On Feb. 18, an article appeared in The Recorder titled “Reviving Competition” that reminded me of the lyrics from the Talking Heads’ song “Burning Down the House”: “Hold tight — wait till the party’s over, Hold tight — we’re in for nasty weather.“
The central theme of “Reviving Competition” is that the Committee on Capital Markets Regulation (the Paulson Committee) warned back in a November 2006 Interim Report that the United States was losing its position as the world’s foremost public capital market due to the unpredictability of private securities litigation, and that it has been left to the Supreme Court to resolve some of the supposed inconsistency. “Reviving Competition” applauds the court for deciding three landmark private securities litigation cases that “strike a careful balance between preserving the private securities class action as a deterrent against fraud and risk of overenforcement that could further erode the competitive aspect of the public capital markets.”
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