Second Circuit’s Ruling to Impact the Sovereign Debt Market?

Just how much power—or better yet, influence—does the American judicial system really have over sovereign nations? This is the underlying question that the Second Circuit must resolve before rendering its decision over how to handle a group of hedge funds’ dispute with the Republic of Argentina.

In 2001, amidst its worst economic turmoil in history, the Republic of Argentina defaulted on nearly $100 billion of its debt. While bondholders immediately felt an adverse effect, until recently, they were left with few options but to accept the government’s restructured—and heavily discounted—exchange bonds. This all changed, however, when Judge Thomas P. Griesa of the District Court for the Southern District of New York sided with the plaintiff hedge funds, and enjoined both the Republic of Argentina and third party banks from making payments on the exchange bonds unless the other bondholders were also paid.

As this decision comes under its review, the Second Circuit is presented with numerous considerations. Will its decision result in unrest in credit markets? If it affirms, will innocent exchange bondholders be negatively affected? Do third party U.S. banks stand to become the only victims? Rudimentary to all of these considerations, though, is what can the court threaten to do—or really do—to Argentina if it does not follow the court’s order?

Continue ReadingSecond Circuit’s Ruling to Impact the Sovereign Debt Market?

Time to Finally Pass the Equal Rights Amendment?

Equal-Rights-Amendment-imageIn 1776, as the founders were meeting to form the new government for the nation that would become the United States of America, Abigail Adams wrote to her husband John Adams and asked him “to remember the ladies” while drafting the governing documents.  She continued,

[B]e more generous and favorable to them than your ancestors [have been].  Do not put such unlimited power into the hands of husbands. . . . [I]f particular care and attention is not paid to the ladies we are determined to foment a rebellion, and will not hold ourselves bound by any laws in which we have no voice or representation.

Quoted in Susan Gluck Mezey, Elusive Equality:  Women’s Rights, Public Policy, and the Law 5 (2011) (internal citations omitted).

John Adams responded, “I cannot but laugh . . . .” Id. To Mr. Adams, this was the first he’d heard of women’s possible discontent with the status quo.  “[Y]our letter was the first intimation that another tribe, more numerous and powerful than all the rest were grown discontented.” Id. For whatever “power” that Mr. Adams suggested that women had, it clearly wasn’t enough, for the new Declaration of Independence and Constitution failed to give any express (or even implied) rights to women.

Mrs. Adams responded to her husband, “I cannot say that I think you are very generous to the ladies; for whilst you are proclaiming peace and good-will to men, emancipating all nations, you insist on retaining an absolute power over wives.” Id.

Continue ReadingTime to Finally Pass the Equal Rights Amendment?

Ban on Women in Combat: A Response

I recently had the opportunity to read Professor Mazzie’s post on the lifting of the ban on women serving in combat.  As a military officer with over 20 years of service to include a recent overseas deployment to a combat zone, I thought that I would offer my personal observations and opinions related to this matter.

First, while I personally have not served on the “front lines,” I generally agree with the lifting of the ban.  Since September 11, 2001, women have served alongside men in Iraq, Afghanistan, and many other places around the world.  The majority of women have served with great distinction and all of them who have served have made great sacrifices (let us also not forget about the sacrifices that their families have made).  As Professor Mazzie notes, since September 11, 2001, 152 women have made the ultimate sacrifice for the greater good of this country. 

As a person who enlisted as a Private in 1992, I have seen how the military has grown, matured, and become more professional over the years, especially since the rapid deployment of service members over the last 11 years.  Professor Mazzie entitles her post “Ban on Women in Combat Lifted: Is the Military Ready?”  For the reasons cited above, I do believe that the military is ready.  If the military is not ready at this point in time, after 11 plus years of overseas operations in which women have played a key role in the success of these operations, I personally do not believe that the military will ever be ready.  To put it simply, I believe that the timing is right and the lifting of the ban is the right thing to do. 

All that being said, I do believe that some of the arguments made by opponents of the lifting of the ban have some validity. 

Continue ReadingBan on Women in Combat: A Response