November 13, 2009
The Cassandra Awards
Posted by Erik Gerding

Among economists, Robert Shiller and Nouriel Roubini have been rightly lauded for warning of the current crisis.

I’d like to give some legal scholars their due for being way ahead of the curve on the issues in the financial crisis. This isn't anywhere near an exclusive list, just some of the work that is sitting on the corner of my desk right now:

The Award for Early Link of Derivatives to Systemic Risk: Kim Krawiec (in 1998!)

The Award for Early Warning on the Dangers of Securitization particularly Subprime Securitization: Nominees include: Kurt Eggert; Kathleen Engel & Patricia McCoy; (see also Peterson and Kettering).

The Award for Warning that the Federal Government had no Way of Dealing with a Possible Freddie/Fannie Bankruptcy: Richard Carnell (I've mentioned David Reiss in a post already).

The General Dissent Award: Tim Canova.

The Award for Most Re-read Article on my Desk: Transformation of the U.S. Financial Services Industry by Wilmarth.

Award for Identifying Many of the (now usual) Suspects: Frank Partnoy (crashes, rating agencies, credit derivatives (the last with Skeel))

Award for Opening My Eyes on Basel II: Joseph Jude Norton.

Again, this is woefully incomplete and just the tip of the iceberg. For example, there are lots of scholars who have been writing about abuses in consumer financial for years who aren't included. It also doesn't include lots of scholars who were ahead of the game on Enron and whose work still resonates.

Financial Crisis, Legal Scholarship | Bookmark

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