Conference on the Fiftieth Anniversary of United States v. Philadelphia National Bank

Conference on the Fiftieth Anniversary of United States v. Philadelphia National Bank
The Past, Present, and Future of Merger Law
NYU School of Law
November 15, 2013
Lipton Hall
108 West 3rd Street


Abstract: In 1963 the Supreme Court decided United States v. Philadelphia National Bank. This was only the Court’s second decision under the amended Section 7 of the Clayton Act. This conference will examine the Court’s decision in PNB then, as it has developed since (both in terms of court decisions and economic thinking in the United States and elsewhere), and how it might yet develop in the future. The Supreme Court has not decided a substantive Section 7 case since 1974. The papers presented at this conference will hopefully contribute to an understanding of Section 7 that will prove useful should such a case come before the Court in the near future.

Justice Brennan's PNB File: Justice Brennan’s files on the case, including his law clerks’ case histories on all the cases from the October 1962 Term.

1. Box I-86 Folder 1: Justice Clark draft opinion June 1963
2. Box I-86 Folder 1: Single page listing voting top No. 83 United States v. PNB
3. Box I-96 Folder 1: Brennan draft opinion April 1963 sent to TCC only
4. Box I-96 Folder 1: Brennan draft opinion April 1963 with handwritten notation on top 3-27-63
5. Box I-96 Folder 3: Brennan draft opinion April 1963 handwritten notation on top circulated 4-2-63
6. Box I-96 Folder 3: Brennan draft opinion April 1963 handwritten notation on top circulated 4-22-63
7. Box I-96 Folder 3: Brennan draft opinion April 1963 handwritten notation on top circulated 6-7-63
8. Box I-96 Folder 4: Brennan draft opinion June 1963 handwritten notation on top circulated 6-63
9. Box II-6 Folder 6: October Term 1962
10. Box II-6 Folder 6: October Term 1963

Agenda

8:30-9:15: Continental breakfast

9:15-9:30: Welcome and Introduction
Dean Trevor Morrison and Harry First

9:30-11:00: Panel 1
Moderator: Harry First
Speakers: Howard Shelanski, Structural Presumptions Then and Now: Why the Merger Guidelines Differ from PNB
Peter Carstensen, The Philadelphia Bank Presumption: Merger Analysis in a Dynamic Economy
Douglas Ginsburg (with Joshua Wright), Philadelphia National Bank: Bad Economics, Bad Law, Good Riddance

11:00-11:15: Break

11:15-12:45: Panel 2
Moderator: Wayne Dale Collins
Speakers: Steven Salop, The Continuous Evolution and Vitality of Merger Presumptions: A Decision-Theoretic Approach
Daniel Crane, Balancing Effects across Markets
Harry First and Eleanor Fox, Philadelphia National Bank, Globalization, and the Public Interest

12:45-1:45: Lunch

1:45-3:15: Panel 3
Moderator: Eleanor Fox
Speakers: Barak Orbach, Choosing Among "Substantive Evils": The Implied Antitrust Immunities
Donald Baker, From Philadelphia National Bank to Too Big to Fail: How Modern Financial Markets Have Outrun Antitrust Law as a Source of Useful Structural Remedies
Lawrence White, Antitrust and the Financial Sector - with Special Attention to "Too Big to Fail"

3:15-4:00: Discussion with Agency Economists
Moderator: Jonathan Baker
Janusz Ordover
Daniel Rubinfeld
Lawrence White
Robert Willig

4:00-5:00: Q&A with Judge Richard A. Posner (via teleconference)
Moderator: C. Scott Hemphill

5:00-6:00: Reception