New York, July 13, 2009 -- John Coffee, Adolf A.Berle Professor of Law, was recently a member of a roundtable gathered to discuss the causes of the current financial market crisis and how to hold firms accountable for the risks they take.
Sponsored by the Aspen Institute along with New York University and Ernst & Young, Coffee was one of 20 academics and business practitioners who jointly addressed the future role of financial market regulations in a recovering economy. The group explored practical theories as well as the core philosophies surrounding free markets in society.
Though the gathering did not settle on any particular plan of action, the members agreed on 10 key issues that must be resolved in order to refashion the current system including strengthening regulatory capacity; paying better attention to potentially destructive financial products; and rethinking the role and value of innovation.
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