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106 Harv. L. Rec. 1 (1998)

handle is hein.journals/hlrec106 and id is 1 raw text is: Harvard Law RECORD

America's Oldest
Law School

Volume 106, No. 1                            Cambridge 02138                        Friday, January 16, 1998

Emeritus Prof. Louis
Loss, Securities Law
Specialist, Dies at 83

Emeritus Pr _i. Louis Loss,
83, died Dec. 13 at Beth Is-
Hospital in Bos-
ton of conges-
tive heart fail-
Loss, who is
considered the
intellectual fa-
ther of securi-
ties law in the
United States,
is credited with
developing the
term securities
regulation. He is the author
of an 11-volume treatise on
securities law, which has been
cited by courts hundreds of
times - 50 times by the U.S.
Supreme Court.
Loss authored a proposed
codification of federal securi-
ties law. Although it has
never been passed by Con-
gress, it is often cited by
courts in interpreting existing
Loss' early work with the
federal Securities and Ex-
change Commission helped
develop practices for combat-
ing insider trading. The Sec-
ond'Edition of the Oxford En-
glish Dictionary recognizes
him as the originator of the

term tippee to describe a
person who illegally trades a
stock based on an inside tip
about it.
Louis Loss was a titan in
the legal profes-
sion, said Dean
Clark '72. For
60  years  he
worked to de-
velop the field
of' securities
law. The im-
pact of his writ-
ings on securi-
ties law is im-
He was a stellar
instructor who
taught thousands of lawyers
about this important area of
law, both in the classroom
and through his writings and
Loss   was   born   in
Lancaster, Pennsylvania on
June 11, 1914. He earned his
bachelor's degree from the
University of Pennsylvania in
1934 and his law degree from
Yale Law School in 1937.
Career opportunities for a
Jewish lawyer in the Great
Depression were limited, so
Loss took a job with the
newly-formed Securities and
Exchange Commission in
1937. He served as staff at-
Please see LOSS, p. 4

By Judson 0. Berkey
This semester's Wasserstein
Fellows include lawyers work-
ing in women's rights, civil
rights, federal prosecution, and
voting rights, the Office of Pub-
lic Interest Advising announced:
The four attorneys will meet
individually with students over
two-day periods and advise
them about public interest.
The four fellows for the
spring semester are:
*Joaquin G. Avila '73, a vot-
ing rights attorney in private
practice and a former president
and general counsel at the Mexi-
can American Legal Defense
and Educational Fund.
eMartha F. Davis, legal di-
rector at the NOW Legal De-
fense and Education Fund.
GAndrew Fois, assistant at-
torney general with the U.S.
Department of Justice.
*Robert Rubin, Deputy Di-
rector of the Lawyers' Commit-
tee fbr Civil Rights in San Fran-
The Wassertein Public Inter-

est Fellows Program was cre-
ated in 1990 in honor of Morris
Wasserstein by means of a
$500,000 gift from his family.
The program is designed to sup-
port awards to exemplary pub-
lic interest lawyers who can as-
sist students interested in pur-
suing public interest career
Each year, there are over 150
applicants for the six to eight
semester-long fellowship posi-
tions. The fellows are chosen by
a Wassertein Selection Commit-
tee appointed by Dean Clark '72
on the basis of outstanding dedi-
cation to public interest law and
demonstrated excellence within
their field.
The Committee attempts to
select a group of Fellows with a
diversity of experiences, areas of
expertise, and geographic loca-'
This spring's fellows repre-
sent a wide range of practice
areas. Avila is a voting rights
attorney in Milpitas, California
who litigates cases at all levels

Microsoft Attacks Lessig's
Role in Antitrust Litigation

By Rob Friedman

Since   December,   Prof.
Lawrence Lessig has been at the
center of the battle named U.S.
v. Microsoft.
An expert on antitrust and
cyberspace, Lessig was ap-
pointed special master in the
case by U.S. District Court
Judge Thomas Penfield Jackson
'64. Almost immediately there-
after, Microsoft locked Lessig in
its crosshairs, and the software
giant has been firing away.
What's at stake in the case
is potentially the most impor-
tant issue on the table now for
the future of cyberspace, ac-
cording to Prof. Charles Nesson
'63. Microsoft has sought to put
Lessig's reputation at stake as
Lessig came to HLS last year
as a lateral from the University
of Chicago Law School. Agradu-
ate of Yale Law School, Lessig
is currently teaching a seminar
entitled High-Tech Entrepre-
neur with Prof. Jonathan

Zittrain '95. He has written sev-
eral journal articles on law and
cyberspace and is cur-
rently working on a
book exploring the
topic of Internet regu-
When Lessig was
appointed special
master on Dec. 11, he
knew that the task of
collecting facts would
be challenging.
I intend to do everything I
can to consider the matter as
fairly and expeditiously as pos-
sible, he stated.
Lessig has not publicly com-
mented on the case since that
In Lessig I think Microsoft
couldn't have a better special
master, said Nesson. He is
deeply acquainted with the
tech. He is deeply schooled in
antitrust. He loves the space
and wants the best for its fu-
Dean Robert Clark called
Lessig an ideal person for the
position of special master. He

is a leading scholar of Constitu-
tional law and the developing
field of the law of
Zittrain, who re-
fused to speak about
the substance of the
case because he is as-
sisting Lessig, said
he thought Lessig
was an ideal special
In addition to hav-
ing the brilliance for the job,
Zittrain said Lessig is at home
with the latest and greatest soft-
ware and hardware.
Lessig's task is to ,Assist the
fact-finding process by gather-
ing evidence and framing issues
for Judge Jackson.
Zittrain said the job also in-
volves making proposed find-
ings of fact and law.
[Lessig has] wide latitude to
structure the presentation of
evidence and the manner in
which the case will be sorted
out, Zittrain said.
Please see LESSIG, p. 5

By Janie Kim
Filnmaker Barry J. Hershey
'67 found his calling more than
a decade after receiving his
LL.B. from Harvard Law School
- in a film production class at
MIT. Hershey's sixth film and
first feature, The Empty Mir-
ror, will be screened at the
Harvard Film Archive this
weekend and is the product of a
career path unconventional for
most HLS alumni.
I've not practiced law a
single day of my life, said
Hershey, who worked for several
years in a start-up entrepre-
neurial situation upon leaving
HLS. He returned to Harvard

in 1978 as a Visiting Fellow, reg-
istering in the film production
course that Hershey found par-
ticularly transformative.
[The class] very much
stimulated the artistic process,
said Hershey, and I was trans-
ported by the creative process.
The experience of making a film
has a transcendental quality to
it- the sense that if you release
yourself into the process, the
film will make itself.
In 1981, Hershey received an
MFAin cinema from the Univer-
sity of Southern California.
Hershey said his hunger for
creative outlets often put him at
odds with his law school studies.
[Law school] was so in-
tensely logical. I had this sense

Courtesy W.W. Film Co.
Please see FELLOWS, p. 4        Director Barry J. Hershey on the set of The Empty Mirror

that it ran counter to imagina-
tion, mysticism, intuition, sur-
render to the muse ... I do recall
a rebellion against the push --
while I have immense respect
for it'- to frame things in such
logical, precise, and linear
Asked why he chose to study
law, Hershey responded, It was
Please see HERSHEY, p. 4
Herbert Berman.. 8
Robberies Near
Campus........      3
M.I.T. Student in
Peruvian Prison ... 7
New Year's
Resolutions ......... 5
Antony and
Cleopatra, Comics,
and, of course,

Film Archive to Screen Award-
Winning Work by Hershey '67

Four Wasserstein
Fellows Appointed
Joaquin Avila '73 Returns to HLS

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