| Roger Clemens | |||||||||||||
YEAR | AGE | RSAA | ERA | G | GS | IP | SO | SO/9 | BR/9 | W | L | NW | NL |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2003 | 41 | 10 | 3.91 | 33 | 33 | 211.2 | 190 | 8.08 | 11.14 | 17 | 9 | 14 | 12 |
| 2004 | 42 | 32 | 2.98 | 33 | 33 | 214.1 | 218 | 9.15 | 10.67 | 18 | 4 | 15 | 7 |
| 2005 | 43 | 54 | 1.56 | 26 | 26 | 178.1 | 162 | 8.18 | 8.43 | 11 | 6 | 15 | 2 |
| CAR | 699 | 3.12 | 666 | 665 | 4671.1 | 4479 | 8.63 | 10.82 | 339 | 170 | 336 | 173 | |
| LG AVG | 0 | 4.38 | 4671.2 | 3109 | 5.99 | 12.95 | 262 | 262 | |||||
Monthly Archives: August 2005
Structured finance to the rescue
Professor Ribstein notes an interesting development in the entertainment business, where creative financial types are securitizing revenue streams from artists’ work into financial instruments such as “Bowie Bonds,” which are then sold to investors to provide an income source for the artists and their recording studios. Given the revenue loss that some artists and record companies have incurred as a result of illegal downloads, Larry notes the sweet irony of capitalists rescuing “the artists from the non-respecters of property rights.”
Unfortunately, this creativity will only last until the government figures out what is really going on and puts a stop to it.
Securities litigation is like Being John Malkovich?
Peter Henning comes up with that apt description of Bruce Carton’s analysis of the black hole that is developing in the securities litigation arena, where litigation seemingly begets litigation about the original litigation. The latest example is speculation over Milberg Weiss becoming a class action target as a result of the criminal investigation into the firm’s handling of dozens of class actions over the years. Cracks Bruce, “Presumably the lawyers bringing any shareholder lawsuit against Milberg would be . . . lawyers who only file non-frivolous lawsuits seeking non-outrageous punitive damages.”
In discussing all of this, Bruce refers to this hilarious Toronto Globe and Mail commentary on the imminent securities class action against CIBC that will claim damages caused by CIBC’s recent generous settlement of claims against it in the Enron securities class action lawsuit:
While CIBC’s shareholders may indeed have the right to feel like they’re stuck in the intensive care unit without health coverage, the logic in taking this to court would seem distinctly fuzzy. If they blame the Enron settlement for hitting the value of their shares, what happens when their lawsuit is launched? Won’t the share price drop even further? And when that happens, shouldn’t they sue themselves? And eventually, won’t they have to end up paying billions to themselves to have their own lawsuit go away?
In the end, CIBC’s share price would be sucked in on itself and go into negative territory, a kind of financial black hole that only Stephen Hawking would understand.
Stop daydreaming!
According to this Washington Post article, now daydreaming may be hazardous to your health:
The brain areas involved in daydreaming, musing and other stream-of-consciousness thoughts appear to be the same regions targeted by Alzheimer’s disease, researchers are reporting today in an unusual study that offers new insights into the roots of the deadly illness.
While some unknown third factor may be responsible for triggering daydreaming as well as Alzheimer’s, . . . a causative link between the two would explain a mystery that has long bothered scientists: why Alzheimer’s generally affects memory first. . . [T]the undirected thought patterns that most people slip into readily may result in the kind of “wear and tear” that ends in Alzheimer’s disease, . . .
This theory, however, clashes with the evidence that intellectual activity plays a protective role against Alzheimer’s disease. Far from the “wear and tear” model, other research has suggested that the brain runs on a “use it or lose it” system.
The best observation in the article is from a scientist who cautions that the findings are preliminary and should be taken with a grain of salt:
“I look forward to the public health campaign to stop people from engaging in these dangerous, risky behaviors,” he quipped. “Maybe we can equip ourselves with anti-daydreaming monitors that shock us when we slip into reverie.”
Don Willett to be nominated for Texas Supreme Court seat
The Chronicle is reporting this morning that 39 year-old Don Willett, an Austin attorney with close ties to President Bush, will be nominated today by Governor Rick Perry to replace Priscilla Owen on the Texas Supreme Court.
Mr. Willett is a native Texan who graduated from Baylor University and received a JD with honors and an AM in Political Science from Duke University in 1992. After law school, Mr. Willett clerked for Judge Jerre S. Williams of the U.S. Court of Appeals for the Fifth Circuit and then worked in employment law at the Austin office of Haynes & Boone for several years.
From 1996-2000, Mr. Willett served as Research/Special Projects Director for then-Governor Bush in Texas and advised Mr. Bush on various political and legal issues. He parlayed that position into a Domestic Policy & Special Projects Advisor position on the Bush-Cheney 2000 Presidential Campaign and then later on the Presidential Transition Team. In 2002, Mr. Willett was appointed as Deputy Assistant Attorney General in the Office of Legal Policy where he developed civil and criminal justice initiatives and special projects for the President, including coordinating assistance with judicial nominations and confirmations. After that stint, Mr. Willett served as Special Assistant to the President and Director of Law and Policy for the White House Office of Faith-Based & Community Initiatives and, most recently, as a key advisor for his old friend, Texas Attorney General Greg Abbott.
After nomination, Mr. Willett could serve on the Supreme Court without Senate confirmation until the Legislature is called into session, but he would still have to run for election to the seat next year.
Judge Hughes hammers the FDIC in the Hurwitz case
One of the more interesting (and longstanding) local civil lawsuits turned an interesting corner yesterday.
U.S. District Judge Lynn Hughes — unquestionably the Houston federal judge most likely to challenge the government’s position in any case — handed down this 133 page broadside yesterday ordering the Federal Deposit Insurance Corp. to pay Houston financier and longtime environmentalist target Charles Hurwitz $72.3 million in sanctions for the FDIC’s conduct in connection with prosecuting a civil lawsuit to hold Mr. Hurwitz and other directors of the defunct United Savings of Texas personally responsible for $250 million in connection with the $1.6 billion loss resulting from the S&L’s 1988 failure.
There is a lot of background to this saga. The FDIC sued Mr. Hurwitz — the chairman and chief executive of Houston-based Maxxam Inc. — and other United Savings directors (including the talented Barry Munitz) in 1995. Interestingly, the FDIC did not contend in the lawsuit that Mr. Hurwitz and Maxxam had looted United Savings; rather, the agency contended merely that Mr. Hurwitz and Maxxam had an obligation to invest more money in the sinking ship of United even after it was clear that the S&L was going down the tubes.
Berkman and Oswalt


From time to time, I am going to pass along detailed statistics on the Stros’ players. In last night’s win, two of the players around whom the Stros will build over the next several years — Lance Berkman (whose stats are down a bit this season as he is playing while rehabbing from off-season knee surgery) and Roy Oswalt — had good games. Their respective statistics are here, including how they compare against the National League average. They are two of the best players in the National League at their respective positions.
Berkman and Oswalt statistics
| Lance Berkman | ||||||||||||
YEAR | AGE | RCAA | OBA | SLG | OPS | AVG | HR | RBI | SB | G | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2003 | 27 | 40 | .412 | .515 | .927 | .288 | 25 | 93 | 5 | 153 | ||
| 2004 | 28 | 69 | .450 | .566 | 1.016 | .316 | 30 | 106 | 9 | 160 | ||
| 2005 | 29 | 21 | .408 | .493 | .901 | .293 | 13 | 53 | 2 | 95 | ||
| CAR | 275 | .415 | .555 | .971 | .302 | 169 | 588 | 42 | 870 | |||
| LG AVG | 0 | .342 | .434 | .776 | .269 | 95 | 384 | 49 | ||||
| POS AVG | 67 | .359 | .472 | .830 | .276 | 121 | 435 | 56 | ||||
| Roy Oswalt | ||||||||||||
YEAR | AGE | RSAA | ERA | G | GS | IP | SO | SO/9 | BR/9 | W | L | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2003 | 25 | 21 | 2.97 | 21 | 21 | 127.1 | 108 | 7.63 | 10.60 | 10 | 5 | |
| 2004 | 26 | 22 | 3.49 | 36 | 35 | 237 | 206 | 7.82 | 11.62 | 20 | 10 | |
| 2005 | 27 | 33 | 2.68 | 27 | 27 | 191.2 | 134 | 6.29 | 10.57 | 15 | 10 | |
| CAR | 138 | 3.02 | 147 | 137 | 930.2 | 800 | 7.74 | 10.82 | 78 | 37 | ||
| LG AVG | 0 | 4.26 | 930.2 | 695 | 6.72 | 12.76 | 52 | 52 | ||||
New Fifth Circuit automatic stay decision
To proceed or not to proceed? That is often the question that a creditor has in regard to taking further legal action against a debtor that has just filed a bankruptcy case.
Under section 362 of the Bankruptcy Code, a wide-ranging injunction — dubbed the “automatic stay” — arises immediately upon the filing of a bankruptcy case. That injunction enjoins — pending further Bankruptcy Court order — most legal actions by creditors against either the debtor or the debtor’s property, which is referred to in bankruptcy parlance as “property of the [debtor’s] estate.” Although the automatic stay is quite clear, it is often decidedly unclear whether a particular piece of property is “property of the estate” at the time of a debtor’s bankruptcy and, thus, subject to the automatic stay against creditor actions. Given that it is rarely a good idea to violate a court-imposed injunction, the breadth of the stay is an issue that tends to interest most business lawyers and businesspeople.
Justice Breyer takes on the Originalists
This Wall Street Journal ($) book review previews U.S. Supreme Court Justice Stephen Breyer‘s soon-to-be-published book, Active Liberty: Interpreting Our Democratic Constitution (Knopf Sept. 2005) in which Justice Breyer offers a rejoinder to his longtime intellectual opponent on the Supreme Court, Justice Antonin Scalia, who advocates “originalism” – i.e., a more literal interpretation of the Constitution’s meaning at the time of its writing. Justice Scalia’s views were set forth in his book, A Matter of Interpretation: Federal Courts and the Law (Princeton Univ. Press 1997).
In the book, Justice Breyer advances the longstanding criticism that originalism is simply a self-righteous political cover for the fact that all Supreme Court justices, regardless of their judicial philosophy, rely on common elements such as “language, history, tradition, precedent, purpose and consequence” when interpreting laws. It’s the way in which they afford different weight to each factor, contends Justice Breyer, that often has a monumental impact on the American republic.
Justice Breyer’s view does have merit, as the entire originalist rationale has a questionable historical basis (the Founding Fathers had widely divergent views on the Constitution and the role of the judiciary) and certainly does not always lead to a coherent uniform approach to resolving cases. However, even though some of the originalist-based decisions have had the consequence of enlarging the governmental bureaucracies and divesting local communities of control, my sense is that Justice Breyer’s approach is still more likely to result in debacles such as this.
Update: Jim Lindgren over at the Volokh Conspiracy speculates as to the source of Justice Breyer’s theory.