Stefan J. Padfield

Director of the NCPPR's Free Enterprise Project. Prior experience includes 15+ years as a law professor, two federal judicial clerkships, private practice at Cravath, Swaine & Moore, LLP, and 6 years enlisted active duty (US Army). Immigrant (naturalized).

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ICYMI: #corpgov Weekend Roundup (July 1, 2018)

By Stefan J. Padfield on July 1, 2018

“what makes this ad special is that there isn’t a full-service ad agency behind it..Ocasio-Cortez wrote it..’It just didn’t compute to us that the same people creating working-class propaganda are creating essentially propaganda for corporations'” https://t.co/qKFhnJ5l9P #corpgov

— Stefan Padfield (@ProfPadfield) June 28, 2018

“Many voters see left-wing front-runner Andrés Manuel López Obrador as an alternative to years of free-market policies that have made Mexico a global competitor but left many families behind” https://t.co/U2sw1nXNQQ #corpgov

— Stefan Padfield (@ProfPadfield) June 28, 2018

Buying a cup of coffee “burns through much of a worker’s entire monthly wage but costs just pennies — …. the devastating effects of the government’s frantic money-printing policies and how they are sinking the country deeper into poverty.” https://t.co/uv8MXioHXU #corpgov

— Stefan Padfield (@ProfPadfield) June 28, 2018

“Stare decisis has in the past been a notoriously pliable doctrine on the Court, but insofar as one can discern its shape, it comes in two versions—weak and strong…. A weaker version … is the kind … Janus follows ….” https://t.co/g5Yh75DjOn #corpgov

— Stefan Padfield (@ProfPadfield) June 29, 2018

ICYMI: “Judge Dismisses Climate Suit Against Oil Companies … said the world had benefited from fossil fuels and held that the

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ICYMI: #corpgov Midweek Roundup (June 27, 2018)

By Stefan J. Padfield on June 27, 2018

“Google … announced today that it is bringing its IT Support Professional Certificate to over 25 community colleges to help graduates get in on the estimated 150,000 well-paying jobs currently open in IT departments around the country.” https://t.co/vr8sQkTtOj #corpgov

— Stefan Padfield (@ProfPadfield) June 26, 2018

ICYMI: “U.S. Supreme Court decides against Ohio in American Express antitrust case” https://t.co/fnA1FyL7FN #corpgov

— Stefan Padfield (@ProfPadfield) June 26, 2018

Breach of duty? CEO admits to passing on “very, very lucrative government contracts” due to belief that “face recognition software will be … used to harm citizens” https://t.co/zIsFl3Rf2k #corpgov ht @AnnMLipton @Matt_Cagle

— Stefan Padfield (@ProfPadfield) June 26, 2018

“Supreme Court rules non-union workers cannot be forced to pay fees to public sector unions” https://t.co/mDieNslNby #corpgov

— Stefan Padfield (@ProfPadfield) June 27, 2018

I guess I’ve got to have it in my timeline somewhere: Justice Kennedy retires. (Google News can fill in the rest.)

— Stefan Padfield (@ProfPadfield) June 27, 2018

“BEAT is the Base Erosion and Anti-Abuse Tax, a complex minimum tax meant to prevent the world’s biggest corporations from shifting profits from the U.S. to other countries. Turned from idea into law last year as part of the tax-code revamp ….”

ICYMI: #corpgov Weekend Roundup (June 24, 2018)

By Stefan J. Padfield on June 24, 2018

“Adam Smith vs. Ayn Rand on Justifying the Free Society” https://t.co/1DjBQF8qTX #corpgov

— Stefan Padfield (@ProfPadfield) June 21, 2018

Is the “supply-and-demand model of labor markets … fundamentally broken”? https://t.co/g2LfQkjYnT #corpgov

— Stefan Padfield (@ProfPadfield) June 24, 2018

“This Article reviews Independence Institute v. Williams, where state disclosure requirements were strongly upheld by the Tenth Circuit under the review standards set in Citizens United v. FEC.” 51 Creighton L. Rev. 487 #corpgov

— Stefan Padfield (@ProfPadfield) June 24, 2018

“judges last week ordered a trial for the company, its former chief executive and other executives on charges they engaged in psychological harassment against workers during a restructuring a decade ago. Some workers committed suicide.” https://t.co/fbL2y4cUJs #corpgov

— Stefan Padfield (@ProfPadfield) June 24, 2018

The Dow “is price-weighted …. Unless Amazon executed a rare stock split, its share price of $1,700 would give the e-commerce giant too much power in the index…. the fact that Amazon … can’t be in the Dow speaks to the limitations of the index.” https://t.co/hvkSMcrmmt #corpgov

— Stefan Padfield (@ProfPadfield) June 24, 2018

ICYMI: #corpgov Midweek Roundup (June 20, 2018)

By Stefan J. Padfield on June 20, 2018

ICYMI: Was the court’s decision to let AT&T and Time Warner merge “ridiculously bad”? https://t.co/ziinuy0mnA #corpgov

— Stefan Padfield (@ProfPadfield) June 18, 2018

Me in @ProMarket_org, the blog of the @StiglerCenter at the University of Chicago, explaining in detail why United States v. AT&T was one of the worst judicial opinions in antirust history. https://t.co/XVplJUfyV6

— Chris Sagers (@chrissagers) June 18, 2018

T. Rowe Price: “our ability to generate unique insights about companies is … dependent on our ability to cultivate constructive, private, two-way communication with the managements of these companies” https://t.co/yTS41rSim1 #corpgov

— Stefan Padfield (@ProfPadfield) June 18, 2018

“China’s ‘Corporatization Without Privatization'”: “the national development ambitions behind such firm establishments, financing, operations, monopoly franchise rights, corporate governance ….” https://t.co/9cdNd2yb16 #corpgov

— Stefan Padfield (@ProfPadfield) June 19, 2018

“a political-action committee … funded by several large corporations … could test Republican appetite to act on climate legislation…. The proposed legislation would protect fossil fuel companies from future climate-related lawsuits.” https://t.co/V5ZWn40nlk #corpgov

— Stefan Padfield (@ProfPadfield) June 20, 2018

ICYMI: #corpgov Weekend Roundup (June 17, 2018)

By Stefan J. Padfield on June 17, 2018

“banks have been … warned … to stay out of social debates and stick to their core businesses like lending to consumers. Piwowar … reminded the bank that it had received billions of dollars in government aid during the financial crisis.” https://t.co/XNI3rTleiS #corpgov

— Stefan Padfield (@ProfPadfield) June 14, 2018

“Bank execs assure Parkland parents of commitment to stop financing assault weapons makers” https://t.co/Yhd5WZJkLc #corpgov ht @adamwinkler

— Stefan Padfield (@ProfPadfield) June 15, 2018

“corporate social responsibility rhetoric..may lure regulators to disregard valid concerns about the effects of privatization & give..false assurance that..transfer of public power to business actors will inspire them to behave as public servants” https://t.co/vgIlzbJgQT #corpgov

— Stefan Padfield (@ProfPadfield) June 15, 2018

“issues to consider when negotiating and adopting fiduciary duty modifications and exculpatory provisions in limited liability company agreements” https://t.co/ZvP4W2R9Hh #corpgov

— Stefan Padfield (@ProfPadfield) June 15, 2018

“Employing the moral language of … conservatives, … libertarians, … [&] progressives …. the same utility company took all of these … stances at … the same time” Palmiter, Corporate Triplespeak Responses … to the EPA’s … Clean Power Plan, 83 Brook. L.Rev. 983 #corpgov

— Stefan Padfield (@ProfPadfield) June 17, 2018

“A count in January found

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ICYMI: #corpgov Midweek Roundup (June 13, 2018)

By Stefan J. Padfield on June 13, 2018

“price bumps that often accompany share-repurchase announcements … can be especially beneficial to corporate executives holding large chunks of corporate stock looking for an uptick to unload shares” https://t.co/Xdj8jm1wQu #corpgov ht @AnnMLipton

— Stefan Padfield (@ProfPadfield) June 11, 2018

“Merrill Lynch … will pay more than $15 million to settle charges that its employees misled customers into overpaying for Residential Mortgage Backed Securities” https://t.co/T71s1OObvC #corpgov

— Stefan Padfield (@ProfPadfield) June 12, 2018

“Massachusetts on Tuesday filed a lawsuit against Purdue Pharma LP, accusing the OxyContin maker of illegally promoting the use of opioids, & became the first state to sue the drugmaker’s executives & directors to hold them responsible as well.” https://t.co/NJU9weC8RL #corpgov

— Stefan Padfield (@ProfPadfield) June 13, 2018

Masterpiece Cakeshop: “The distinction I would look to is that between places of business that are open to the general public, as against the supplying of a good or a service through a private contract.” https://t.co/16cfp505R4 #corpgov

— Stefan Padfield (@ProfPadfield) June 13, 2018

“Wave of corporate mergers seen in wake of AT&T, Time Warner deal” https://t.co/EkIOnD0KSk #corpgov

— Stefan Padfield (@ProfPadfield) June 13, 2018

ICYMI: #corpgov Weekend Roundup (June 10, 2018)

By Stefan J. Padfield on June 10, 2018

“In bad times … traders stand to make the most money and biggest bonuses…. Goldman Sachs had its most trading profitable year in 2009, when it generated more than $30 billion.” https://t.co/PTyh1Jwf9J #corpgov

— Stefan Padfield (@ProfPadfield) June 7, 2018

“Arizona Court of Appeals’ ruling provides the first indication that, as many predicted, the judiciary will construe Masterpiece Cakeshop to affirm the constitutionality of civil rights measures that protect LGBTQ Americans.” https://t.co/V7thlIXjTJ #corpgov ht @adamwinkler

— Stefan Padfield (@ProfPadfield) June 8, 2018

“the fraction of workers employed as independent contractors was 6.9% in May 2017, down from 7.4% in February 2005” https://t.co/bhTXv0owwH #corpgov

— Stefan Padfield (@ProfPadfield) June 8, 2018

“companies do not provide their shareholders with sufficient information about the tax cost of executive compensation” https://t.co/tuyb6xCJf2 #corpgov

— Stefan Padfield (@ProfPadfield) June 8, 2018

“Unbundled … control rights allow foreign minority stockholders to have effective control without majority of voting rights. Does this circumvent foreign equity limitations?” https://t.co/u58lknLvIZ #corpgov

— Stefan Padfield (@ProfPadfield) June 8, 2018

“exploring the different outcomes that would occur under U.S. versus E.U. law in several high profile cases of recent years” Gevurtz, The Road Not Taken: A Comparison of the EU & US Insider

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ICYMI: #corpgov Midweek Roundup (June 6, 2018)

By Stefan J. Padfield on June 6, 2018

“stores that remain financially healthy are actually raising wages in a tight labor market. But they’re seeking a new type of worker — one who has a lot more skills up front.” https://t.co/iOtuilCDhT #corpgov

— Stefan Padfield (@ProfPadfield) June 4, 2018

“Google won’t seek renewal of a Pentagon contract that sparked an internal backlash…. the latest example of how it is struggling to contain growing activism among fractious groups within its workforce.” https://t.co/GSAF91DDxN #corpgov

— Stefan Padfield (@ProfPadfield) June 4, 2018

“Howard Schultz, architect of modern Starbucks, to step down as executive chair and from the board” https://t.co/t7NVkA8S1C #corpgov

— Stefan Padfield (@ProfPadfield) June 4, 2018

“how distributed ledger technologies can be applied to the entire life cycle of securities trading – listing (issuing), trading, clearing, and settlement – currently operated by financial market infrastructure providers” https://t.co/Md95hs3wAT #corpgov

— Stefan Padfield (@ProfPadfield) June 5, 2018

“the stock-market-driven short-termist argument needs to be reconsidered, recalibrated, and, quite plausibly, rejected” https://t.co/TIX4TRtjsZ #corpgov

— Stefan Padfield (@ProfPadfield) June 6, 2018

“One possibility … is that future courts, when confronted with corporate assertions of religious liberty, will say that Masterpiece Cakeshop leaves the issue open and sets no definitive precedent. History, however, suggests another

ICYMI: #corpgov Weekend Roundup (June 3, 2018)

By Stefan J. Padfield on June 3, 2018

.@DavidYosifon: “The problem is not that our corporations are failing us. The problem is that we have failed to properly design our corporations.” https://t.co/4b7XZ4nHaX #corpgov

— Stefan Padfield (@ProfPadfield) May 31, 2018

“the Takeovers Panel in Australia … operates on a different basis from the takeover bodies in Hong Kong …, Singapore & the UK” but all require “shareholder approval for action that would frustrate a bona fide offer” https://t.co/tGfLk5YrfW #corpgov

— Stefan Padfield (@ProfPadfield) May 31, 2018

India: “recent reforms in corporate law … have firmly ensconced the company within the framework of the stakeholder theory, and away from a pure shareholder maximization approach advocated by the nexus of contracts theory” https://t.co/mofYEajE2F #corpgov

— Stefan Padfield (@ProfPadfield) May 31, 2018

“Two local employees of color say … training served only to … increase racial tensions…. video after video … showed black people being assaulted by police or black people being verbally assaulted and white people being racially biased”https://t.co/qAjRUkewcC #corpgov

— Stefan Padfield (@ProfPadfield) June 1, 2018

“a year of reporting into Coca-Cola’s water program shows that the company is grossly exaggerating its water record, which suggests that its new ‘World Without Waste’ recycling plan should also

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ICYMI: #corpgov Midweek Roundup (May 30, 2018)

By Stefan J. Padfield on May 30, 2018

“A … 1976 Supreme Court case … gave corporations … a First Amendment right to inform consumers …. In the years that followed, lawyers … morphed that consumer-rights victory into a corporate free-speech movement.” https://t.co/yy0oc8MR5Z #corpgov

— Stefan Padfield (@ProfPadfield) May 28, 2018

“House Speaker Paul Ryan said [tax] reform meant companies like Harley would be able to keep jobs in America. In January, a CNBC survey of the 100 largest companies by market capitalization determined that’s not happening” https://t.co/KY6vjdZ6BS #corpgov

— Stefan Padfield (@ProfPadfield) May 28, 2018

“rare, candid & bracing talk from executives atop corporate America”: “Americans should stop waiting for across-the-board pay hikes coinciding w/ higher corporate profit; to cash in, workers will need to shift to higher-skilled jobs ….” https://t.co/wWkf20pGKT #corpgov

— Stefan Padfield (@ProfPadfield) May 28, 2018

The curse of corporate bigness: “the disempowered would eventually demand more & more benefits from the government….. Brandeis told the crowd …, the ‘great captains of industry & finance’ were ‘the chief makers of socialism.'” @adamwinkler, We the Corporations, 214 #corpgov

— Stefan Padfield (@ProfPadfield) May 29, 2018

“mutual fund investment time horizons, as measured by portfolio turnover ratios, did not decline during 2005–15…. Based on this

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Business Law Prof Blog

Business Law Prof Blog

Stefan J. Padfield

ICYMI: #corpgov Weekend Roundup (July 1, 2018)

ICYMI: #corpgov Midweek Roundup (June 27, 2018)

ICYMI: #corpgov Weekend Roundup (June 24, 2018)

ICYMI: #corpgov Midweek Roundup (June 20, 2018)

ICYMI: #corpgov Weekend Roundup (June 17, 2018)

ICYMI: #corpgov Midweek Roundup (June 13, 2018)

ICYMI: #corpgov Weekend Roundup (June 10, 2018)

ICYMI: #corpgov Midweek Roundup (June 6, 2018)

ICYMI: #corpgov Weekend Roundup (June 3, 2018)

ICYMI: #corpgov Midweek Roundup (May 30, 2018)

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