McGeorge School of Law

Local to Global: Rethinking Spheres of Authority after a World Financial Crisis


Oct. 16 to 17, 2009


The current financial crisis and resultant economic recession raise issues of immediate importance and profound long-range significance with respect to the regulation of financial markets and institutions and with respect to fiscal and monetary policies. The goal of this conference was to focus less on the question of what substantive regulations or other economic policies are needed, and instead looked at the question of who will do the regulating or carry out the economic policies in a world in which there are multiple layers of governments. The conference was co-sponsored by the World Affairs Council of Northern California, Sacramento Chapter.

Some of the questions that the conference explored include:

  • Should there be a supranational regulator of financial markets and institutions?
  • Are sub-national units of government (example, the state courts of Delaware) the appropriate regulators for institutions with significant worldwide economic impact?
  • Does the lack of a strong central government in the European Union prevent the European Union from taking a sufficiently robust response to the crisis, as, for example, in the event of sovereign defaults in Eastern Europe?
  • Who regulates units of government when they act as participants in financial markets?
Conference Speakers

Robert B. Ahdieh, Professor and co-Director for the Center on Federalism and Intersystemic Governance, Emory Law School

Professor Ahdieh teaches at Emory Law School, where he also co-directs the Center on Federalism and Intersystemic Governance. He studied at Yale Law School, where he published what remains one of the seminal treatments of the constitutional transformation of post-Soviet Russia: Russia's Constitutional Revolution - Legal Consciousness and the Transition to Democracy. After graduation, he clerked for Judge James R. Browning of the U.S. Court of Appeals for the Ninth Circuit, before joining the staff of the Civil Division of the U.S. Department of Justice. Professor Ahdieh's scholarly interests revolve around questions of regulatory design, including especially those attendant to patterns of coordination. He is presently working on a book entitled The Modern Coordination State, which will build on prior work in the Michigan Law Review, the NYU Law Review, the George Washington Law Review, and the Southern California Law Review, among other journals.

Dr. Douglas Arner, Director, Asian Institute of International Financial Law (AIIFL), Faculty of Law, University of Hong Kong

Douglas is the Director of the Asian Institute of International Financial Law (, Director of the LLM (Corporate & Financial Law) Programme and an Associate Professor at the Faculty of Law of the University of Hong Kong. He has served as a consultant with, among others, the World Bank, Asian Development Bank, European Bank for Reconstruction and Development and APEC, and worked on financial sector reform projects in over 20 economies in Africa, Asia and Europe. He has published widely, including nine books and over 70 articles, chapters and reports on financial law, regulation and development.

Katharine C. Baragona, International Banker – Attorney, formerly with Citigroup, Structured Finance Products

Kate Baragona is a senior finance executive with 19 years of international practice, both as legal advisor and investment banker. A 1990 graduate of the McGeorge School of Law and one of the first US attorneys to qualify as a UK Solicitor, Kate is a recognized leader and business developer providing original, business-oriented solutions and financial structures for 'platinum'/ top-tier clients of global institutions. She has advised corporate clients and governments, debt providers and equity, in the areas of project finance, structured finance, big-ticket leasing and trade finance for LNG, rail, co-generation, pipeline, EOM and telecommunications sectors. Kate brings strategic thought leadership and global business acumen, as well as a broad perspective and mindset to her work — identifying opportunities, addressing barriers to progress, developing strategic plans and executing against measurable objectives. Kate has extensive work experience and travel in Europe, Middle East, Africa and Central Asia, including as an ex-pat, with demonstrated success working across diverse cultures and geographies.

Christopher J. Brummer, Professor of Law, Georgetown University Law Center

Chris Brummer is an expert in international financial regulation and is a professor of law at Georgetown University Law Center. Prior to joining Georgetown’s faculty he served on the faculty of Vanderbilt Law School and practiced in the New York and London offices of Cravath, Swaine & Moore. Chris Brummer earned his J.D. from Columbia Law School, where he graduated with honors, and he holds a Ph.D. in Germanic Studies from the University of Chicago.

Fred Buenrostro, CalPERS Chief Executive Officer, Retired

Fred R. Buenrostro Jr. retired as CalPERS Chief Executive Officer, June 30, 2008. after being CalPERS Chief Executive Officer since December 2002, administering the nation's largest public pension fund. CalPERS provides retirement and health benefits to more than 1.5 million current and retired California public employees and their families. Mr. Buenrostro led CalPERS employees, budget, and operations; spanning investments, health, and retirement benefits administration, actuarial and employer services, and other supplemental programs.

Mr. Buenrostro came to CalPERS with more than 25 years experience in public service, including more than 15 years on the CalPERS Board and 11 years on the California State Teachers' Retirement System (CalSTRS) Board. He served as the representative to the CalPERS and CalSTRS Boards for two State Controllers, three State Treasurers, and the Director of the Department of Personnel Administration. Prior to becoming CalPERS CEO, Mr. Buenrostro was the Chief Deputy Director of the Department of Personnel Administration, where he was responsible for the overall administration of the Department. He also served as the Director's top advisor on a wide range of policies and programs affecting State employees. Prior to this, he served as the First Vice President of the California Association of Public Retirement Systems (CALAPRS), an organization of more than three dozen California public pension systems. He also served as a Board Member of the United Way California Capital Region.

Mr. Buenrostro has a Bachelor of Science degree in business administration from Pepperdine University and a law degree from McGeorge School of Law, University of the Pacific.

Richard Buxbaum, J.D. Program and Jackson H. Ralston Professor of International Law, University of California, Berkeley, School of Law

Professor Buxbaum '53 practiced law in Rochester, New York, and with the U.S. Army before joining the Boalt faculty in 1961. He publishes in the fields of corporation law and comparative and international economic law, and since 1987 has been editor in chief of the American Journal of Comparative Law. Professor Buxbaum founded and was the first chair of UC Berkeley's Center for German and European Studies and Center for Western European Studies. From 1993 to 1999, he was dean of international and area studies at UC Berkeley.

Professor Buxbaum was one of the five defense counsel in the criminal proceedings against the 773 members of the Free Speech Movement from 1964 to 1967; represented various campus organizations and individuals in cases arising out of Vietnam War protests; and was defense counsel in a large number of criminal proceedings that accompanied the Third World Strike of 1969-70, which was a factor in the development of affirmative action programs for student admissions on the campus. He was the first director of the Earl Warren Legal Institute at Berkeley, serving from 1969 to 1974. His involvement with the National Housing Law Project goes back to its formation as a Backup Center for the Legal Services Corporation in 1969.

Professor Buxbaum has served on various state and national committees engaged in the drafting and review of corporate and securities legislation. He is contributing editor to a variety of U.S. and foreign professional journals and has been a visiting professor at the Universities of Michigan, Cologne, Frankfurt, Munster and Sydney. He holds honorary degrees from the Universities of Cologne, Osnabruck and Eotvos Lorand Budapest, and received the 1992-93 Alexander von Humboldt Foundation Award for Humanities and Arts. Professor Buxbaum is a member of the American Law Institute and was elected to the American Academy of Arts and Sciences in 2001.

Anupam Chander, Professor and Martin Luther King, Jr. Research Scholar, University of California, Davis

Professor Chander is a scholar of globalization and digitization. He has been a visiting professor at the University of Chicago, Yale Law School, Stanford Law School and Cornell Law School. A graduate of Harvard College and Yale Law School, he clerked for Chief Judge Jon O. Newman of the Second Circuit Court of Appeals and Judge William A. Norris of the Ninth Circuit Court of Appeals. He practiced law in New York and Hong Kong with Cleary, Gottlieb, Steen & Hamilton, representing foreign sovereigns in international financial transactions. His scholarship has appeared in the Yale Law Journal, the New York University Law Review, the University of Chicago Law Review, and the California Law Review.

Miriam Cherry, Associate Professor of Law, McGeorge School of Law, University of the Pacific

Professor Cherry’s scholarship is interdisciplinary and focuses on the intersection of technology and globalization with business and employment law topics. Her articles have been or will be published in Northwestern Law Review, Minnesota Law Review, University of Illinois Law Review, Washington Law Review, Alabama Law Review, UC Davis Law Review, Berkeley Journal of Employment & Labor Law, and Georgetown Journal of Legal Ethics, among others.

After graduation from law school, Professor Cherry clerked for Justice Roderick Ireland of the Supreme Judicial Court of Massachusetts and then for Judge Gerald Heaney of the U. S. Court of Appeals for the Eighth Circuit. In 2001, a transition to the private sector took Professor Cherry to the Boston firm of Foley Hoag LLP, where she practiced corporate law with an emphasis on mergers and acquisitions, venture capital and private debt financing. She was also associated with Berman, DeValerio & Pease where she was involved in litigating several accounting fraud cases including those against former telecom giant WorldCom and Symbol Technologies, which resulted in a $139 million settlement. In 2008, Professor Cherry was elected a member of the American Law Institute.

James D. Cox, Professor of Law, Duke University School of Law

Professor Cox is Brainerd Currie Professor of Law at Duke University School of Law. Professor Cox earned his B.S. from Arizona State University and law degrees at University of California, Hastings College of the Law (J.D.) And Harvard Law School (LLM). In 2001, he received an Honorary Doctorate of Mercature from the University of South Denmark. In addition to his texts Financial Information, Accounting and the Law, Corporations (with Hazen & O’Neal) and Securities Regulations: Cases and Materials (with Hillman & Langevoort), Professor Cox has published extensively in the areas of market regulation and corporate governance, as well as having testified before the U.S. House and Senate on insider trading, class actions, and market reform issues. He served as a member of the corporate law drafting committees in California (1977-80) and North Carolina (1984-1993) and is currently a member of the ABA Committee on Corporate Laws. He has also served as a consultant to the Kingdom of Saudi Arabia and more recently, conducted training programs for securities regulators in Bosnia, China and Thailand. His professional memberships include the American Law Institute, the PCAOB Standing Advisory Group, NYSE Legal Advisory Committee, the NASD Legal Advisory Board, and the Fulbright Law Discipline Review Committee.

Frank Gevurtz, Professor, University of the McGeorge School of Law

Professor Gevurtz is — in the words of the Ninth Circuit Court of Appeals — a "leading commentator" on corporate law. Among Professor Gevurtz' widely cited scholarship is the treatise, Corporation Law, published by Thomson-West as part of its Hornbook Series familiar to law students, lawyers and judges nationwide. Professor Gevurtz is also well-known for authoring the casebook, Business Planning (now in its third edition) — which is by far and away the dominant book used to teach this course in law schools throughout the United States. Most recently, Professor Gevurtz authored the book, Global Issues in Corporate Law; part of a revolutionary series of books for which Professor Gevurtz also serves as series editor and which are designed to facilitate the introduction of international and comparative law issues in core law school courses. Professor Gevurtz also has written numerous law review articles on topics including corporate law, the law of other business organizations, and the antitrust laws. Prior to joining the McGeorge faculty in 1982, Professor Gevurtz practiced with the law firm of O'Melveny and Myers in Los Angeles. He has been a visiting professor at the law schools of the University of California, Berkeley (Boalt Hall), and the University of California, Davis, and has taught or lectured in Athens, London, Nancy (France), Salzburg and Seoul. In 2006, Professor Gevurtz was awarded the University of the Pacific's Distinguished Faculty Award.

Harald HAU, Associate Professor of Finance, INSEAD

Professor HAU specializes in international finance, capital markets and market microstructure. He started his undergraduate education at Bonn University, pursued a MA in Economics at the University of Virginia before obtaining a PhD at Princeton University.

He taught at the French business school ESSEC before joining INSEAD. He is also affiliated with the Center for Economic Policy Research (CEPR), London. He was a visiting professor at the University of California, Berkeley, in spring 2000 and a visiting scholar at the International Monetary Fund in spring 2002. In 2004-2005, he served as a panel member for the journal Economic Policy. He is also a fellow at the Center for Economic Studies (University of Munich).

In his research, he contributes to academic and professional journals such as the American Economic Review, Review of Financial Studies, Journal of Finance, Economic Policy, European Economic Review, European Journal of Finance, Journal of International Economics, Journal of International Money and Finance, and Journal of Money, Credit and Banking. His analysis of information asymmetry in cross-border equity investments was awarded the Josseph de la Vega best paper award of the Federation of European Stock Exchanges. His most recent research is concerned with international equity flows and their interrelationship with equity and exchange rate returns.

John Head, Professor of Law, University of Kansas

Professor Head teaches international and comparative law at the University of Kansas, drawing on his experience of a quarter-century working Meixin the area of international economic law to teach and write about global financial issues. He has an English law degree from Oxford (University College, 1977) and a US law degree from the University of Virginia (1979). For about a decade he practiced law in several settings, including a major international law firm (Cleary, Gottlieb, Steen & Hamilton) and two international financial institutions (Asian Development Bank and International Monetary Fund). Professor Head has been on the University of Kansas law faculty since 1990 and has taught also in China, Jordan, Mongolia, Indonesia, Italy, Mexico, Hong Kong, Turkey, and Austria. He has written widely on international financial law as well as on Chinese law.

Sharmila King, Associate Professor of Economics, University of the Pacific

Professor King earned her B.A. from the University of York, England and her Ph.D. from the University of California at Davis. She is a macroeconomist specializing in monetary economics and international finance. Within the past year she co-authored a book International Economics, Globalization and Policy: A Reader and published in Contemporary Economic Policy. Her primary research is on the bank lending channel of monetary policy transmission. Professor King teaches Introductory and Intermediate Macroeconomics, Money and Banking, and International Finance.

Dr. Paul L. Nihoul, Professor of Law, Catholic University Louvain

Since 2000, Professor Nihoul has been a Professor of Law at the University of Louvain, Belgium, where he teaches European law, consumer law, competition law. He studied Philosophy and Letters, and Law, at the University of Louvain, where he got his doctorate, with an LLM at Harvard. Beforehand, Professor Nihoul has occupied the following functions: attorney and counsellor of law (NYC), Counsellor to the Minister of Finance; Clerk at the European Court of justice; Professor of Law at the University of Groningen, The Netherlands.

Sabine Schlemmer-Schulte, Associate Professor of Law, McGeorge School of Law, University of the Pacific

Professor Schlemmer-Schulte joined the McGeorge faculty in 2006 after many years as an international corporate and finance lawyer, international policy-maker, and scholar in the field of international, European, and comparative financial, monetary and business law. Most recently, she was Visiting Scholar/Professor for International Finance and Business Law at the Max-Planck-Institute for International Law in Heidelberg, Germany from 2004 to 2006, where her research focused on the reform of the international financial, monetary, and economic order in the era of globalization. She was senior counsel and special advisor to the senior vice president and general counsel of the World Bank for seven years in Washington, D.C. A former associate with law firms in Cologne and Frankfurt, Germany, Professor Schlemmer-Schulte has taught full-time at several European universities. As an adjunct, she has taught international and European financial, monetary, and business law at several American law schools, including American University and John Marshall. She has also taught at Johns Hopkins University’s School of Advanced International Services. Professor Schlemmer-Schulte has published seven books and contributed more than 20 articles to law journals. In addition, she is an expert with the United Nations Institute for Training and Research and, on an ad hoc basis, serves as a consultant with several international financial institutions.

Charles K. Whitehead, Associate Professor of Law, Boston University

Professor Whitehead received his J.D. from Columbia Law School. He is an associate professor of law at Cornell University Law School. Before entering academia, Professor Whitehead held various legal and business positions in the investment and commercial banking industries in New York, London, and Tokyo. He teaches Business Associations, Securities Regulation, Deals, Mergers and Acquisitions, and related subjects.

Jarrod Wong, Associate Professor of Law, McGeorge School of Law, University of the Pacific

Trained and educated in both the U.S. and Europe, Professor Wong has centered his scholarship on issues in international dispute resolution. His articles have been or will be published in the Minnesota Law Review, Tulane Law Review, George Mason Law Review, and Santa Clara Law Review, among others. Prior to joining the faculty, Professor Wong served as legal advisor to Judge Charles N. Brower at the Iran-U.S. Claims Tribunal at The Hague, Netherlands. He was also associated with the law firm of Cravath, Swaine & Moore in New York and has practiced in San Francisco with the law firms of Heller Ehrman and O’Melveny & Myers. Professor Wong is also a member of the research and workshop faculty team on a USAID China project. This five-school initiative is spearheaded by McGeorge and funded by a grant from the U.S. Agency of International Development to assist Chinese legal educators in providing experiential skills training in advocacy and clinical legal services. Professor Wong graduated Order of the Coif from Boalt Hall School of Law, UC Berkeley. He also holds a law degree with First Class Honours from Cambridge University and a Master of Laws degree from the Law School of the University of Chicago.