A Question

[/ dave /]

Michael Perelman wrote:

> Does anybody know the exact reference for the Easterbrook article?

'Managers do not have an ethical duty to obey regulatory laws just
because those laws exist. They must determine the importance of these
laws. The penalties Congress names for disobedience are a measure of how
much it wants firms to sacrifice in order to adhere to the rules: the
idea of optimal sanctions is based on the supposition that managers not
only may, but also should violate the rules when it is profitable to do
so.' Easterbrook FH and Fischel DR, 'Antitrust Suits by Targets of
Tender Offers' (1982) 80 Michigan Law Review 1155, 1177.

(Found the above via google - it doesn't appear the article itself is
online, but perhaps someone on the list may have access to a copy.)

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/  dave  /