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Business Organizations Law | Criminal Law | Law


Center on Corporate Governance


Center for Contract and Economic Organization


To be "present at the creation," in Dean Acheson's felicitous phrase, is always an honor. In addition, to be present at the commencement of what I expect will be a sustained and fruitful tradition at this law school, namely, the Governor Thompson Lectureship, is a second honor. Finally, let me express my thanks to Dean Bainbridge for a third honor: the compliment implicit in the 2 to 1 odds he has arranged today. Both Norval Morris and Mark Crane are men with distinguished careers in quite different fields of the law. If I am confident of one thing today, it is that I will be able to provide a broad enough target for both of them to demonstrate their very accurate marksmanship.

By time honored tradition, all discussions of the topic on which I am about to embark begin with the same caveat: there are no simple answers; the problem is complex, the trade-offs uncertain.