A year before the implosion of Bear Stearns and Lehman Brothers, the Morin Center published a major study calling for investment banks to be examined and regulated in the same way as commercial banks. At the time of our study, other reports, including those coming out of the Treasury Department, Harvard, the U.S. Chamber of Commerce and the offices of Senator Schumer and Mayor Bloomberg, were claiming that the financial services industry in the U.S. was over regulated and that rules had to be loosened up to make our institutions more competitive globally. We didn’t buy it. Last fall, when the Bush Administration shifted its TARP plan from buying toxic assets to injecting capital in banks, we pointed out that board seats ought to accompany the Treasury’s acquisition of major stock positions in the country’s largest financial firms. And, as Paulson & Co. tossed about for a coherent “too big to fail policy,” expending hundreds of billions of dollars in the process, we pointed the way for a coherent approach to the vexing issue of systemic risk.
At the Morin Center, we don’t mind being out of step. Sometimes that means being ahead of the pack.
For twenty five years, the Center has been noted primarily as the only destination for earning a master of laws degree (LL.M.) in banking and financial law. Our 1,500 graduates span the globe and hold influential positions in government, law firms, NGOs and financial institutions of all types. Established in 1978, the Morin Center for Banking Law was intended to be a thought and research leader on pressing issues relevant to the banking industry. In 1982, the first issue of the Annual Review of Banking Law (now the Review of Banking and Financial Law) was published. Although the graduate program came to dominate the Center’s activities, the current financial crisis has returned the Center to its original mission, which we see as three-fold: education, research and publication, and outreach.
Here are just a few examples of how we are fulfilling that mission:
- On April 23, the Center, along with the Group of Thirty and the Bretton Woods Committee sponsors a Washington, D.C. symposium called “Shaping Global Financial Reform” to address the architectural reforms that await the nation’s and the world’s financial system. The symposium includes such thought leaders as Paul Volcker, Sheila Bair, Sir Anthony Crockett, John Dugan and many others. President Brown will welcome a distinguished audience to this timely event; these proceedings may be seen in the spring issue of the Review of Banking and Financial Law.
- Since January, every other week we have been conducting noontime seminars in Downtown Boston to educate the bar and the business community about the rapid fire events surrounding the crisis. Co-sponsored with the Boston Bar Association, these programs, called The Buck Starts Here, have three components: first, an update on Washington developments; second, a drill-down on an important issue of the day, such as TARP or securitizations; and, third, a presentation by a CEO about how his or her company is coping with the new economic realities. These programs have been well attended and well received and can be seen on the Morin Center’s Web site.
- The Center’s Director serves as the rapporteur to the American Bar Association’s Task Force on Financial Markets Regulatory Reform. This responsibility places the Center in the midst of the ongoing debate over the shape of the financial services industry to come. Our Associate Director Martin Lacdao serves on a task force of the ABA’s Banking Law Committee also dealing with regulatory reform issues.
- On April 15, Marshall N. Carter, Chairman of NYSE Group and past CEO of State Street Corporation delivered an address as part of the Edward Lane-Reticker Speaker Series. Last year’s speaker was Congressman Barney Frank. On April 16, Congressman Michael Capuano addressed the annual banquet of the Review of Banking and Financial Law.
- Our graduates and our students are every bit a part of the solution. Assisted by Center subsidies, our top graduates have the opportunity to become Morin Center Development Fellows and work in developing countries to improve their financial infrastructures. Our current students serve as volunteers helping homeowners in the Boston area avoid foreclosure. In this regard, a Center graduate, Carolina Trujillo ’01, was recently honored with the Young Lawyer's Chair at the Silver Shingle Awards Dinner for her work as Homeownership Programs Director for the Neighborhood of Affordable Housing. Carolina is the first LL.M. graduate ever to earn this coveted distinction.
Joining us at the Center earlier this year as a Senior Fellow was Robert Bench. Some of you in the Boston area may have heard Bob’s interviews on WBZ radio. Others have read his commentary on breaking banking issues in the national news media. Bob brings to us a career in financial services which commenced when he signed on as a national bank examiner right after his graduation from BU in 1965. At the OCC, he rose to be Deputy Comptroller before leaving to head up the global bank regulatory practice of PricewaterhouseCoopers in Washington, D.C. Bob helps us dimension the Center and adds a valuable perspective as we carry out part of our mission to help explain the ongoing crisis to various constituencies.
Our current and prospective students remain a key focus area for us. Obviously, landing positions for our new graduates is more challenging than ever. A major project at the Center is what we call “The Book,” a searchable file of new and recent graduates. We aggressively market this unique resource to financial services related employers of all types on an international basis. We cannot change the environment for our students but we owe it to them to expose them to the widest possible array of job opportunities. Recruitment of new students for the class of 2010 is strong, and I am pleased to say that in the past several years we have been increasingly selective about the educational and experiential qualifications of our students.
As an alumnus, you can take pride that your law school and university are making significant contributions in explaining and resolving the current financial crisis. Come to some of our programs (either in person or by visiting our Web site) and see for yourself. You’ll be educated and informed. I invite you to be part of what we are doing here. Of course, we welcome your comments and suggestions. If this crisis has taught us anything it is that we all have a stake in its outcome. Please pitch in with us!
With every good wish,
Professor and Director
Morin Center for Banking and Financial Law
Kaudwane natives suffering from HIV, war veterans coping with severe disabilities and homeowners facing foreclosures are just a few cases from a milieu of clients assisted by BU Law students in the past four years alone. A thriving climate for public interest work has influenced more and more BU Law students to spend their entire summers providing pro bono legal services to clients who are traditionally under-represented by the law. >>Full story
In a year when the nation faces daunting challenges, one Boston University School of Law alumnus is steering the country in the right direction through his continued leadership in government. This year, Gary Locke (’75) joins the President’s Cabinet as Secretary of Commerce. The former Washington state governor was confirmed as President Obama’s Secretary of Commerce on March 24, 2009, making him the first Asian-American to serve in the position. >>Full story
Congratulations to BU Law's 2009 Silver Shingle Award Recipients: Jacqueline Jacobs Caster ('83), Thomas Farrell ('91), Carolina Trujillo ('01) and Howard Zhang ('93) >>More information
Douglas Brown ('88), Evelyn Shen ('94) and Kenneth Spigle ('78) named In-House Leaders in the Law by Massachusetts Lawyers Weekly >>View press release
Meg Cheever ('75) receives Distinguished Daughter of Pennsylvania Award for dedication to Pittsburgh parks >>Full story
Michael Conley ('89) named SEC Deputy Solicitor >>View press release
Patricia Dilley ('93) receives Rockefeller Innovation Award for proposals on Social Security >>Full story
Merrick L. ("Rick") Gross ('87) joins Miami Office of Carlton Fields >>View press release
Jay Heimbach ('94) joins Obama's Legistlative Affairs Team >>View press release
Katherine Hesse ('76) selected to receive "The Excellence in Leadership Award" >>View press release
Katie Hluchyj ('08) facilitates newly signed Breastfeeding Bill with her work in the Legislative Clinic >>Full story
Robert Khuzami ('83) named SEC Director of Enforcement >>Full story
MaryEllen Linnehan ('85) named president of New York Association of Collaborative Professionals >>View press release
Laura Lonsdale ('01) named the "Best of the Best" on TheCrossBorderGroup.com >>View feature
Sandra Lynch ('71) featured in "The First Circuit's First Woman" in Bostonia, BU's alumni magazine >>Full story
Douglas M. Marrano ('99) elected to partnership at Donovan Hatem LLP >>View press release (pdf)
Gov. Deval Patrick taps lawyer Mark Mason ('84) for judgeship in Springfield District Court >>View article
Ilan S. Nissan ('88) named co-head of O'Melveny & Myers LLP's M&A Practice Group >>View press release
Dan Offner ('89) selected to lead Nixon Peabody LLP's newly launched Intellectual Property Transactions Group >>View press release
Susan Repetti (LL.M. '84) named 2008 "New England Super Lawyer" >>View press release
Gary Rindner ('81) publishes "Retired Corporate Lawyer Takes a Leap Into the World of Volunteering" in Chronicle of Philanthrophy >>View article
Greg Ruzicka (LL.M. '81) aids the needy on Fox Network's "Secret Millionaire" >>Full story
Robert Smith ('65) authors new book, Riches Among The Ruins >>View book description
Richard Soden ('70) receives ABA's "Spirit of Excellence Award" >>View press release
Hobblebush Books publishes In the Arena: A Biography of William Treat ('46) >>Full story
Gregory Woodworth ('84) named general counsel of National Life Group >>View press release
>>View all alumni news here
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|European Moot Court Students at Welcome Reception|
During the last weekend in February, BU Law was transformed into a European courtroom. International students, lawyers and judges gathered at the School for the prestigious European Moot Court Competition. BU Law, selected as the host school for one of four regional finals across the globe, housed twelve teams from universities across Europe, each comprised of a diverse group of law students. >>Full story
Reception honoring Chief Judge Sandra Lynch
5:30-7:30 p.m., Taj Boston Rooftop
Annual Meeting of the Alumni Association
5:30 p.m. – Reception, 6 p.m. - Meeting, Barristers Hall
>>Please visit the alumni Web site for the most recent event listings.
For more information, please contact the Esdaile Alumni Center at 617.353.3118 or e-mail email@example.com
In 1906, the same year Gleason Archer graduated from BU Law, he founded Archers Evening Law School. Today, Archers Evening School is known as Suffolk Law School.
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