rules, regulation ATS, regulation NMS, etc.) contributed to the near-demise of the IPO market -- would be very grateful for any suggestions.
The case for imposing rate regulation on credit card networks / swipe fees is very strong.
Actually it began in earnest in the Carter Administration, for what it's worth.
Frequent flyer programs have changed — and people are rightly wondering if they are a good deal - but this piece doesn’t spend much time on the lack of transparency and unfair practices that are also in these programs. www.nytimes.com/2024/11/28/b...
Are Airline Loyalty Programs Worth It?
Some travelers, frustrated with changing airline rewards programs, have stopped chasing status and adopted different strategies when booking flights and using credit cards.
nytimes.com
There's an important question about whether the combination of limited liability and concentrated ownership / high-powered incentives is good for society. It puts a lot of pressure on the guardrails. See e.g. the studies on effects of private equity ownership of nursing homes and hospitals.
good piece on how all the big platforms are suppressing hyperlinks, of course because they want to keep people corralled for maximum profit www.washingtonpost.com/politics/202...
Analysis | Musk admits X throttles links as ‘news influencers’ take over
Hard times for the humble hyperlink and those who depend on it.
washingtonpost.com
* EXCLUSIVE -- WELLS FARGO ASSET CAP LIKELY TO BE LIFTED NEXT YEAR, SOURCES SAY @reuters $WFC
Good piece on the inflation risks inherent in Trump's agenda. Keep an eye on TIPs breakevens. www.bloomberg.com/news/feature...
Trump’s Impossible Task: Delivering for the Working Class and Billionaires
He’s attempting to pull off plutocratic populism, but the math doesn’t square.
bloomberg.com
