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Law Office of Ronald David Greenberg

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SELECTED PUBLICATIONS (with links):


 Books:


Business/Corporate and Banking Law Practice, M. Santucci, L. Beane, R.D'Alessandro, R. Greenberg,T. Rice, General Practice Monograph Series  (15th rev. 2013-2014)N.Y. State Bar Assn. (IBSN 1-57969-387-3).  Click herefor information on this publication.


Selected Readings on Securities Regulation (1974), 209 pages, private distribution for use at Columbia Business School.  Click here for more information on this book (© Ronald D. Greenberg 14 September 1974).  Click here  for information on Catalog of Copyright Entries: Third Series Volume 28, Part I, Number 2, Section 2, Books and Pamphlets (Including Serials and Contributions to Periodicals, Current and Renewal Registrations, July—December, J974 (ISSN 0041-7815) published by Copyright Office, the Library of Congress, Washington, D.C.: 1976 as Books and Pamphlets Including Serials and Contributions to Periodicals Current Registrations (a list of domestic and foreign books, pamphlets, serials, and contributions to periodicals registered during the period covered by this issue, arranged by registration number).


Chapters in Books:


Tax Implications of Forming a Corporation (chapter 3), N.Y. Lawyer's Deskbook  (2009-2010 (20th annual rev.)); N.Y. State Bar Assn. (ISBN 1-57969-288-5; Libr. of Congr. Card Cat. 89-64413); winner of Amer. Bar Assn. Constabar Award; pro bono.  Click here to view an excerpt.  Click here  for information on this publication.


Tax Implications of Forming a Corporation (chapter 3); N.Y. Lawyer's Formbook (2d ed. 2009-2010 (20th annual rev.)); N.Y. State Bar Assn. (ISBN 1-57969-287-7; Libr. of Congr. Card Cat. 90-50851); pro bono.  Click here  for information on this publication.


Business Organizations: Corporations (chapter 1) in General Practice in New York (vols. 20-25) for West's New York Practice Series (1998, rev. 1999 (ISBN 0-314-23141-2)) West Group (formerly West Publishing Company).  Click here  for an excerpt.


 Accounting and the Law (Ch. 45) in Handbook of Accounting and Auditing, edited by Burton, Palmer, and Kay (1981) Warren, Gorham & Lamont Inc.  Click here for information on book.


Articles:

The Eurodollar Market: The Case for Disclosure, 71 Calif. L. Rev. 1492-1515 (1983), translated into Japanese, H. Murata, 2 Matsusaka J. Pol. Sci. Econ. (1983).  Click here for more information on this article.  Click here for publications citing this article. See "Translations" below. See also "Commentary" below.

Municipal Bankruptcy: Some Basic Aspects, 10 Urb. Law. 266 (1978).  Click here  for more information on this article.  Click here for publications citing this article. 
Click here  for publications related to article. Click here for articles on municipal bankruptcy. To view article reporting that effect of financial crisis of 2008-2010 on state and local governments may be that they are in danger of imminent bankruptcy, click here.  For municipalities and financial crisis, click here. See also, e.g., Meredith Whitney, State Bailouts? They've Already Begun, Wall Street J., A27 (11/3/2010) [re federal government subsidies of state spending in excess of state tax collections (budgetary deficits); "structural problems" of many states and municipalities; "expect multiple municipal defaults"].


Quantitative Aspects of Legal Analysis, 1976 Ins. L.J. 589 (1976). Click here  for more information on this article.  Click here for publications citing article.


The Lawyer's Use of Quantitative Analysis in Settlement Negotiations, 38 Bus. Law. 1557 (1983).  Click here  for more information on this article.Click here  for publications citing article. Click here for commentary on criticism of article.

Click here for recognition/ranking (10-1) by Web-Tool.net of article.

 

Municipal Securities: Some Basic Principles and Practices, 9 Urb. Law. 338 (1977) . Click here  for more information on this article.  Click here  for publications citing this article.

Survey of Significant Income Tax Developments in 1979, 1980 Survey of Law 47-55 (1980), American Bar Assn. (General Practice Section).  Click here for information on article.  Click here for more informatio0n on article.

Summary of Significant Tax Dev., 1979 Survey of Law 61-64 (1979), American Bar Assn. (Gen. Prac. Sec.).  Click here for information on journal.


 Low Interest and Interest-Free Loans, 15 Docket Call 3-4, 29-32 (No. 4 Winter 1981), ABA (Gen. Prac. Sec.).  Click here for information on journal.


Report on A ... Bill for a [Proposed] Medical Injury Compensation System, 10 INCL J. 100-113 (June 1981) [re a proposed law to create a patients' indemnification board and establish a medical injury compensation system setting limits on compensatory awards for medical malpractice in New York; bill effects an unreasonable (unconstitutional) disincentive to litigate thereby denying justice to injured party]. For information on tort reform health care, click here (Google™ search results) and here (Bing™ search results).  For information on Patient Protection and Affordable Care Act, click here and hereClick here for more details on Patient Protection and Affordable Care Act (H.R.3590, enacted 12/31/2009) at, e.g., Title I—Quality, Affordable Health Care for All Americans; Title III—Improving the Quality and Efficiency of Health Care; Title V—Health Care Workforce; Title VI—Transparency and Program Integrity).


Edited works:

Annual Report: Foreign Activities of U. S. Taxpayers, 53 Tax Law. 1123-1130 (Important Developments Editor, 2000) [re, e.g., foreign corporations, controlled foreign corporations, income reallocation (I.R.C. § 482), foreign tax credits]. For more details on the Report, click "Tax Lawyer" in Gallery on Navigation Bar. For information on outsourcing generally,
click here. For information on off shoring generally, click here. For details on outsourcing versus off shoring, click here.

Annual Report: Foreign Activities of U. S. Taxpayers, 47 Tax Law. 1205-1221 (Important Developments Editor, 1994) [re, e.g., foreign corporations, controlled foreign corporations, domestic international sales corporations, foreign sales corporations, possessions corporations, foreign tax credits]. See Annual Report for 2000, supra, for links to outsourcing and off shoring.

Annual Report: Foreign Activities of U. S. Taxpayers, 46 Tax Law. 1113-1126 (Important Developments Editor, 1993) [re, e.g., foreign corporations, controlled foreign corporations, domestic international sales corporations, foreign sales corporations, possessions corporations, foreign tax credits]. See Annual Report for 2000, supra, for links to outsourcing and off shoring.

Review of Chapters:

Taxes (Chapter 7) in Investments, by William F. Sharpe (Nobel prize in economic sciences 1990), with Gordon J. Alexander and Jeffrey V. Bailey (1978 (in its 6th ed. 1999)), acknowledgment in Preface. For information on Professor Sharpe,  click here.  For more information on Professor Sharpe,   click here.  For information on his Investments, click here. 



Other:


Letter to William Safire (on misuse of "or otherwise" in his "On Language" column entitled " 'early on' and on and on" in the New York Times Magazine) published in W. Safire, I Stand Corrected: More on Language from William Safire 136-137 (1984 (Times Books).  Click here for an excerpt of the letter in Google books. Click here for more information on book.  Click here for more details on book and Mr. Safire.  Click here for more details on his "Gotcha! Gang" (error spotters).  Click here for commentary on misuse of "or otherwise" in other contexts.


Style Manual (1991), privately distributed (Columbia University). The Manual contains excerpts from W. Strunk and E.B White, The Elements of Style (3rd ed. 1979), H.W. Fowler, A Dictionary of Modern English Usage (2d ed.1965), Wilson Follett, Modern American Usage (1966). Comment: These authorities' cover some commonly used words, alphabetically, such as: actually, address, amount, as to, basically, basis, comprise, different than, exact same, feel badly, fewer, grow, hopefully, incidentally, in terms of, just, listen, look, only, on the other hand, otherwise, really, reticent, situation, so, there, trigger, verbal, unique, well, and you know.See, e.g., more recent editions: Elements of Style illustrated (illustrated by Maira Kalman, 2005) and Elements of Style (4th ed. 2000), Modern English Usage (3rd ed. 1996 (edited by R.W. Burchfield), and Modern American Usage (1998 (edited by Erik Wensberg)). See also, e.g., Bryan A. Garner, Garner's Modern American Usage (3d ed. 2009): click here for information on the 3rd edition. For another useful book, see Bill Bryson, Bryson's Dictionary for Writers and Editors (First Anchor Books Edition (May 2009)); click here for other books by Mr. Bryson and here for more information on this author.  See cover page of the Manual at "Style Manual" in "Gallery 1: Images" on Navigation BarSee also "Style Manual" in "Selected Publications" on Navigation Bar.


Photograph on cover page of magazine illustrating a novel method of refueling operations at sea via driving a golf ball tied to a nylon cord from aircraft carrier's flight deck to destroyer along side carrier with the cord connected to a refueling line to be pulled aboard the destroyer as a substitute for carrier crew's shooting line with a small gun over to destroyer published in Navy Times, Vol. 7, No. 35, at p. 1 (June 14, 1958), available at "Navy Times" in Navigation Menu. To view official photograph, click here.  To view credit requirement for Official Photograph U. S. Navy, click here.   See also Fred Thornberry, Navy Sports through the Long Glass, Our Navy, at p. 30 (July 1, 1958) available by clicking here; local newspaper article on novel refueling method (June 17, 1958)  available by clicking here ("was a pro-am" in the last paragraph of article should read "won a pro-am" or even "team tied for first in pro-am"); related article on pro-junior tournament referred to in refueling article available by clicking here; information on Byron Nelson, a competitor in pro-junior tournament, available by clicking here;  Byron Nelson on YouTube,  available by clicking here.

Translations:

The Eurodollar Market: The Case for Disclosure, 2 Matsusaka J. Pol. Sci. Econ. (1983), translated into Japanese by Hiroshi Murata.  Click here for information on translation into Japanese. Click herefor additional information on translation. For table of contents (cover page) of Matsusaka Journal, click on "Gallery: Publications" (at Matsusaka Journal of Political Science and Economics) on Navigation Bar.

 

Selected Commentary: 


Commentary:Eurodollar Market and Mortgage-backed Securities -- A Comparison In the Eurodollar Market lending banks usually do not know identity or creditworthiness of final borrower; in securitizations of mortgage backed securities, the investors may be unknown to the originating bank, though the borrower's identity is known but its creditworthiness frequently has been questionable and has weakened the pool of mortgages that is securitized. Both markets have involved the lack of financial information on the relevant borrower--whether at the end of the chain of lending (Eurodollar market lending) or at the beginning of the chain of distribution of mortgage backed securities (housing market lending). A possible, but partial, regulatory solution for both markets might be a reasonable disclosure regime that would measure certain market activities while maintaining the participants' privacy with appropriate protections. Click here for more information on I.M.F. as supranational bank or here as supranational agency. Click here for more information on B.I.S. as supranational bank or here as supranational agency.For a recent recognition of new prominence for I.M.F. reported in New York Times (Nov. 27, 2010) at B1, click here.  For a suggestion by China on reforming global financial system and more influence in International Monetary Fund and the World Bank (Dinny McMahon, China Seeks Global Finance Pact, Wall Street J. at c3 (Oct. 11, 2010)), click here. The market for mortgage-backed securities, like the Eurodollar market, has had international dimensions. Both markets might benefit from reasonable oversight and guidance by a supranational body or international treaty.


Mortgage-backed securities activity grew in the 1980s See, e.g., Yves Smith, How the Banks Put the Economy Underwater, New York Times (Oct. 30, 2010) [mortgage securitization grew in the 1980s, transactions were written carefully, packaged loans were put into a trust to protect investors, a process that worked well until roughly 2004, when volume of transactions exploded; an important problem was that many lenders ceased to be concerned about quality of the loans, because the investors in the securities, not the bank (originator of loan), would incur the risk of loss on borrower's default]. Four reasons have been suggested for enactment of the Glass-Steagall Act: (1) investment banking is risky; (2) conflict of interest for banks (to be taking deposits, lending, and distributing securities); (3) concentration of power in banks; (4) promote specialization of securities market. Dennis E. Logue, Handbook of Modern Finance 4-1 to 4-3, 4-5 to 4-8 to 4-9, 4-29 (1984). Commercial banks in 1982 specialized in commercial lending rather than mortgages, yet constituted a substantial share (over 18%) of the mortgage market; institutional investors (e.g., pension funds and insurance companies) are buying mortgage-backed securities. Id. 10-25, 31-38, 33-7 to 33-18.
See also William A. Lovett, Banking and Financial Institutions Law (3rd ed. 1992) [Glass-Steagall remained largely intact though 1987, although more substantial erosion occurred in the later 1980's; banks actively sought more securities powers, with emphasis on underwriting commercial paper, mortgage-backed securities, and revenue bonds, along with marketing of mutual funds; some large banks demanded full repeal of Glass-Steagall's separation of the commercial banking and securities industries; Congress refused to repeal Glass-Steagall (despite repeated lobbying pressure from many large banks, and, at times Reagan and Bush administrations), major erosion occurred between 1987-1990; a series of regulatory decisions by Federal Reserve Board and the Comptroller of the Currency, some of largest money center banks were allowed to underwrite commercial paper, securitized mortgage-backed instruments, and many corporate bonds and stocks, plus to engage in lending to support private placements; most of this underwriting required to be effected via affiliates so as not to violate prohibition against being "principally engaged" in underwriting corporate securities; by 1989 some of largest U.S. banks (e.g., Citicorp, Morgan, and Banker's Trust) had became strong participants in U.S. domestic underwriting and were even stronger abroad].


Glass-Steagall was repealed in 1999. See, e.g., Sewell Chan, Congressional Negotiators Start Effort to Merge Versions of Financial Reform Bills, New York Times at B2 (June 11, 2010) [ "The negotiators called for reviving some version of Glass-Steagall, which had been eroded before being repealed in 1999; both sides called for avoiding a repeat of past mistakes; Maxine Waters, a California Democrat, recalled that on a similar conference committee for Gramm-Leach-Bliley Act, the legislation that repealed Glass-Steagall: "I feared deregulation would have serious consequences. *** I voted no. I was right."].  Click here for more information on Logue Handbook.  Click here for more information on Lovett book. For information on the Glass-Steagall Act. click here, its repeal, here, and Bill Clinton's signing its repeal, here.  See also, e.g., Julia Collins, Harvard Law Bulletin, at 38 (Summer 2010) [Byron Georgiou '74, one of 10 appointees to Financial Crisis Inquiry Commission charged with evaluating the prime causes of financial crisis in 22 areas from impact of housing crisis to repeal of Glass-Steagall]; Bethany McLean, Meet the Real Villain of the Financial Crisis, at A23 (April 27, 2010) [Congress sat idly by as consumer advocates warned that people were getting loans they'd never pay back; Congress refused to regulate derivatives; Congress repealed the Glass-Steagall Act]. Cf. John B. Taylor, The Dodd-Frank Financial Fiasco, Wall Street J. at A 19 (July 1, 2010) [By far most significant error of omission in bill is failure to reform Fannie Mae and Freddie Mac]. But see "universal banking" popular in Europe in which commercial banking and investment banking activities are permitted to be engaged in by banks, click here.

The covered bond, popular in Europe for over 240 years, is a securitized debt instrument protected (secured?) by assets in a cover pool that remain as collateral on the issuer's balance sheet, in contrast to securitizations in the U.S. housing market -- when the mortgage-backed security is distributed, it no longer is on the bank's balance sheet. See, e.g., Julie Satow, An Effort to Adapt a European-Style Tool t U.S. Mortgages, New York Times, Nov. 2, 2010.  Click here for more information on covered bonds. Covered bonds seem to be a safeguard to replace that effected albeit in a different manner in the U.S. by the Glass-Steagall law.

Commentary: Municipal Bankruptcy
 

To view article reporting that effect of financial crisis of 2008-2010 on state and local governments may be that they are in danger of imminent bankruptcy, click here.  For municipalities and financial crisis, click here.  See also, e.g., Meredith Whitney, State Bailouts? They've Already Begun, Wall Street J., A27 (11/3/2010) [re federal government subsidies of state spending in excess of state tax collections (budgetary deficits); "structural problems" of many states and municipalities; "expect multiple municipal defaults"].

Posts:
   


Click here here for posts to Economic Dreams-Economic Nightmares. To pinpoint posts among various comments, click here for post 1 (at "Posted by: ronald david greenberg| April 18, 2011 at 12:16 AM)")and here for post 2 (at "Posted by: ronald david greenberg| April 21, 2011 at 02:25 AM").