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Profs. Hill and Painter Capture Media Interest

An article by Professors Claire Hill and Richard Painter suggesting that investment bank executives take some personal liability for losses has received attention from several business writers and bloggers. "Berle's Vision Beyond Shareholder Interest: Why Investment Bankers Should Have (Some) Personal Liability" is forthcoming in the Seattle University Law Review.

On Dec. 4, 2009, Steven M. Davidoff, writing as The Deal Professor in the New York Times blog of the same name, said he likes Hill and Painter's proposal "because it mimics the partnership structure and ties investment bankers to the firm, giving them real responsibility for its future".

Subsequently, Alain Sherter wrote in his Dec. 7 bNet Financial Services blog that "Two University of Minnesota law professors have a neat—and commonsensical—way to treat Wall Street for its gambling addiction".

On the same day, Seneca Doane wrote in her blog on Daily Kos, that "Hill and Painter provide an eye- opening insight into how we could make a big dent in the problem of overcompensating financial services executives." She encouraged readers to write to Congress and the President to make Hill and Painter's proposal into reality.

Additional blogs that have posted the article, with comments, include the Harvard Law School Forum on Corporate Governance and Financial Regulation, Ideoblog, and the Securities Law Prof Blog.

On Feb. 11, 2010, Hill and Painter shared their ideas and findings with colleagues at a faculty works-in-progress presentation.