Andrew Blake, Robert Robinson, Alex Rovira and Charles Sommers
To alert financial market participants to rules jointly proposed by the US Securities and Exchange Commission (SEC) and US Federal Deposit Insurance Corporation (FDIC) regarding…
Abstract
Purpose
To alert financial market participants to rules jointly proposed by the US Securities and Exchange Commission (SEC) and US Federal Deposit Insurance Corporation (FDIC) regarding orderly liquidation of certain large broker-dealers as mandated in Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank).
Design/methodology/approach
Explains how typical broker-dealer liquidations are generally effected, the alternative of determining a broker-dealer to be a “covered broker-dealer” to be liquidated through an orderly liquidation proceeding under Title II of Dodd-Frank, the appointment of the FDIC as receiver and Securities Investor Protection Corporation (SIPC) as trustee, the requirement for the SIPC to file a protective decree with a federal district court, the possible use of “bridge broker-dealers” to facilitate an orderly liquidation, the FDIC’s procedures for settling claims of customers and other creditors against covered broker-dealers, and additional proposed provisions for administrative expenses and unsecured claims.
Findings
Counterparties of broker-dealers that could be subject to an orderly liquidation proceeding should evaluate the proposal and consider whether, if adopted, the rules would require any changes to credit risk or other internal procedures. Large broker-dealers that could be the subject of such an orderly liquidation proceeding should do the same. Although the formal comment period has closed regarding the proposal, market participants that did not submit comments but who still wish to influence final rule making should still consider submitting written comments to the SEC and FDIC or otherwise advocating before them.
Originality/value
Practical guidance from experienced securities and financial services lawyers.
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Keywords
Robert P. Robinson and Jordan Bell
The purpose of this study is to analyze the first major federal education policy, the Elementary and Secondary Education Act of 1965, and the most recent federal policy, the Every…
Abstract
Purpose
The purpose of this study is to analyze the first major federal education policy, the Elementary and Secondary Education Act of 1965, and the most recent federal policy, the Every Student Succeeds Act of 2015, through a Black critical theory (BlackCrit) lens to understand better how these educational policies have served as antiblack projects. Furthermore, this study locates examples of educational Freedom Dreams in the past and present to imagine new possibilities in Black education.
Design/methodology/approach
By analyzing education policy documents and history through BlackCrit methods, the authors expose how education policy is inherently an antiblack project. Freedom Dreams catalyze possibilities for future education.
Findings
The data confirms that while these policies purport equity and accountability in education, they, in practice, exacerbate antiblackness through inequitably mandated standardized testing, distributed funding and policed schooling.
Originality/value
This paper applies BlackCrit analysis of education policy to reimagine Black educational possibilities.
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Robert P. Robinson and Stephanie Patrice Jones
The purpose of this study was to examine the preservice educational narratives of Black English teachers in an effort to determine their experiences within teacher education…
Abstract
Purpose
The purpose of this study was to examine the preservice educational narratives of Black English teachers in an effort to determine their experiences within teacher education programs with assigned white cooperating teachers.
Design/methodology/approach
Drawing upon Black storytelling, testimony and breath in narrative analysis, this study showcases how Black preservice teachers navigated regularized surveillance and abandonment as part of student teaching practicum.
Findings
The authors argue that, in response to their treatment, these Black preservice teachers created resistance strategies as a way to fill the mentorship void and sustain their own future teaching careers.
Originality/value
The literature on Black preservice teachers does the critical work of examining how they experience their racial, linguistic and gendered identities in the classroom; however, this study focuses on their experiences with white cooperating teachers – an underresearched area in the past 10 years.
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The critical dimension and the one that can unify knowledge through systemic interrelationships, is unification of the purely a priori with the purely a posteriori parts of total…
Abstract
The critical dimension and the one that can unify knowledge through systemic interrelationships, is unification of the purely a priori with the purely a posteriori parts of total reality into a congruous whole. This is a circular cause and effect interrelationship between premises. The emerging kind of world view may also be substantively called the epistemic‐ontic circular causation and continuity model of unified reality. The essence of this order is to ground philosophy of science in both the natural and social sciences, in a perpetually interactive and integrative mould of deriving, evolving and enhancing or revising change. Knowledge is then defined as the output of every such interaction. Interaction arises first from purely epistemological roots to form ontological reality. This is the passage from the a priori to the a posteriori realms in the traditions of Kant and Heidegger. Conversely, the passage from the a posteriori to a priori reality is the approach to knowledge in the natural sciences proferred by Cartesian meditations, David Hume, A.N. Whitehead and Bertrand Russell, as examples. Yet the continuity and renewal of knowledge by interaction and integration of these two premises are not rooted in the philosophy of western science. Husserl tried for it through his critique of western civilization and philosophical methods in the Crisis of Western Civilization. The unified field theory of Relativity‐Quantum physics is being tried for. A theory of everything has been imagined. Yet after all is done, scientific research program remains in a limbo. Unification of knowledge appears to be methodologically impossible in occidental philosophy of science.
Robert J. Robinson and Raymond A. Friedman
Misunderstanding, or misconstrual, is a major exacerbating factor in conflict escalation and an impediment to negotiation and resolution. Laboratory work has identified…
Abstract
Misunderstanding, or misconstrual, is a major exacerbating factor in conflict escalation and an impediment to negotiation and resolution. Laboratory work has identified characteristic errors of construal which partisans make in assessing the views of their opponents. This paper examined whether these same phenomena could be observed in a traditional real‐world conflict, that between trade unions and management. In two studies, union representatives and managers reacted first (in Study 1) to an actual contract negotiation that the two sides were involved with, and then to a hypothetical unjust act. Results revealed that the two sides indeed display many characteristic errors of construal. Specifically, union representatives underestimated management concern for harmful acts against workers, or management's sincere wish to negotiate in good faith within financial constraints, and were generally highly suspicious of management motives and intentions toward workers. Managers saw union representatives as unreasonable, and greatly overestimated union militancy and unwillingness to accept extenuating circumstances. Negotiations will be greatly improved if such misconstruals can be exposed and debunked prior to, or during negotiations.
After the Mandela government took power in 1994 in South Africa, one of its highest priorities was providing power to the impoverished rural areas, and particularly the…
Abstract
After the Mandela government took power in 1994 in South Africa, one of its highest priorities was providing power to the impoverished rural areas, and particularly the infrastructure‐poor black “townships.” In addition to a scarcity of resources, multiple stake‐holders with very different agendas were integrally a part of the decision‐making process. To this extent, what happened with the electricity industry is a metaphor for the multiple issues—social, economic, and political—which had to be negotiated by the new society. The multiple stake‐holders were brought together in a “Forum,” a non‐regulatory advisory body which was designed to specifically include all relevant interested parties in an open (“transparent”) problem‐solving process. This forum system was extensively used in the 18–24 months immediately before and after the 1994 elections to deal with a host of issues. The National Electricity Forum (NELF) was one of the earliest and most successful of these forums. This case reviews the build‐up to the 1994 elections, describes how the forum process worked, and outlines its structure.
WILFRED ASHWORTH, MIKE CORNFORD, MIKE PEARCE and ANDREW WRIGHTING
Ex Libris, the report of the Adam Smith Institute advocating membership fees and borrowing charges in public libraries, attracted no great attention apart from a few knockabout…
Abstract
Ex Libris, the report of the Adam Smith Institute advocating membership fees and borrowing charges in public libraries, attracted no great attention apart from a few knockabout setpieces in the press and on the radio. NLW's prize for headline of the month goes to the Daily Telegraph of 23 June: two half columns on the report were headed by Fees Demanded to Deter Library Louts. Worth reporting here if only to express editorial belief that there can't be more than two people who read both NLW and the Daily Telegraph. There was also a little to‐do on Radio 4's ‘Stop the Week’ on 28 June with Robert Robinson almost alone defending public libraries, provoking a reference from one of the chatting coterie that something was alright for the ‘Raynes Park literati’. Robinson went to Raynes Park Country Grammar School which in its day was quite a school with W H Auden writing the words of the school song. (Readers in Uttoxeter and Gosport may like to know that the school is hard by the London and South Western Railway and is probably in the new‐fangled London Borough of Merton.) The Times on the same day had a respectable second leader which concluded that the report “should make us think more about how libraries should be managed, what they should stock and who should manage them”.
Dacher Keltner and Robert J. Robinson
There is a tendency for opposing partisans to ideological disputes to imagine that their opponents are extremist, biased, and in diametric opposition to themselves. The current…
Abstract
There is a tendency for opposing partisans to ideological disputes to imagine that their opponents are extremist, biased, and in diametric opposition to themselves. The current investigation examined the role of these imagined ideological differences in face‐to‐face negotiations. Experiment 1 examined the problems that develop when negotiators attend to irrelevant ideological differences. Dyads who were made aware of political differences, even imagined ones (i.e., their political views were actually similar), required more time to allocate hypothetical funds and perceived their partner less favorably than did dyads who were unaware of their political differences. Experiments 2 and 3 tested the hypothesis that ideological opponents who acquire accurate information about their counterpart's beliefs (thus reducing the effects of imagined ideological differences) will have more successful negotiations. Opposing partisans to abortion (Experiment 2) and the death penalty (Experiment 3) reached more comprehensive, integrative agreements and perceived each other more favorably when they disclosed their own views to each other before negotiating. The relevance of these findings to other mediation techniques and real world conflicts was discussed.
Raymond A. Friedman and Robert J. Robinson
Current research on justice has found that perceptions of injustice are reduced when harm‐doers provide an explanation or “account” of their actions. We question whether these…
Abstract
Current research on justice has found that perceptions of injustice are reduced when harm‐doers provide an explanation or “account” of their actions. We question whether these findings generalize to everyone in organizations. In particular, we predict that responses to unjust acts and social accounts about them will differ for those in organizations who have less power and for those who are “in‐group” to the victim. We test this prediction by replicating Bies and Shapiro's study of causal accounts, using union subjects as well as managerial subjects, and constructing a scenario in which the victim is a worker and another in which the victim is a manager. As expected, union subjects were more angry about unjust acts than were managers. Counter to our expectations, all subjects perceived an act to be more unjust when the victim was a worker than when the victim was a manager. As in previous studies, an account reduced feelings of injustice, except in one situation: among those of lower power (union reps) who evaluated acts that hurt members of their own group (i.e., a worker), an account did not reduce their sense of injustice for the victim, even though it did reduce blame at the harm‐doer.
Robert B. Ekelund and Robert F. Hébert
Edward Hastings Chamberlin, a great innovator in economic theory,has been badly served by his “followers”, who have“blanked” and “distorted” his message. Today itis the Chicago…
Abstract
Edward Hastings Chamberlin, a great innovator in economic theory, has been badly served by his “followers”, who have “blanked” and “distorted” his message. Today it is the Chicago critics of monopolistic competition, not his self‐appointed followers at Harvard, who are developing an economics of industrial organisation that more nearly captures the spirit of Chamberlin′s work. Chamberlin′s central insight was that quality dimensions and other means of product differentiation are essential elements (in addition to nominal prices) in the analysis of how economic markets actually work. Although Chamberlin initially tried to fit his theory into the conventional mould of Marshallian economics, with predictably unsatisfactory results, this should not be allowed to obscure the novelty and robustness of his contribution.