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68 Brook. L. Rev. 407 (2002-2003)
The Investor Confidence Game

handle is hein.journals/brklr68 and id is 417 raw text is: Brooklyn Law Review Volume 68 2002 Number 2 THE NINTH ANNUAL ABRAHAM L. POMERANTZ LECTURE THE INVESTOR CONFIDENCE GAME* Lynn A. Stout' Confidence (n) 1: faith, trust WEBSTER'S NEW COLLEGIATE DICTIONARY (1980) I have a nest egg. At least, I believe I have a nest egg. I believe this because each quarter, I receive statements in the mail that assert that I own shares in several corporations and that these shares have value. I do not know where or how these statements were generated, nor do I know who created them or through whose hands they have passed. I have never seen the stock certificates my financial statements assure me I own, © 2002 Lynn A. Stout. All Rights Reserved. Professor of Law, University of California at Los Angeles School of Law. An earlier version of this essay was given as a speech on April 25, 2002, at the Brooklyn Law School; I would like to thank those in attendance for their helpful comments and questions. I am also indebted to Stephen Bainbridge, Stuart Banner, Steve Choi, Tamar Frankel, Bill Klein, Lynn Lopucki, Martin Mayer, Douglas Olin, Frank Partnoy, Norman Poser and Roberta Romano for their insights and suggestions.

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