Legal, Economic & Regulatory Affairs News by GLG Council Members

The Very Risky Monetary Policy Adopted at the September Fed Policy Meeting

October 16, 2009

Analysis by: GLG Expert Contributor

Analysis of:Minutes of the Federal Open Market Committee Meeting of September 22-23 2009 | www.federalreserve.gov

The Bernanke Fed's balance sheet has expanded by a lot to ensure enough credit to promote economic recovery after the financial crisis of "08-'09. By different means, it has taken the same policy attitude as the Greenspan Fed following the 2000 stock market crisis. It has been guarding fiercely against the worst possible economic outcome, and rightly so up until now. But it is still afraid to let down its guard now that the economy is better, a miscalculation reminiscent of Greenspan's day.

Credit Card Turmoil

October 16, 2009

Analysis by: GLG Expert Contributor

Analysis of:Turmoil in Arbitration Empire Upends Credit-Card Disputes | online.wsj.com

The article paints a bleak picture for the future of dispute resolution, specifically arbitration in credit card debt issues. It further implies that there will be a flood of cases related to consumer credit card debt onto an already overloaded judicial system.However there are alternatives available that can replace mandatory arbitration.

Duncan MacDonaldConsultantDuncan McDonald

Loss of arbitration of cardholder disputes could sink card industry

October 15, 2009

Analysis of:Turmoil in Arbitration Empire Upends Credit-Card Disputes | online.wsj.com

Although the article is about an investor's failed bet on arbitration of card disputes, the bigger fail will belong to the card industry -- the 1 billion bank and private label cards held by 200 million consumers. Issuers of those cards have all but lost the right require arbitration and the enormous protection arbitration brings against class actions. With the NAF gone kaput and the AAA refusing to fill the void, issuers now face massive, potentially crippling new risks .

Government Run Health Insurance Fails

October 9, 2009

Analysis by: GLG Expert Contributor

Analysis of:Fate of Government-Run Health Insurance May Rest in Obama's Hands | www.foxnews.com

The Senate Finance Committee rejected the "public option" for government-run health insurance not once but twice. Even some democrats were wary of the public option. These failures underscore the fact that the United States is wrestling with a fundamental shift in thinking about the proper role of government in the health care insurance business.

Federal Gov’t Takes Leadership Role in the 2020 Carbon Footprint Reduction Goal

October 8, 2009

Analysis by: GLG Expert Contributor

Analysis of:Obama requires agencies to set new energy reductions goals | www.federaltimes.com

An U.S. Federal Executive Order (E.O.) labeled Federal Leadership in Environmental, Energy, and Economic Performance was issued on 10/5/09. The E.O. requires agency heads to develop a strategy to measure, report, and reduce their carbon footprint. Some deliverables are due as soon as Q1, 2010. Are there correlations between the congressional bills and this executive order?

New Climate Change Bill Lacks Critical RPS for Renewables

October 7, 2009

Analysis by: GLG Expert Contributor

Analysis of:Senator Kerry introduces Clean Energy Jobs & American Power Act: where is the RPS? | www.examiner.com

As stated in this source article, the various renewable energy industries such as solar are in desperate need of investor confidence and a guaranteed future market size to work towards, amidst a glut of oversupply at this time. A well-defined national RPS in the new climate change bill would lead to increased R&D into more cost-effective and efficient technologies and the formation of a complete domestic supply chain for renewables to support predictable future growth.

Duncan MacDonaldConsultantDuncan McDonald

Threats to make CARD Act worse and to regulate interchange fees

October 6, 2009

Analysis of:Banks Face Pressure to Bend on New Agency - American Banker Article | www.americanbanker.com

The article is about the wrangling in Congress to enact a so-called "Consumer Protection Agency." But it carries a threat to bankers. If they don't stop trying to block a CPA, Congress will enact piecemeal bills that will prevent card issuers from being able to reprice in response to the CARD Act and will regulate interchange pricing downward.

Andrey ZeleninPartnerLidings Law Firm

Any Risks for GM Patents in Russia?

October 3, 2009

Analysis of:GAZ to Get Desired GM Technology in Opel Deal | www.themoscowtimes.com

Though a number of concerns have been raised following the sale of a stake in Opel to an alliance of Magna and Sberbank, it is unlikely that this will lead to any misuse of GM patents in Russia.

Marshall MaysFounder & DirectorEmerging Alpha Advisors, Ltd.

Volatility is becoming "normal" again

October 2, 2009

Analysis of:After the storm – A “new normal” for the world economy | www.economist.com

1 - This opinion-leader concentrates on needed changes in public policy, which are unlikely to happen. What will happen to the markets during this period of waffle?2 - Currency management will matter, as another way governments cheat, but the very shift from emergency priming to actual use of funds will shake up the capital markets.3 - Beware the consequences of shifting consumption patterns. You may get what you wish for!

Ohio Gaming Alert - Governor Pushes Slot Proposal Back

September 30, 2009

Analysis by: GLG Expert Contributor

Analysis of:Governor Proposes Plan to Balance Budget and Protect Ohio Schools | www.governor.ohio.gov

Faced with a decision from the Ohio Supreme Court, Governor Strickland has pushed back the timetable for VLT's at Ohio's racetracks.  He will file suit to ask the Ohio Supreme Court for a declaratory judgment on his authority.

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