Category: Uncategorized

Sharyn O’Halloran on the Bear Stearns Takeover (Part 1 of 2)

We recently had the opportunity to discuss JP Morgan’s takeover of Bear Stearns with Sharyn O’Halloran, the George Blumenthal Professor of Political Economics at Columbia University.

Q: You have written that one of the traditional narratives of the Bear Stearns takeover, in which JP Morgan nearly walked out of the deal over the $10 share price before the Fed intervened, has some problems. Would you care to elaborate?
A: Certainly. The deal as agreed to contained multiple “poison pill” and lock-in measures. The story makes no provision for those. It also assumes several unlikely mistakes on the part of JP Morgan’s CEO.

Q: There is another narrative that suggests JP Morgan’s opening bid of $2 per share was a traditionally low first offer that simply struck a little too low for the stomachs of shareholders.
A: That explanation takes care of the assumption that JP Morgan’s CEO negotiated poorly, but it still fails to explain the lock-in provisions.

Sharyn O’Halloran on a Redistricting Redo in Kentucky

After Kentucky drew up redistricting maps based on the 2010 census, a group of mostly Republican lawmakers filed suit. They claimed that the new districts were gerrymandered and failed to respect city and county borders. Many of the new districts have odd shapes, but the lawmakers who headed up the plan claim that the new boundaries are necessary to make sure districts are equivalent in size and population.

The Kentucky legislature has ground to a halt as lawmakers argue over the new map. Many important pieces of legislation have stalled as Democrats and Republicans fight it out. Now, a circuit court judge has overturned the redistricting plan and reinstated the old map. Many politicians don’t know which district they’ll ultimately end up in or how the turmoil will affect Kentucky’s upcoming primaries. As it is, all candidates have had to refile for election since the court threw out the redistricting plan. Democrats plan to appeal the court’s decision and to force the state Supreme Court to rule on their redistricting plan.

Sharyn O’Halloran is the George Blumenthal Professor of Political Economy and Professor of International and Public Affairs at Columbia University.

Harlem rezoning project brings together diverse group of community members and stakeholders by Sharyn O’Halloran

When the 125th Street Rezoning project in Harlem received approval for its comprehensive list of recommendations in 2005, it was a result of countless hours of input by community participants and Advisory Board members. The project, undertaken by the New York City Department of City Planning, was massive in scope with ambitious goals to rezone for the multi-dimensional purposes of arts, culture, entertainment, aesthetics, functionality, and transportation. Beginning in 2003, the project team, composed of a richly diverse group of elected officials, civic groups, cultural organizations, and investors, continued to provide ongoing feedback to the Advisory Committee through an ongoing series of meetings. Cultural heritage landmarks such as the Apollo Theater rose to the spotlight during discussions about promoting identity to create “critical mass,” while other presentations centered on issues of economy and creating a functional and aesthetic streetscape.

Sharyn O’Halloran, a Political Economy professor at Columbia University, served on the New York City Department of City Planning’s 125th Street Rezoning Advisory Board.