Overlawyered: Chronicling The High Cost Of Our Legal System

The high cost of a feel-good measure

“Tulane Study Says SEC Estimate of Cost of Conflict Mineral Rules is 100x Too Low” — headline at Business Law Prof (via Prof. Bainbridge), describing a new calculation that the implementation of the complication Dodd-Frank provision will in fact cost American business upwards of $7 billion, not the $70 million the Securities and Exchange Commission optimistically foresaw. (Typo fixed now.) Earlier here, here (“devastating” effect on Congolese).

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16 Comments

  • I think you mean $ 70 million not billion.

    • By Kurt

  • That should read “$70 million”.

    • By captnhal

  • I think that should say the estimate was $70 MILLION not billion.

    • By OBQuiet

  • Walter: You’ve got a ‘billion’ where ‘$70 million’ should be in your last sentence.

  • Rather important typo: “not the $70 billion” should be “not the $70 million.”

  • This should be $70 million, not billion, right?

    • By Chad

  • Walter, I think you meant to say that the optimistic assessment was $70 Million, not Billion. It’s correct in the article

    • By OL fan

  • CORRECTION: original cost estimates were $70 million – not the $70 billion in the post.

    • By Ron

  • The optimistic forecast was $70 million, not billion (1/100 of $7B)

    • By Mike

  • ….upwards of $7 billion, not the $70 billion the….

    Shouldn’t that read “$70 million?”

  • Thanks everyone for catching the million/billion typo.

  • That’s a lot of money. However, speaking as someone who invests his own — and his family’s — money in publicly owned corporations, after decades of dealing with a lot of CEOs with their heads-I-win-tails-you-lose attitude, a law that makes them legally responsible for corporate statements is a great idea. What the h*** am I overpaying them for anyway?

    Bob

  • Just wondering why 10 people have to comment on the same typo?
    This is like 10 people waiting for an elevator and all pushing the button, as if the first guy didnt push it correctly đŸ™‚

    • By Mike

  • It’s not commenters’ fault. Comments are moderated and in this case several hours went by before they could get reviewed, during which time the queued comments were not visible.

  • I spotted a typo in the article!

    It should be $seventy BILLIONS where you say $seventy MILLIONS instead!

    thanks glad to help you!!

  • I saw 14 comments and thought, oh, maybe an interesting thread. NOT

    • By Beagles