Month: October 2007

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Of Pirates and Patents

I.  Introduction

Biopiracy is an accusation that has been leveled at multinational pharmaceutical and biotechnology corporations that engage in the practice of traveling to biologically-diverse third-world countries, accumulating traditional or indigenous knowledge about native wildlife, and patenting the "discoveries" as their own.  This article will examine the validity of biopiracy claims and how some have reacted to suspicions of unscrupulous business practices.

II.  Background

The Patent Act focuses on rewarding innovation in the useful arts to encourage the progress of science.  One requirement for patent eligibility is proof that the invention be novel.  If an invention was either known or used in this country, or patented or described in a printed publication in the US or a foreign country, then the subject matter of the patent application is considered to be "anticipated" as information already in the public domain, and not a scientific advancement. [1]

But what if the invention … Read the rest

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The Rise and Fall of the Dot Com: Lessons for the Next Generation of Dot Com Hopefuls

I. Introduction      

In
the middle and late 1990’s, dot com companies were all the hype. [1]
However, when the dot com bubble unexpectedly popped in 2000, many
investors and stockholders were left asking, “Where did we go wrong?”
[2] While a few companies survived due to hard work, solid business
plans and faithful employees, most lower level employees and top
executives of internet companies were left jobless and in debt. [3]
This article will explore the history of dot com businesses and the
causes of the 2000 stock market crash, then it will discuss common
mistakes made by dot com entrepreneurs and will conclude with
suggestions for aspiring dot com business owners to ensure a successful
future for their businesses.

II. History

The
early 1990's marked the beginning of the dot com era. [4] As computer
games and interactive media became an integral component of the
industry, … Read the rest

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The U.S. is “All In” and in Trouble: The U.S. Should Abandon Its Online Gambling Ban

          From gambling in the city of lights to gambling on the internet in your PJs at home, Americans love to wager their hard earned dollars on a variety of games.  Despite this fact, the U.S. Congress decided to place a ban on online gambling. [1] As a result, the United States went in front of the World Trade Organization (WTO) after Antigua complained of unfair commerce practices when it was prevented from engaging in transactions with U.S. consumers.[2]  The WTO sided with Antigua, finding that the U.S. did in fact violate its trade obligations to the world community, and the U.S. may now be face billions of dollars in damages.[3]  Even in light of this finding, the U.S. has passed the Unlawful Internet Gambling Act of 2006, which effectively criminalizes funding online gambling accounts. [4] In the face of strong opposition, will the U.S. back down

… Read the rest
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Lender of Last Resort

     The New York Times headlines exclaimed, "Terrible and Disastrous Financial Panic in London…Lombard Street Blockaded by a Tumultous and terror Stricken Mob…The Panic without Parellel in the Financial History of England…"[1] Meanwhile, on the streets of London, what began as a slow trickle of people gushed into a torrent pouring on to the streets in order to line up outside the reputable bank. Hours earlier, the aforesaid bank had posted a notice on its premises that attracted some attention, "We regret to announce that a severe run on our deposits and resources has compelled us to suspend payment, the course being considereed under advice the best calculated to protect the interest of all parties…"[2] The crowds' focus was not just limited to the ailing bank, "the tumult became a rout…The doors of the most respectable banking houses were besieged and throngs heaving and tumbling about Lombard Street made that … Read the rest

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Pro Bono Helps Out Corporate Law

I. Introduction

In a survey by the American Bar
Association (“ABA”), an overwhelming majority of lawyers asserted that
legal professionals should do pro bono work.  [1]  Indeed, the Supreme
Court’s majority stated in a 1989 decision that “in a time when the
need for legal services among the poor is growing and public funding
for such services has not kept pace, lawyers’ ethical obligation to
volunteer their time and skills pro bono publico is manifest.”  [2] 
Though 93% of attorneys polled by the ABA agreed with this statement,
only 66% of these attorneys backed belief with action to do pro bono
work, averaging 39 hours a year per attorney. [3]

In this day and age, almost every major corporate law firms has a
large pro bono program.  [4]  These programs are publicized in news
releases and in large, splashy sections of their web sites.  [5]   But
is this pro bono … Read the rest

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The Case for Internet Piracy

So what’s the big deal about Internet piracy you ask? According to Chellappa et al., the rate of software piracy in the Asia-Pacific region has been estimated at 53% for 2004, and over 90% in Southeast Asian countries. [1] Piracy costs US firms nearly $60B a year and has shaved 373,000 jobs out of the United States economy. [2] However, losses that businesses realize regarding piracy have one fatal flaw – they assume that every product that is pirated would otherwise have been purchased at full market price. [3] This assumption is wrong because it ignores the basic rules of market theory.

    Market equilibrium is the state of equality between the amount of a product supplied and demanded. [4] Where there is a glut of supply (surplus) or demand (shortage), the market is said to be in disequilibrium; this is currently the case in many industries where intellectual

… Read the rest
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The Federal Communication Commission: Changing Television Through Censorship?

Congress shall make no law […] abridging the freedom of speech or the press…." [1]  However, the Federal Communication Commission ("FCC") often steps in and creates regulations that prohibit foul language on television.  The recent Academy Awards cut away from a thank you speech by Sally Field to a black screen as a result of the topic of her speech.  A new documentary, entitled "The War", is to air on Public Broadcasting Station ("PBS") in an edited form to remove foul language.  This article will look at these instances and question the necessity of the FCC to prohibit such speech in these contexts and how the courts have viewed this issue in the past.

The FCC was created by the Communications Act of 1934 [2] and has the responsibility of "regulating interstate and international communications by radio, television, wire, satellite, cable." [3] The FCC initially took up the role of regulating … Read the rest

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Chicago 2016: Let The Civic Battles Begin

When the United States Olympic Committee
(USOC) announced that Chicago would be the country's bid city for the 2016
Olympic Games, Chicago's political and business leaders rejoiced in
their joint victory.[1]  Nearly a year after Chicago Mayor Richard
Daley formed the Olympic exploratory committee, and nine months after
being named one of the U.S. finalists, the USOC threw its support
behind the city that has quickly achieved front-runner status in
international phase of the selection process.[2]  Like most sporting
events, the modern day Olympic Games are big business.  As such, Daley
and Chicago 2016 Chairman Patrick Ryan created a
comprehensive bid detailing the financial and logistical components of
a potential Chicago Olympics.[3]  Yet, while public support of
Chicago's bid remains high, some community groups are voicing
opposition to elements of the plan.[4]  Specifically, political (and
potential legal) clashes are being waged concerning the proposed use of
public funds, public land, … Read the rest

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A Change in the FICO Scoring System Seals the Gap for Authorized User Accounts

I. Introduction:

     In June 2007, the Fair Isaac Corporation announced its plans to
modify the FICO scoring system to better ensure the “continued
reliability and predictive power of FICO scores.” [1] These changes
were set in motion on September 1, 2007, and are declared to be the
most significant alterations made to the scoring system in the last ten
years. [2] Analysts are unsure how the new scoring model, known as FICO
08, will affect the overall credit system, but they have “no doubt that
[FICO 08] will have a major impact on credit scores across the
country.” [3] One of the major changes that will affect over 50 million
consumers [4] is that FICO scores will no longer factor authorized user
accounts into their credit scoring formulas. [5]

II. Who will be affected?

     The practice of becoming an authorized user on another person’s
credit account

… Read the rest
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Congressional Proposals to Fix the Subprime Mortgage Mess are a Bad Idea

The recent subprime mortgage crisis has put pressure on Congress to act to bail out troubled lenders and borrowers. The American housing market continues to struggle. According to the National Association of Realtors, sales of existing homes fell by 4.3% in August and the stock of unsold single-family homes rose to the highest number since 1989. [1] More and more homeowners cannot keep up with their mortgage payments, and Congress feels that it needs to act to avoid looking disinterested and out of touch.   There is bipartisan support for several proposals, including giving Freddie Mac and Fannie Mae a greater role in the mortgage market. [2] These proposals are a bad idea. They are misguided and could further damage the long-term housing market.

Freddie Mac and Fannie Mae are private companies that operate under a Congressional charter. [3] They were created to make a market for low-income higher risk borrowers. 

… Read the rest