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This Palgrave Pivot presents the first in-depth study of the pioneering Kansas Blue Sky Act of 1911, the first effort in American financial history to regulate the sale of securities in the US. Though offering a balanced examination of critiques of the legislation as a barrier to individual liberty, interstate commerce, and economic growth, the author challenges the prevailing view of the Kansas Act as a complete anomaly, instead exploring sensitively what ‘blue sky laws’ can tell us about small-town market values during the nineteenth-century. Drawing on contemporary accounts of rural commerce and popular stereotypes about rural society, the author takes a cultural-historical approach to the politics of regulation and government intervention in the economy. Situating the Blue Sky Act in the broader context of Progressive Era reforms, the author demonstrates how distinctive patterns of commerce and finance in the self-contained, miniature economies of mid-continental rural communities were often at odds with the “caveat emptor” (buyer beware) standard of American law and commerce in larger markets. Instead the author explores how paternalistic assumptions about individual investment decisions led to the creation of the Act, yet how it was doomed to failure in the context of emerging national stock markets, changing attitudes that regarded stock primarily as a vehicle for trade and the market boom of the 1920s. The book also explores how the initial acceptance of the Kansas model in other states and its later rejection provides a lens through which to examine the fluidity of notions of individual liberty during this period of fast economic and social change. This book will be of interest to researchers working in American financial history, as well as legal history and securities law.
"This book focuses on a very timely and important subject that merit s comprehensive analysis: "rethinking" the securities laws, with particular emphasis on the Securities Act and Securities Exchange Act. The system of securities regulation that prevails today in the United States is one that has been formed through piecemeal federal legislation, Securities and Exchange Commission (SEC) in vocation of its administrative authority, and self-regulatory episodic action. As a consequence, the presence of consistent and logical regulation all too often is lacking. In both transactional and litigation settings, with frequency, mandates apply that are erratic and antithetical to sound public policy. Over four decades ago, the American Law Institute (ALI) adopted the ALI Federal Securities Code. The Code has not been enacted by Congress and its prospects are dim. Since that time, no treatise, monograph, or other source comprehensively has focused on this meritorious subject. The objective of this book is to identify the deficiencies that exist under the current regimen, address their failings, provide recommendations for rectifying these deficiencies, and set forth a thorough analysis for remediation in order to prescribe a consistent and sound securities law framework. By undertaking this challenge, the book provides an original and valuable resource for effectuating necessary law reform that should prove beneficial to the integrity of the U.S. capital markets, effective and fair government and private enforcement, and the enhancement of investor protection"--
In this volume, Gordon Morris Bakken traces the distinctive development of western legal history. The contributors' essays provide succinct descriptions of major cases, legislation, and individual western states' constitutional provisions that are unique in the American legal system. To assist the reader, the volume is organized by subject, including natural resources, municipal authority, business regulation, American Indian sovereignty and water rights, women, and Mormons. Contributors are: Roy H. Andes, Dana Blakemore, Richard Griswold del Castillo, Susan Badger Doyle, James W. Ely, Jr., Brenda Gail Farrington, Dale D. Goble, Neil Greenwood, Vanessa Gunther, Louise A Halper, Claudia Hess, Kenneth Hough, Paul Kens, Shenandoah Grant Lynd, Thomas C. Mackey, Nicholas George Malavis, Timothy Miller, Danelle Moon, Andrew P. Morriss, Keith Pacholl, Laurie Caroline Pintar, Michael A. Powell, Ion Puschilla, Emily Rader, Peter L. Reich, John Phillip Reid, Lucy E. Salyer, Susan Sanchez, Janet Schmelzer, Howard Shorr, Paul Reed Spitzzeri, John Joseph Stanley, Donald L. Stelluto, Jr., Timothy A. Strand, Imre Sutton, Nancy J. Taniguchi, and Lonnie Wilson.
The first complete, expert guide to securities and investment fraud Filled with expert guidance for detection and prevention of all kinds of securities fraud and investment misconduct, Securities Fraud helps you identify red flags of fraud and offers practical ways to detect and prevent it. Written by a Wall Street professional with three decades of experience spanning the most critical period of our financial markets This book challenges classic fraud theories, describing how to dismantle information silos that permit fraudsters to conceal their activities. Begins with an overview of the evolution of securities regulation and the impact of securities fraud Offers real cases and examples which illustrate recurring themes and red flags Provides the first guide of its kind to offer a complete look at the various kinds of securities fraud and investment misconduct Securities Fraud is the essential guide you need for a bird's-eye view of fraud that may be taking place even now within your own organization and with your portfolio.
June and Dec. issues contain listings of periodicals.
Blue Skies and Boiler Rooms describes the evolution of the securities market in Canada, from the onset of trading, through the boom of the 1920s and the depression of the 1930s, to the outbreak of the Second World War. The book documents the problems of fraud, misrepresentation, and manipulation of prices, which plagued the securities industry from the outset and which eventually led to market regulation, first by the stock exchanges and later, after the First World War, by governments. Some people argued that regulation to prevent abuses should be modelled on the American ‘blue sky’ legislation, so named after the promises of smooth-talking con men in fly-by-night operations who victimized the unwary with sales pitches offering shares in virtually anything. Even ‘the blue sky above.’ Such legislation became necessary as shady types marketed shares of doubtful value through ‘boiler rooms,’ which used high-pressure mail and telephone selling methods to separate people from their money. This is a tale well told, with a splendid cast of crooks and raffish characters. It is also an in-depth study based on extensive primary research that captures the distinctiveness of the development of the Canadian securities market. Armstrong’s book shows that today’s Bre-X saga is only the latest in a series of episodes in which investors have fixed their hopes for quick and easy profits on speculative mining stock. It will be welcomed by students and scholars of financial, business, and economic history.