Slide 25 of 26
Let me conclude by trying to emphasize a number of very general points:
1. While we will continue in the various working groups of the Jurisdiction Project to get deeper and in more refined ways into the details of our particular subject areas, we are also looking to the end points: what are our conclusions and our recommendations.
2. In that connection I believe that one of our touchstones must be to consider first what the underlying economic reality is and to let the law follow. If the underlying economic and technological reality is as common, as unitary, as interrelated, and as interdependent as these remarks suggest it, then that very fact will have a controlling influence on the nature of our results.
(I have been a banking lawyer in one form or another all of my professional life. I think I can say without fear of contradiction that US banking law has almost never kept current with developments in the market to which it was applicable and has regularly created categories and classifications that were at variance with that reality, sometimes with seriously adverse results.)