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Author: William A. Jacobson

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William A. Jacobson

William A. Jacobson is a Clinical Professor of Law and Director of the Securities Law Clinic at Cornell Law School.

He is a 1981 graduate of Hamilton College and a 1984 graduate of Harvard Law School. At Harvard he was Senior Editor of the Harvard International Law Journal and Director of Litigation for the Harvard Prison Legal Assistance Project.

Prior to joining the Cornell law faculty in 2007, Professor Jacobson had a highly successful civil litigation and arbitration practice in Providence, Rhode Island, concentrating in investment, employment, and business disputes in the securities industry, including many high profile cases reported in leading newspapers and magazines.

Professor Jacobson has argued cases in numerous federal and state courts, including the Courts of Appeal for the First, Fifth and Sixth Circuits, and the Rhode Island Supreme Court.

Professor Jacobson has a national reputation as a leading practitioner in securities arbitration. He was Treasurer, and is a former member of the Executive Committee and Board of Directors of the Public Investors Arbitration Bar Association, a professional organization of attorneys dedicated to protecting public investors. He frequently is quoted in national media on issues related to investment fraud and investor protection, and in the past has served as one of a small number of private practice attorneys who trained new arbitrators for the Financial Industry Regulatory Authority.

Professor Jacobson is co-author of the Securities Arbitration Desk Reference (Thomson-Reuters), updated annually.

Professor Jacobson is frequently quoted in the media on political and legal topics, has authored many Op-Eds in major publications, and appears on television and radio to discuss politics and the law.

A more complete listing of Professor Jacobson's professional background is available at the Cornell Law School website. The views expressed here are his own and not those of any employer or organization,

The best way to reach Prof. Jacobson is by e-mail here.

Posted by William A. Jacobson on February 22, 2014 11 Comments
Update 2:35 p.m. Eastern -- Julia Tymoshenko addresses crowd in Kiev: Julia Tymoshenko addresses crowd 2-22-2014 The President of Ukraine has fled Kiev but it is unclear if he has resigned. (UPDATE: Refuses to resign, calls protests a facsist coup d'etat.) Kiev is in the hands of the opposition, and government security forces have vowed to stay neutral, reports Reuters:
Ukraine security chiefs signal allegiance to protesters The heads of four Ukrainian security bodies, including the police's Berkut anti-riot units, appeared in parliament on Saturday and declared they would not take part in any conflict with the people. They represented the paratroop unit of the military, the Berkut anti-riot police, Alfa special operations unit and military intelligence. The Interior Ministry had already signalled its allegiance to anti-government protests under a new minister from the ranks of the opposition.
The former Prime Minister and key opposition leader (background here) is to be freed from prison, via Sky News:
Jailed Ukrainian opposition leader Yulia Tymoshenko is set for release as part of political decisions taken at an emergency session of parliament in Kiev. Initial reports claimed she had already been freed, but these were later clarified by aide Natasha Lysova who said the parliamentary decision meant she must be freed immediately. AFP news agency, quoting opposition MP Mykola Katerynchuk, reported President Viktor Yanukovich had promised to resign over the conflict.
In an ominous sign, reflecting that there are anti-Semitic elements in the opposition (as we previously noted), the Chief Rabbi of Ukraine has urged Jews to flee, as reported by Haaretz:

Posted by William A. Jacobson on February 21, 2014 26 Comments
A whole lot of money is chasing the new cool kids, the newly name-branded "journalists" like Ezra Klein and Glenn Greenwald, who bring their friends along with them to the bottomless internet money pits. Eric Wemple at WaPo describes the superlative feeding frenzy growing the bubble in the trading of journalists, American journalism, brimming with once-in-a-generation talent:
Earlier this week First Look Media, the startup general news venture bankrolled by eBay founder Pierre Omidyar, announced the hiring of longtime Wall Street critic and Rolling Stone contributing editor Matt Taibbi. Such situations demand the use of the superlative, and First Look Media Executive Editor Eric Bates spilled forth, “Matt is one of the most influential journalists of our time.” First Look Media is driven by the compulsion to spurn the conventions of the mainstream media, and in announcing Taibbi’s accession, it succeeded. By a hair. Traditional news outlets have settled on a fairly standard mode of implausibly praising colleagues and soon-to-be colleagues.

Posted by William A. Jacobson on February 21, 2014 19 Comments
As reported by the Beckley, West Virginia Register-Herald, Joe Manchin said he would vote to repeal Obamacare. That quote (below) has received a lot of attention, but in context it's not at all clear that Manchin was doing anything other than playing both sides of the fence because he also said he supports fixing Obamacare (emphasis added):
Although Sen. Joe Manchin had planned to discuss the Charleston-area chemical spill and his recent piece of legislation the Chemical Safety and Drinking Water Protection Act of 2014, he instead turned his focus on a hodgepodge of topics, including minimum wage, balancing the nation’s budget and health-care issues.... He asked for all the listeners to let him and other lawmakers know their thoughts on the variety of topics, including the Affordable Care Act. “We spend more on health care than any state, but we rank 43rd on wellness and longevity.” Both parties agree on many aspects of the ACA, such as pre-existing conditions not being excluded from coverage and no lifetime caps, but there are still many kinks that need to be fixed, Manchin said. “I will vote tomorrow to repeal (the ACA), but I want to fix the problems in it.” He said the ACA is essentially a product and the government needs to find a way to “sell it” and make their customers want to buy it.
As Ed Morrissey points out, there isn't even a Senate bill coming to vote "tomorrow" (i.e., today), so it's not clear about what Manchin is talking. Manchin has warned before about a "complete meltdown" of Obamacare:
The West Virginia Democratic senator said Sunday that the federal health-care law could be headed for a "complete meltdown" if costs rise too fast and individuals are not happy with their coverage.
From this vague and unclear statement, it appears Manchin is doing nothing more than criticizing Obamacare in order to save it. Here's video from August 2013 in which Manchin argues to save Obamacare through changes:

Posted by William A. Jacobson on February 21, 2014 36 Comments
I saw the videotape below at Ace of Spades HQ, as well as at Hot Air, regarding a Detroit mother at home with her children when three men, at least one of whom was armed with a handgun, attempted to kick open the front back door. Fearing for her safety and that of her children, this mother used a rifle in self-defense. She didn't hit any of the intruders, but it was enough to scare them off initially, and again when one of them tried again to break in: Viewing the video, I wondered whether the rifle this mother used would be legal in New York State under the new SAFE Act, which was rushed through the NY State legislature on short notice after the Newtown, CT, school shooting. The SAFE Act was irrational in many respects, including a 7-round magazine limit that was unworkable and ultimately thrown out by the courts, a requirement that even 10-round magazines not be loaded with more than 7 bullets, and a definition of "Assault Weapon" that relied on physical characteristics that were cosmetic and common. The SAFE Act has led to a rebellion by upstate county legislatures, almost all of whom have voted to reject the SAFE Act. Even Martha Robertson, the liberal Emily's List-backed Democratic challenger in my home NY-23 congressional District, says she is against the SAFE Act. The criminalization of otherwise law-abiding people has led numerous Sheriffs and police unions to call for repeal, and to ignore violations for now. But the SAFE Act remains the law of NY. Would this Detroit mom who save herself and her family from the violence of the armed intruders herself be a criminal in NY because of her rifle? I didn't feel knowledgeable enough about weapons, so I turned to someone who does have that knowledge, Bob Owens, Editor of BearingArms.com. Bob explains in the text below, which he forwarded to me, that the rifle would be an illegal "Assault Weapon" under the SAFE Act, not available for new purchase and required to be registered by April 1 for those who owned it prior to the SAFE Act. In NY State, this mom would be a criminal because of cosmetic features of her rifle. Here is Bob's analysis:

Posted by William A. Jacobson on February 21, 2014 10 Comments
There are conflicting reports about an agreement reached between the government and opposition. Reuters reports as of 7:51 8:23 Eastern, Yanukovich announces early Ukraine poll but no deal yet with opposition:
Ukraine's President Viktor Yanukovich announced plans for early elections on Friday in a series of concessions to his pro-European opponents, but it was unclear whether they would accept an EU-mediated deal to end violence that has left dozens dead.... Yanukovich said Ukraine, which emerged from the wreckage of the Soviet Union in 1991, would revert to a previous constitution under which the president had less authority. "I am also starting the process of a return to the 2004 constitution with a rebalancing of powers towards a parliamentary republic," he said. "I call for the start of procedures for forming a government of national unity." Polish Prime Minister Donald Tusk, whose foreign minister is part of a European Union team trying to broker a compromise, said he could not be certain that the "worst-case scenario" could be avoided. "The threats are still there," he told a news conference in Warsaw. The EU mediators said the opposition was seeking last minute changes, but they still expected a deal to be signed on Friday. There were fist fights in parliament as the political tension mounted.
We will update as more in known. Update: Accord Is Signed in Ukraine but Doubts Are Strong:
The embattled president of Ukraine and leaders of the opposition signed a political deal on Friday aimed at ending a spiral of lethal violence with early elections and a reduction in presidential powers, but Russia declined to endorse the accord, and many protesters said nothing short of the president’s resignation would get them off the street.... The deal reached Friday instead leaves Mr.Yanukovych in power until for at least the end of the year. It calls for early presidential elections in December, a swift return to a constitution of 2004 that sharply limited the president’s powers and the establishment within 10 days of a “government of national trust.”
You can follow the events at the live feeds below.

Posted by William A. Jacobson on February 20, 2014 38 Comments
In my post Microaggression Mania: McGill U. student leader apologizes for .gif of Obama kicking open door, I detailed the punishment and apology of McGill University student leader Brian Farnan for sending a .gif image of Obama kicking open a door.  The image was from a famous parody video on the Jay Leno show. Farnan's apology read, in part (emphasis added):
Oppression, as outlined in SSMU’s Equity Policy, means the exercise of power by a group of people over another group of people with specific consideration of cultural, historical and living legacies. The image in question was an extension of the cultural, historical and living legacy surrounding people of color—particularly young men—being portrayed as violent in contemporary culture and media. By using this particular image of President Obama, I unknowingly perpetuated this living legacy and subsequently allowed a medium of SSMU’s communication to become the site of a microaggression; for this, I am deeply sorry.”
Obama kick open door gif Since my post, the issue has gone viral, with widespread reporting in the U.S. and Canada.  All of the reporting has been mocking regarding the polically correct speech policies at McGill and on other campuses, where simple humor is an offense if it subjectively offends someone.  McGill seems to be an extreme because of its policies allowing for  the student government  (the Student Society of McGill University -- SSMU) to process and prosecute such complaint and impose punishment.  It has the appearance of a Lord of the Flies style oppression of those with unpopular opinions. SSMU has issued a press statement, embedded at the bottom of the post.  The press statement says very little of substance, but apparently is SSMU's only on-record response to the outrage. The bland language is worthy of the worst bureaucratic tendencies of the politically correct apparatus, a microcosm of the banality of political correctness. I spoke with Farnan today about the whole incident.  He confirmed some basic details:  A complaint was filed over the .gif, the SSMU Equity Commission ruled against him, that ruling was upheld by the SSMU Legislative Council, and the apology was issued as required by SSMU.  An attempt to reverse the decision was rebuffed by the Legislative Council. I asked Farnan if he felt forced to issue the apology.  He said that he preferred the word "mandated" over forced.  He explained that at as an officer of SSMU, he is bound by its rulings, and that if he did not obey the rulings, there would be consequences: "As a public figure I have to adopt the decision of the council." I asked him if the apology was "heartfelt," and he stated that he was uncomfortable with that term in the question but that he "meant the apology." 

Posted by William A. Jacobson on February 20, 2014 11 Comments
To repeat, take the Boycott Divest and Sanction movement seriously, because it reflects an insidious coalition of anti-Israeli leftists and Islamists, which reflects a sophisticated part of the overall war on Israel. But, keep things in perspective. Despite all the heated anti-Israel rhetoric coming from academic extremists, Israel has favorability ratings in the latest Gallup survey have surged in the last year, and remain far beyond favorable views of the Palestinians: Gallup Survey Israel Favorability February 2014 Also don't panic about Israel's economic isolation, as pointed out by Yoram Ettinger (emphasis in original):

1. A record of 5.3 million tourists in Israel in 2013.

2. A record of $83.2BN foreign exchange reserves reflects the strength of Israel's Shekel, at a time when the currencies of the emerging markets plummet.

3. A record of $2.3BN invested in 662 Israeli startups in 2013 (21% above 2012), according to KPMG and IVC (Globes, January 23, 2014).

Posted by William A. Jacobson on February 20, 2014 9 Comments
The truce announced yesterday didn't last long.  CNN reports:
A shaky truce crumbled in Kiev Thursday morning, when gunfire erupted at the city's Maidan, or Independence Square, which has been ground zero for anti-government protesters. At least 20 protesters died, said Oleg Musiy, head of the protesters' medical service. A police officer also was killed, the interior ministry said. It's unclear what prompted the gunfire. But CNN crews at the scene reported that as security forces were moving away from the area, a group of protesters pursued them, throwing rocks and Molotov cocktails. "Protesters broke the truce," said a statement from President Viktor Yanukovych's office."The opposition used the negotiation period to buy time, to mobilize and get weapons to protesters." When the bullets flew, several demonstrators fell to the ground.
Live feeds and other video footage show clashes between protesters and police forces and footage of the scenes on the ground.

Posted by William A. Jacobson on February 19, 2014 6 Comments

What's in a name?...

Posted by William A. Jacobson on February 18, 2014 26 Comments

What's in a name?...

Posted by William A. Jacobson on February 17, 2014 35 Comments
Did anyone actually expect the Geneva conference with the warring parties in Syria to end in anything other than complete failure? Apparently someone did.  John Kerry, who now is embittered at the outcome, Kerry Blames Syrian Government for Deadlocked Talks
Secretary of State John Kerry issued a statement on Sunday night that blamed the Syrian government for the deadlock in peace talks but asserted that the United States remained “committed to the Geneva process.”

Mr. Kerry’s statement followed two rounds of generally fruitless discussions during which the Syrian government continued its attacks on rebel-held areas with crude weapons known as barrel bombs, and came as more than 200,000 Syrians remained cut off from humanitarian assistance.

Lakhdar Brahimi, the United Nations special envoy to the negotiations, underscored the frustration when he apologized to the Syrian people over the weekend and questioned the value of continuing the talks.

The main aim of Mr. Kerry’s statement appeared to be to pressure President Bashar al-Assad and to keep alive the hope that a political settlement might be reached in Syria. He was scheduled to fly on Monday to the United Arab Emirates, which is among the Persian Gulf countries that have supported the rebels.

Kerry's optimism that Bashar Assad would talk himself out of power was naive at best, dangerous at worst.  There appears to be no Plan B, as Paul Mirengoff at Power Line notes:

Posted by William A. Jacobson on February 16, 2014 32 Comments
"Microagression" is the latest craze in racial grievance, something we highlighted when a UCLA professor was accused of the transgression for correcting grammar on minority students' papers. The fake scenario of Obama kicking open a door after a press conference went viral after Jay Leno showed it on the Tonight Show. It obviously was fake, but took on a life of its own on the internet, causing Snopes to issue a False rating and a video comparing the original and edited versions. It also spawned a .gif of the key moment. Obama kick open door gif All fairly light-hearted humor. Brian Farnan, Vice President for Internal Affairs at the Students’ Society of McGill University (SSMU) in Canada thought it was funny too, and circulated the .gif as part of a weekly mailing. That got him in trouble with the thought police, who filed a complaint against him with SSMU's Equity Committee, which enforces an expansive Equity Policy banning a broad range of supposedly "oppressive" conduct. As reported by The McGill Tribune:
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