Andrew Verstein is a frequent contributor to major media outlets covering complex legal issues in the world of business and finance. Because his scholarly devotion to business law, corporate law, and finance law is extensive, he has written and presented on many topics, including insider trading, crowdfunding, financial benchmarks and indices, market manipulation, business entities, securities litigation, and the treatment of mixed motives in the law, among other related topics. Prior to joining Wake Forest faculty, he was the director of the Yale Law School Center for the Study of Corporate Law. His expertise and scholarship goes beyond U.S. borders, having taught at Fudan University and East China University of Political Science & Law in Shanghai.
Areas of Expertise (20)
Yale Law School: J.D., Law 2009
Dartmouth College: A.B., Philosophy 2005
Media Appearances (5)
Bloomberg Law Brief: Trump Taxes and Trader Spoofing
Professor Verstein discusses Sarao on Bloomberg Law Radio in the segment, “Bloomberg Law Brief: Trump Taxes and Trader Spoofing.” The Bloomberg Law Radio segments was hosted by June Grasso.
HSBC’s U.S. woes continue with forex trader arrest
Professor Verstein discusses the arrest of Mark Johnson, HSBC’s global head of foreign exchange trading, and his colleague Stuart Scott. The U.S. Department of Justice has accused both men of using insider information to make an $8 million illicit profit from a $3.5 billion currency deal.
High stakes for Department of Justice in first U.S. Libor trial
“This is a very important case for [the justice department],” said Andrew Verstein, law professor at Wake Forest University, who has filed briefs in support of civil litigants in a separate Libor case. “It would be embarrassing if they lost but they seem to have strong evidence in this case.”
Managers At RBS Condoned LIBOR Manipulation
By influencing their own bank's submissions, traders could nudge where Libor was fixed each day, helping to boost the value of their derivatives holdings, Andrew Verstein, a lecturer at Yale Law School, said in a paper to be published in the Winter 2013 issue of the Yale Journal on Regulation.
Regulation Isn't Answer to Libor Scandal - Expert
Andrew Verstein commented for CNBC on the news that U.S. lawmakers are launching a probe into the New York Fed's libor role.
What are business entities for? What are security interests for? The prevailing answer in legal scholarship is that both bodies of law exist to partition assets for the benefit of designated creditors. But if both bodies of law partition assets, then what distinguishes them? In fact, these bodies of law appear to be converging as increasing flexibility irons out any differences.
Federal law restricts insider trading. Yet these restrictions operate differently on insolvent or bankrupt firms. The law is less constraining in some respects: federal law extensively regulates the trading of residual claims in solvent firms but not insolvent firms. However, the law is more constraining in other respects: Insider trading law does little to limit debt-trading at solvent firms, but a bankruptcy enmeshes all creditors in a web of insider trading rules.
Insider trading law is meant to be a shield, protecting the market and investors from connected traders, but it can also be a sword. Insofar as we penalize trading on the basis of material non-public information, it becomes possible to share information strategically in order to disable or constrain innocent investors.
At hundreds of companies, the government installs former spies and military officers to run the business without shareholder oversight, putting security before profits in order to protect vital projects from potentially treasonous influences. Through procedures I call “National Security Corporate Governance,” corporate boardrooms have quietly become instruments of national defense, marrying the efficiency norms of corporate law and the protective ambitions of national security.
Legal results often turn on motive, and motive is often complex. How do various domains of law deal with mixed motives? Are we condemned by our darkest motive, forgiven according to our noblest, or something in between? This Article conducts a sweeping examination of motivations in the law, from Equal Protection and employment discrimination to insider trading and income taxation.