A Stress Test for Capitalism

The costliest government intervention in American history began with a meeting. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke summoned the CEOs of the country's nine largest banks last October to tell them the government was going to become a major shareholder after injecting them with $125 billion. Paulson handed each CEO a term sheet explaining the rules. They could make a phone call to consult staff, but all of them had to sign the deal that evening. MORE

 
Inside the Presidential Campaign

FOR TWO VERY LONG, frenzied, and sleepless years, Trevor Potter ’82 and Bob Bauer ’76 ran opposing legal shops — Potter as general counsel for the McCain campaign, Bauer as general counsel for Obama’s — in one of the most momentous presidential elections in American history. From their demeanors alone, it is easy to see who won the election. Potter is relaxed, quick to laugh, and clearly unburdened now that the Herculean grind of the campaign has ended. Bauer is affable but reserved; now serving as President Barack Obama’s personal attorney, he can expect even more work from the world’s most famous client. MORE
 

Policy, Morality, Politics . . . and the Rule of Law

IN HIS FIRST 100 DAYS, President Barack Obama has signed executive orders that amend or revoke prior detention and interrogation policies. Some Democratic members of Congress are also pressing to investigate allegations of war crimes, illegal wiretapping, destruction of evidence, and executive overreach by the Bush administration. Asymmetrical warfare and terrorism are still with us, making the rule of law more important than ever. We convened four faculty members for a discussion of the law of sovereign defense and military action in the modern age of terror. MORE