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Hastings Business LawjournalVolume 5Number 2 Spring 2009Article 2Spring 1-1-2009Beware of Risk Everywhere: An Important Lesson from the Current Credit Bexley-Borough-WW1-Roll-of-Honourt CrisisMichael c. MacchiarolaFollow this and additional works at: https://repository.uchastings.edu/ hastings_business_law_journalÔ* Part of the Business Organizations Law CommonsRecommended CitationMichael c. Macchiarola, Bi-HWir ơjRirfr E'ivnwtare: Ail Jmjwnirit Ltiíữnfrom tíư Currtnt Craftr CriM Bexley-Borough-WW1-Roll-of-Honouri, $ Hawings Bus. L.J. 267 (2009).Available at: https://repository.uchastings.edu'hawings Jsusiness Jaw Journal/vol$/iss2/2This Article is brought tứBexley-Borough-WW1-Roll-of-Honour
you for free and open access by the Law Journals at uc Hastings Scholarship Repository. It has been accepted for indusxm in Hastings Business Law JourHastings Business LawjournalVolume 5Number 2 Spring 2009Article 2Spring 1-1-2009Beware of Risk Everywhere: An Important Lesson from the Current Credit Bexley-Borough-WW1-Roll-of-HonourRYWHERE: AN IMPORTANT LESSON FROM THE CURRENT CREDIT CRISISMichael c. Macchiarola“I saw the best minds of my generation destroyed by madness.”- Allen Ginsburg in “Howl”I. INTRODUCTIONAs the credit crisis continues to spiral through the world’s economies, there has been no shortage of pundits and com Bexley-Borough-WW1-Roll-of-Honourmentators offering their spin on the problems and proposing solutions. While the entire episode will take some time to sort itself out, its effects arBexley-Borough-WW1-Roll-of-Honour
e being felt widely and some lessons about its cause can already be gleaned. As a result of this increased attention, a real “teaching moment” has begHastings Business LawjournalVolume 5Number 2 Spring 2009Article 2Spring 1-1-2009Beware of Risk Everywhere: An Important Lesson from the Current Credit Bexley-Borough-WW1-Roll-of-Honourht a lesson that should be incorporated into the curricula following recent market events.The purpose of this Article is to remind attorneys, future attorneys,♦ Adjunct Professor. Seton Hall University School of Law. A.B., 1994, College of the Holy Cross; J.D. 1997, New York University School of Law Bexley-Borough-WW1-Roll-of-Honour; M.B.A., 2001, Columbia Business School. Mr. Macchiarola is a member of the adjunct faculty at St. Francis College in Brooklyn, New York. He currentlBexley-Borough-WW1-Roll-of-Honour
y practices law in New York City. This Article is a private publication of the author, expresses only his views and does not necessarily represent dieHastings Business LawjournalVolume 5Number 2 Spring 2009Article 2Spring 1-1-2009Beware of Risk Everywhere: An Important Lesson from the Current Credit Bexley-Borough-WW1-Roll-of-Honourtance with this article and all of the teachers that have given their time and energy to teach me important lessons, including Frank and Mary Macchiarola, Steve Bogart, Anthony J. Gcnovesi, Col. L. F. Sullivan, Robert Sabatelli, Terri Bianchi, Vincent Lapomarda, S.J., Bill Bratton, John T. O’Connor, Bexley-Borough-WW1-Roll-of-Honour Bob Rcder, and Brian Levine.I.Any lawyer or aspiring lawyer requiring additional evidence that this current crisis should be taken seriously need onlBexley-Borough-WW1-Roll-of-Honour
y look as far as the recent layoffs in the legal profession. See, eg., Nate Raymond, Job Losses in Legal Sector Continue, AmLaw Daily, Apr. 3, 2009, hHastings Business LawjournalVolume 5Number 2 Spring 2009Article 2Spring 1-1-2009Beware of Risk Everywhere: An Important Lesson from the Current Credit Bexley-Borough-WW1-Roll-of-Honour7, the legal services sector has lost an estimate 24,900 jobs” in the United States). Job preservation can have an incredible motivational effect.HASTINGS BUSINESS LAW JOURNAL267268HASTINGS BUSINESS LAW JOURNALVol. 5:2law professors, investors, and anyone else that will listen to beware of risk ever Bexley-Borough-WW1-Roll-of-Honourywhere—especially where you don’t see it. This Article does not mean to suggest that this lesson is by any means the only takeaway from recent marketBexley-Borough-WW1-Roll-of-Honour
events.2 3 Nor does it necessarily represent the most important principle to be learned from this crisis. Instead, this Article is meant to stimulate Hastings Business LawjournalVolume 5Number 2 Spring 2009Article 2Spring 1-1-2009Beware of Risk Everywhere: An Important Lesson from the Current Credit Bexley-Borough-WW1-Roll-of-Honour little emphasis on law school campuses. Moreover, it is hoped that this Article will serve in some small way to make these issues more accessible and less threatening to law students and faculty alike. The credit crisis and its lingering effects are not going away anytime soon. As a result, law sch Bexley-Borough-WW1-Roll-of-Honourools should seriously consider expanding the traditional opportunities available to students to study the policies and products of the capital marketsBexley-Borough-WW1-Roll-of-Honour
. Moreover, with the regulatory landscape likely to change significantly in the coming years, newly minted attorneys—free from much of the history andHastings Business LawjournalVolume 5Number 2 Spring 2009Article 2Spring 1-1-2009Beware of Risk Everywhere: An Important Lesson from the Current Credit Bexley-Borough-WW1-Roll-of-HonourArticle’s lesson will serve any young attorney well in navigating the increasingly difficult waters of a legal practice in the coming years.The Article will begin with a short review of the events that have brought our current extraordinary period of financial turbulence. This section briefly discus Bexley-Borough-WW1-Roll-of-Honourses some of the products, policies and conditions that were in place and encouraged during the period that preceded the recent contraction. Rather thaBexley-Borough-WW1-Roll-of-Honour
n pass qualitative judgment, this section of the Article is meant only to provide context and to set the stage for the lesson’s presentation.Law studeHastings Business LawjournalVolume 5Number 2 Spring 2009Article 2Spring 1-1-2009Beware of Risk Everywhere: An Important Lesson from the Current Credit Bexley-Borough-WW1-Roll-of-Honourcently recounted to me by a colleague, is instructive in answering the question:There was a law student presenting a case in a first-year Contracts class. The student did a fine job stating the holding, rehashing the facts of the case and describing the court’s reasoning. When the professor pressed Bexley-Borough-WW1-Roll-of-Honourthe student for further detail on the mechanics of a damage calculation, the student replied that the question was a “business issue’’ and added “I’mBexley-Borough-WW1-Roll-of-Honour
just the lawyer.” “And a pretty shitty one you’ll make,” responded the professor?2There is a tension here. A good history student knows that it is proHastings Business LawjournalVolume 5Number 2 Spring 2009Article 2Spring 1-1-2009Beware of Risk Everywhere: An Important Lesson from the Current Credit Bexley-Borough-WW1-Roll-of-Honourt a disadvantage today.3This teaching moment is attributed to Professor Frank J. Macchiarola, the father of the author, during his time as the Dean of Cardozo Law School. While the lesson is certainly recognizable, theSpring 2009BEWARE OF RISK EVERYWHERE269The moral—in colorful language—is that lawy Bexley-Borough-WW1-Roll-of-Honourers must understand their client’s business intimately. While the process of learning can be mind-numbing at times, such an understanding is essentialBexley-Borough-WW1-Roll-of-Honour
to zealous advocacy. As the disclaimer on my Corporate Finance syllabus warns, “this stuff does not necessarily go down easy.” As a result, law studeHastings Business LawjournalVolume 5Number 2 Spring 2009Article 2Spring 1-1-2009Beware of Risk Everywhere: An Important Lesson from the Current Credit Bexley-Borough-WW1-Roll-of-Honoure and an untiring desire to learn, understand and process information. In practice, it is abundantly clear that the finest lawyers work hard to understand the financial theories that underpin today’s products and markets. Hopefully the lesson of this Article will serve as a guidepost as new legal pr Bexley-Borough-WW1-Roll-of-Honourofessionals begin their own journey toward steering their clients through the complex issues that will fall out from this crisis in the coming years.Hastings Business LawjournalVolume 5Number 2 Spring 2009Article 2Spring 1-1-2009Beware of Risk Everywhere: An Important Lesson from the Current CreditHastings Business LawjournalVolume 5Number 2 Spring 2009Article 2Spring 1-1-2009Beware of Risk Everywhere: An Important Lesson from the Current CreditGọi ngay
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