Law Experts Discuss Evolving Financial Crisis

CHICAGO – On Oct. 2, 2008, David Ruder, former chair of the Securities and Exchange Commission, and other Northwestern University School of Law experts led a discussion with the University's community about the rapidly evolving financial crisis in the United States.

The faculty experts explained the origins of the crisis and possible ways to resolve the situation. In addition, the panel fielded questions from members of the Northwestern community gathered for the discussion.

Participants included:

David S. Ruder, William W. Gurley Memorial Professor of Law Emeritus and former dean of Northwestern University School of Law, was chairman of the Securities and Exchange Commission from 1977 to 1985. He currently is chairman of the Mutual Fund Directors Forum and has been active in many public service organizations related to securities regulation.

Kenneth Ayotte, associate professor of law, is a specialist in bankruptcy, corporate finance and the economics of property law and legal entities. His current projects include an empirical investigation into the impact of creditor control on Chapter 11 outcomes and a theoretical investigation of optimal legal rules regarding property rights.

Allan Horwich, senior lecturer, is a specialist in securities litigation and counseling. A partner at Schiff Hardin (where he has practiced since 1969), he has nearly 40 years of experience in litigating private securities claims and SEC enforcement matters. He has published numerous articles involving insider trading, securities litigation and corporate disclosure issues.

Thomas Brennan, assistant professor of law, has worked, from 2003 to 2005, as a strategist in the Capital Markets Strategies group at Goldman Sachs, where he advised large corporate clients on asset/liability risk management, cash-flow modeling and capital structure-related decisions. He previously practiced in the corporate tax department at Cravath, Swain & Moore, LLP.