Jon Stewart's guest last nite: Yet another reaon why we are in so much economic trouble [View all]

[truedelphi]

So last night, Wed Feb 8th 2012, Jon Stewart had a professor of law at the Yale University School of Law on as a guest.

This man, Jonathan R. Macey, addressed an example that Jon was holding up as to the malfeasance of Big Time Investment people like Mitt Romney.

While Mr Macey was in "The Green Room," Jon had been entertaining the audience with the tale of how Mitt Romney, while working for the Bain Corproation, helped to obtain the purchase of a vision/optical laboratory for some 50+ millions of dollars. Mitt and the Bain Corporation then went on to rake up over 300 millions of dollars worth of payments to themselves, and two years after those payments were made, the firm was put into bankrupcy. During the bankrupcy procedures, I imagine that whatever portion of the workers' pensions funds had not already been used up by the award of huge dividends to themselves, those remaining funds were then used to help the Bain Corproation lawyers proceede in handling the bankrupcy proceedings. (That is usually how it is done.)

I have to say, this is a pretty good gig if you can manage it, especially given that the Bain folks used other people's money to help them obtain the corporation.

Macey explained patiently to Jon Stewart that there is nothing wrong with what the Bain Corproation did. And the only way that anyone from Bain could be held responsible is if someone could somehow prove that the Bain folks had the intention of ruining the eye/vision corproation while they drained it of all its assets.

Now one of the things that I find the most remarkable about all this is that Macey is not just "an expert." No, he is not some economic expert. He is a LAW PROFESSOR. He is someone entrusted with teaching the up and coming generations as to how they go about conducting business in AMerica.

One can only imagine a young Mr Massey, age eight, swiping all the cookies out of the family cookie jar. He sits hidden in his bedroon closet, and when confronted with this offense, he wisely and ethically points out to his parents, that he did nothing wrong. And that only if they can somehow "prove" that he intended to deprive the rest of the family the luzury of having these cookies, is he willing to hear that he did something wrong.

Should anyone wish to watch last night's show, you go to Comedy central.com, then you go to Daily Show, then you go to watch entire episodes, then select the Feb 8th 2012 episode. (Most of this will be in the upper left hand section of your computer screens.)

Curriculum Vitae of One Professor Macey:
Sam Harris Professor of Corporate Law, Corporate Finance, and Securities Law
Jonathan R. Macey is the Sam Harris Professor of Corporate Law, Corporate Finance and Securities Law at Yale University, and Professor in the Yale School of Management. Professor Macey is the author of several books including the two-volume treatise, Macey on Corporation Laws, and co-author of two leading casebooks, Corporations: Including Partnerships and Limited Liability Companies and Banking Law and Regulation. In 1995, Professor Macey was awarded the Paul M. Bator prize for excellence in Teaching, Scholarship and Public Service by the Federalist Society for Law and Public Policy. In 2004, he was awarded a Teaching Award by the Yale Law Women in recognition of his “commitment to excellence in teaching, mentoring and inspiring.” Professor Macey earned his B.A., cum laude, from Harvard and his J.D. from Yale Law School. He received a Ph.D. honoris causa from the Stockholm School of Economics.
Education
J.D., Yale, 1982
A.B., Harvard, 1977

Courses Taught
Accounting, Finance, and Law
Banking Law and Regulation
Business Organizations
Corporate Governance: Seminar
Financial Institutions: Legal and Economic Perspective
Financial Institutions and Capital Markets
Law, Economics, and Organization
Legal Practicum