Tag Archives: Lehman Brothers

When We Fought the Law, and the Law…Went Quietly, by Philip Wallach

by Guest Blogger — Monday, June 8, 2015

I am afraid that my defense of the law’s importance as a constraint in the case of Lehman Brothers, as against Peter’s charge that the Fed’s choice in that matter should be understood solely as a matter of internal institutional discretion, will give readers the misimpression that To the Edge is filled with examples of […]

The Fed’s Discretionary Judgment, or the Discretionary Fed?, by Philip Wallach

by Guest Blogger — Friday, June 5, 2015

I’ll return to my previously scheduled programming (about Treasury’s audacious money market fund rescue) next time, and spend this post returning Peter’s fire on the question of the Fed’s role in Lehman’s demise and clarifying what exactly we disagree about. We do have somewhat divergent views about the Fed’s crisis powers, but at some points […]

The Next Level of Agency Deference?

by Andy Grewal — Thursday, May 14, 2015

Before it collapsed, Lehman Brothers engaged in various tax-motivated transactions, including ones to earn foreign tax credits. Last week, a federal judge addressed the merits of one of those controversies, holding against the defunct bank. The court tucked in a footnote a potentially interesting twist on agency deference. It noted that a so-called IRS Advisory […]