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Capital Asset Pricing Model document sample
The Iowa Electronic Markets The Capital Asset Pricing Model Curriculum using the IEM Prepared for the Fall 1999 IEM*IDEA/FIPSE Conference By Thomas A. Rietz November 1999 Teaching Objectives The Capital Asset Pricing Model Apply the CAPM to determine expected stock returns Students should be able to: 1. Find betas for stocks 2. Understand and compute betas for stocks 3. Determine appropriate risk free rates and market risk premiums 4. Apply the CAPM to determine expected asset returns Evaluate actual stock performance Students should be able to: 1. Determine actual stock returns over specified periods 2. Compare actual returns to CAPM required returns to evaluate performance Implement investment /trading strategies Based on sound financial analysis, students should be able to turn expectations into actions. Important Aspects of the Assignment Students replicate analysis from the lecture. Students start with specific directed tasks and slowly forces students to expand and generalize their knowledge. Students build on previous knowledge and experience. 2 Lecture Outline The Capital Asset Pricing Model (CAPM) 1. Introduction 2. The Feasible Set and Efficient Frontier 3. Investor Utility Maximization 4. The CAPM Asset Pricing Equation 5. Applying the CAPM 6. Notes on Estimating Betas 7. Summary 3 CAPM Assignment Introduction to the IEM The Iowa Electronic Market (IEM for short) is a computerized market on which financial contracts can be traded (bought or sold). For this assignment, we will be using a series of contracts based on three popular companies, Apple Computers (AAPL), IBM (IBM) and Microsoft (MSFT), and an important index called the S&P500 index. Shares of the firms trade over the counter (NASDAQ) and on the New York Stock Exchange (NYSE). Similarly, a daily index value is determined for the S&P500 based upon the stock prices of the 500 companies that compose of it. The contracts we will use are based on the shares of Apple computers, IBM and Microsoft, and on the value of the S&P500. These contracts are listed on the IEM under the market label "Computer Industry Returns Market" or "Comp_Ret" for short. These contracts are described briefly later in this note and in more depth in the IEM Trader"s Manual. Detailed descriptions of these markets are available at the IEM website: http://www.biz.uiowa.edu/iem/markets/computer.html Objectives The objectives of the IEM assignments are to help you apply class concepts in a "real world," unstructured way to learn how to: 1. Apply the CAPM to determine expected stock returns 2. Evaluate actual stock performance 3. Implement investment /trading strategies Opening an IEM Account All students need to open an account with the Iowa Electronic Market. This involves a minimum deposit of ____ dollars. Funds remaining in your account are refundable at the end of the semester. You can open an IEM account over the internet. To do so, go to the sign-up webpage: http://iemweb.biz.uiowa.edu/signup/ and follow the instructions given to you by your instructor. (DO NOT use forms other than those given to you by your instructor. Using other forms may result in fees or decreased deposits in your account.) After filling out your signup forms, you may need to deposit cash with the IEM office (W283 PBAB, phone 335-0881). Your instructor will give you details about any deposits you need to make. 4 Accessing the IEM You can access the IEM through its website address: http://www.biz.uiowa.edu/iem/ The IEM market has several contracts trading under it. The contracts of interest for our course are the Computer Industry Returns Market (Comp_Ret, for short). You access your trading account from the market pages or directly at: http://iemweb.biz.uiowa.edu/ Computer Industry Returns Contracts The Computer Industry Returns Contracts consist of a series of contracts. Every month, existing contracts in the series are liquidated and payments are made as described below. Then, new contracts are created as described below. These events occur on the Monday after the exchange- traded options for the underlying stocks expire (the Monday after the third Friday of each month). The liquidation values for the contracts in this market are determined solely by the rates of return of Apple Computers Common Stock (AAPL), IBM Common Stock (IBM), Microsoft Common Stock (MSFT) and the S&P500 index (SP500). Whichever of these has the highest rate of return as specified below will payoff $1.00 per share. The remaining contracts will payoff zero. Thus, to do well in this market, you will need to understand what determines real stock market returns. Contracts will be designated by a ticker symbol and a letter denoting the month of contract liquidation. Thus, the contracts traded in this market for liquidation in month "m" are: Code Underlying Asset Liquidation Value AAPLm Apple Computers $1.00 if AAPL Return Highest IBMm IBM $1.00 if IBM Return Highest MSFTm Microsoft $1.00 if MSFT Return Highest SP500m S&P 500 Market Index $1.00 if SP500 Return Highest In these contract codes, "m" refers to the month of expiration as given by the following table: Month Designation Month Designation Month Designation January a May e September i February b June f October j March c July g November k April d August h December l For AAPLm, IBMm and MSFTm, the dividend-adjusted rate of return is computed based on closing stock prices of the underlying listed firm between the third Friday in the liquidation month and the third Friday in the previous month. For these purposes, closing prices as reported in the Midwest edition of the Wall Street Journal are used. In particular, this return is calculated as follows. First, the raw return on the underlying stock is computed (as the closing price on the third Friday of the liquidation month, 5 minus the closing price from the third Friday of the previous month, plus any dividends on ex-dividend dates). Then, we divide the raw return by the closing stock price from the previous month to arrive at the dividend-adjusted rate of return. For the SP500 contract, the return is computed as the capital gains rate of return. To do this, subtract the closing index value on the third Friday of the previous month from the closing index value on the third Friday of the liquidation month. Then, divide by the previous month"s closing index value. Trading on the IEM You can trade on the IEM in several ways. First, you can buy or sell unit portfolios. A unit portfolio is a set of contracts such as AAPLm, IBMm, MSFTm and SP500m. You can always buy or sell such portfolios for $1.00 each. Thus, when you start to trade and do not own any contracts, you can buy a unit portfolio and then start to trade. (To do this, select the appropriate contract under "Buy Bundles" or "Sell Bundles" in the "Market Order" drop down menu. Enter a quantity and press the "Market Order" button.) Second, you can buy or sell using a "market order." On the market screen, you will see that some individuals have posted an order to buy or to sell a contract (e.g., MSFTi, the contract for September liquidation in the Computer Industry Returns Market) at a specific price. If you believe that a posted order represents a good deal, you can buy or sell at the posted price. (To do this, select the appropriate contract under "Buy at Best Ask" or "Sell at Best Bid" in the "Market Order" drop down menu. Enter a quantity and press the "Market Order" button.) Third, you can buy or sell using a "limit order." To do so, you state the price at which you are willing to buy or sell a contract and post a limit order on the screen. In doing so, you are waiting for someone who is willing to buy or sell at your stated price. In this manner, when your order executes, it will execute at your stated price, not at somebody else"s. The negative is that the order may never execute because nobody likes your price because it is too high or low. (To place a limit order, select the appropriate contract under "Post a Bid" or "Post an Ask" in the "Limit Order" drop down menu. Enter a price, quantity and expiration date and press the "Limit Order" button.) Completing Your Assignments and Submitting Them As you can see below, the IEM assignments are extensive, multi-part assignments that draw together many concepts from the class. It would be wise to work on the various parts of the assignments as we go over the relevant topics in class. To prepare the assignments for submission, please use the following guidelines: 1. Each assignment must be typed. Label clearly each assignment with a cover page giving your name, student number, and section number. 2. Complete each part in a separate section clearly labeling them Part 1, Part 2, etc. 3. Within each section, give the requested information, including sources of information gathered and equations used to calculate results. 4. Turn in your completed assignment to your instructor on the date it is due. 6 CAPM Assignment Part 1: Finding and Computing Returns DUE: ___________ GOAL In this part of the assignment, you will learn where to find current and historical prices and how to compute returns Current stock returns The IEM Computer Industry Returns or MSFT (Microsoft) Price Level markets depend upon the following three stocks: AAPL, IBM, MSFT and the S&P500 index. The prices of these stocks and the value of the S&P500 index are reported in the Wall Street Journal and in various places on-line (e.g., http://quote.yahoo.com). Starting on the third Friday of ____________, record the closing prices each Friday for AAPL, IBM, MSFT and the S&P500 index. (If you use a print source such as the Wall Street Journal, notice that, typically, these prices will appear in the following Monday"s edition.) Continue recording prices each Friday through the third Friday in ________. Also, find out if any dividends are paid on the three stocks AAPL, IBM and MSFT during any week. Report this information in a table labeled Table 1. (Note: While you are free to use any source, the contracts are liquidated based on Wall Street Journal reported prices.) For each Friday from ________ to ________, report the dividend adjusted return from the first recorded date to the current date for each stock calculated from the prices and dividends (if any) in Table 1. Report these returns in Table 1 as well. Historical stock returns Download the third Friday to third Friday stock returns for AAPL, IBM, MSFT, the S&P500 and one- month Treasury Bills from the IEM website at: http://www.biz.uiowa.edu/iem/markets/compdata/compfund.html You will use these returns in later parts of this exercise. Download 5 years worth of monthly stock prices and dividends from Yahoo's website as follows. 1. Go to : http://quote.yahoo.com 2. Enter AAPL as the ticker symbol and press the "get quote" button. 3. Select the "Chart" link. 4. At the bottom of the chart, select the "monthly" tables link. 5. Select the appropriate dates in the resulting table and press the "get historical data" button with the "Monthly" radio button selected. 6. At the bottom of the table, select the "download spreadsheet format" link. 7. Save the resulting "csv" format file. You can load this into Excel for analysis. 8. Select the "Dividend" radio button and press the "get historical data" button again to download dividends. 7 Repeat this procedure for AAPL, IBM, MSFT and the S&P500 (ticker symbol ^spx). You can also download 3 month T-Bill rates using the ticker symbol "^irx". The T-Bill data is in the form of return each month. For each stock, each month, use Excel to compute the dividend adjusted return. Also, compute the return to the S&P500. Save this data for use later. Returns to IEM Contracts Make at least one trade in the IEM Computer Industry Returns market between the ________ and ________. Choose one trade to use for the rest of this part. Report the date of the trade, the contract traded and the price. Attach a print out showing your trading activity. (You can either submit a "Processed Orders" report or an "Order History" report. To get the first report, make sure that the "confirm" box is checked on the trading screen. You will be asked to "execute" the order. Upon execution, the "Processed Orders" report will appear. To get the second report, go to "My Account" information select "view order history" and print the resulting report.) Based on the date of your trade, what is the holding periods (in days) to the contract buyer if each contract is held to its liquidation date? Calculate and report the return over this holding period to the contract buyer if the contract liquidates for $1. Also calculate and report the return over the holding period to the contract buyer if the contract liquidates for $0. 8 CAPM Assignment Part 2: Computing Betas DUE: ___________ GOAL In this part of the assignment, you will learn how to analyze stock returns. You will look at historical averages, standard deviations and correlations. You will learn how to find betas on line and how to compute your own betas for stocks. Historical Analysis of IEM Returns Use the monthly IEM returns downloaded in part one for this part of the assignment. Analyze these returns by reporting the following information (all numbers can be computed in Excel): 1. Report the historical average monthly return for each stock, the S&P500 index and T-Bills. (Use the Excel "average" function.) 2. Report the historical standard deviation in monthly returns for each stock, the S&P500 and T- Bills. (Use the Excel "stdev" function.) 3. Report the correlation coefficient between monthly returns for each stock and T-bills with the S&P500. (Use the Excel "correl" function.) These correlation coefficients will be the raw betas for the stocks computed from the "characteristic line" as discussed in class. 4. Compute and report the adjusted betas from the correlation coefficients computed above. (adjusted = 1/3 + 2/3xraw.) Historical Analysis of Yahoo Returns Repeat the analysis above using the five years of monthly returns collected from Yahoo in Part 1. Looking up Betas Look up betas for each stock on Yahoo using the following procedure: 1. Go to : http://quote.yahoo.com 2. Enter AAPL as the ticker symbol and press the "get quote" button. 3. Select the "Profile" link. 4. Page down to "Statistics at a Glance" 5. These statistics include "beta." Repeat this exercise for each stock. 9 Discussion Compare and contrasts the betas you get from each method. How close are they? Why are they different? How stable are the betas? Given the information you have, do you think that beta's are a stable enough measure to use for the CAPM? 10 CAPM Assignment Part 3: Applying the CAPM DUE: ___________ GOAL In this part of the assignment, you will learn how to apply the CAPM to compute expected returns. You will have to make decisions about the risk free rate, the market risk premium and the appropriate betas. Finding Risk Free Rates Current risk free rates can be found online at various websites. The current 1 month treasury rate can be found on the IEM at the website: http://www.biz.uiowa.edu/iem/markets/compdata/compfund.html You can also get risk free rates from Yahoo. The ticker symbol for 3 month T-bills is ^inx, 5 year notes is ^fvx, 10 year notes is ^tnx and 30 year bonds is ^tyx. Determining the market risk premium Using the date from Part 1, subtract the monthly T-Bill rate from the S&P500 return. This is the monthly market risk premium. What is the average monthly risk premium according to your IEM data? Computing the Expected Return from the CAPM Using the current monthly T-Bill rate from the IEM and the average monthly risk premium calculated from IEM data above, compute the one-month expected return for each of the three stocks and the S&P500 index using: 1. Betas you calculated from IEM data in Part 2. 2. Betas you calculated from Yahoo data in Part 2. 3. Betas you looked up on Yahoo in part 2. Discussion What risk free rate do you think should be used in the CAPM? Does the time horizon (from 1-month T- bill rates to 30-year T-Bond rates) matter? What seems most appropriate to you? Do you think that the risk premium used is an adequate measure of the risk premium? Can you find other sources for the risk premium from your book, course materials or the web? What are the differences between the expected returns computed using the various betas above? How stable are these returns? Can you order the stocks from highest expected return to lowest? Does the source of the beta matter? 11 CAPM Assignment Part 4: Evaluating Securities DUE: ___________ GOAL In this part of the assignment, you will learn how to use the CAPM to evaluate the historical performance of assets. Evaluation Recall the average historical returns from Part 1 of the assignment. Recall the CAPM predicted returns from Part 3 of the assignment. Subtract the CAPM predicted return from the historical average return of the stock. This is the amount by which the stock outperformed (+) or underperformed (-) the required return as predicted by CAPM over the historical time period. This is known at the stocks "alpha." Graph the Security Market Line (relationship between beta and the expected return) using the one- month risk free rate and the risk premium from the IEM used in Part 3. On this graph, also graph the average monthly return (from part 1) and beta (from part 2) for each of the three stocks. The distance that the stock lies above the Security Market Line is also the stocks "alpha." According to the stocks' alphas, which stocks outperformed or underperformed historically? Can you rank order their performance? Discussion Can you explain why each stock either outperformed or underperformed? Were there special circumstances for any of the companies? Do you think the historical performance will continue? Do you think any of the companies face special circumstances now that will enable them to outperform in the future? Are there any special circumstances that would cause them to underperform? 12 CAPM Assignment Part 5: Implications and Actions DUE: ___________ GOAL In this part of the assignment, you will use the CAPM to forecast returns for stocks and turn those forecasts into actions on the IEM. Prediction Given all of your analysis in parts 1 to 4, predict what each stock's return and the SP&500 return will be for the next month. Justify these predictions using the analysis techniques developed in class and in this assignment. Which of the stocks do you predict will have the highest return? How confident are you of your prediction? Implication Given your predictions above, which IEM contract (AAPLm, IBMm, MSFTm or SP500m) should be priced the highest at the beginning of trading during the current trading month. Justify your prediction. (Recall that the contract with the highest actual monthly return will liquidate at $1. The others will expire worthless. Thus, you need to predict which stock will have the highest monthly return in order to determine which IEM contract will have the greatest likelihood of payoff. This contract should be priced the highest.) Actual IEM Prices For each Friday that you report stock prices in Part 1, report the corresponding closing contract prices on the IEM Computer Industry Returns and Microsoft Price Level markets in a table labeled Table 2. (To access this information, use the "Market Info" button, select the market and select the "Price History" report. Alternatively, you can access a price history by selecting the "History" link on the market"s webpage under the IEM address: http://www.biz.uiowa.edu/iem.) Compare your prediction to the actual price of the contracts at the beginning of trade in the current month. Can you reconcile your predictions with actual prices? Note how prices evolve through time and correlate IEM price changes with the returns to date for the stocks from Part 1. Action Make at least one additional trade in the IEM Computer Industry Returns market between the ________ and ________. Log your trades. For each trade, report the date of the trade, the contract traded and the prices. Attach a print out showing your trading activity. (You can either submit a "Processed Orders" report or an "Order History" report. To get the first report, make sure that the 13 "confirm" box is checked on the trading screen. You will be asked to "execute" the order. Upon execution, the "Processed Orders" report will appear. To get the second report, go to "My Account" information select "view order history" and print the resulting report.) Justify each trade you make using: 1. Your forecast returns 2. The actual returns do date 3. IEM prices at that time and 4. Any other information and analysis you wish to include. 14
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Michael A. Cardozo is a Partner with Proskauer Rose LLP and served as New York City Corporation Counsel from 2002 to 2013.
(Editor's Note: This article is adapted from the Maurice Rosenberg Memorial Lecture, presented by the author April 8, 2014 at Columbia Law School.1)
What is the proper role of the chief lawyer for a government entity? Drawing on my 12 years of experience as Corporation Counsel of the City of New York, I address in this article the ethical, moral, legal, and public policy obligations and values that should guide the actions of an attorney who is fortunate enough to be the principal lawyer for a government body.
In order to define properly the chief government lawyer's role as advocate and legal counselor, he or she must answer fundamental questions of policy and ethics. First, does that lawyer have an obligation to "do justice" when prosecuting civil litigation that affects his or her duty to the governmental client? And if so, what does "doing justice" mean? Second, what obligation does a government lawyer have to protect the long-term institutional interests of the governmental entity when those interests arguably conflict with the short-term policy goals of the present chief executive or incoming mayor-elect? And third, what does a government lawyer who is generally charged with defending the law do when faced with a challenge to an arguably illegal law that the executive does not like?
The common thread that runs through my answers to these questions is that, in my opinion, the responsibility of the chief government lawyer is to ensure that the government entity he or she represents enjoys all the benefits of vigorous advocacy. In this respect, the relationship between lawyer and government entity is no different than the relationship between attorney and client in private practice. Indeed, only through zealous advocacy can the government lawyer optimally advance the interests of the government entity and the rights of its citizens.
The obvious starting point for this debate is defining who is the government lawyer's client. Most commentators agree that the client is whatever governmental entity the lawyer represents, in my case the municipal corporation known as the City of New York.2 What this means is that the chief government lawyer must never forget that his or her first obligation is to the governmental entity itself and that lawyer's job is not simply to advocate on behalf of individual members of the executive or legislative branch. Just as counsel for a corporation takes day to day direction from the duly authorized constituents that are the corporate officers, but nevertheless has an overarching obligation to protect the interests of the corporation, even against the wishes of those officers, so, too, must the government lawyer represent in the first instance a city or state and not its mayor or governor.
In the corporate setting, Rule 1.13(f) of the Model Rules of Professional Conduct, to take but one example, requires the general counsel to make clear to board members and officers that his or her primary responsibility is to protect the interests of the corporation, when it appears that those interests may differ from those of the individual constituents with whom the lawyer is dealing.3 However, while the rules of professional conduct for lawyers offer some general guidance to government lawyers, the authority and obligations of government lawyers are modified and sometimes augmented by charter and statutory provisions.4 This similar-but-different quality of governmental lawyering is apparent from the relationship between government lawyer and the client entity.
As a practical matter, the government lawyer's job is almost invariably to advance the objectives and defend the interests of whoever is in charge of making final decisions on the particular issue in question.5 Since most litigations against the government challenge the legality of the actions of the governor, mayor, agencies they control, or their appointees or employees, it follows that these democratically elected or duly appointed officials, after receiving appropriate legal advice, should make the key decisions about the litigation objectives in particular cases. The means by which the entity pursues these objectives remains within the professional judgment of the lawyers.6 Of course, if the challenged actions are clearly illegal, ethical rules would require the government lawyer, like one in private practice, to decline to defend them.7
It is worth pausing to consider what happens when two branches of government are on opposite sides of a dispute. In such cases, it is vitally important that both sides receive adequate representation. As the Preamble to the Rules of Professional Conduct makes clear, government lawyers may represent various government entities. 8 Unlike the private lawyer, the government lawyer may continue to represent multiple entities generally, even though in a particular legal controversy between two entities, he may represent one, but not the other. Thus a government lawyer could litigate on behalf of the mayor and be adverse to the city council in a legal dispute between the two, even though he still represents both entities outside the litigation. This would not be true in the private practice context: a private lawyer could not represent one client against another client in a single litigation and still represent both outside that litigation, because that would create a conflict of interest. In New York City, therefore, whenever the mayor and the city council are adverse in litigation, and consistent with New York Court of Appeals precedent,9 the city council will retain private counsel or rely on its own in-house attorneys.
But identifying the client, and the relevant decision-maker for the client, does not tell us whether the chief government lawyer, in conducting civil litigation, has obligations beyond representing that client's interests and expressed objectives to the best of his or her ability. Phrased another way, does the government lawyer have an independent duty to "do the right thing" by virtue of his or her official position that limits the single-minded dedication with which the government lawyer can pursue litigation on behalf of a government entity?
The Attorney General of the United States recently suggested that some government lawyers have an independent duty "to do justice" whenever the government entity is party to civil litigation. Attorney General Eric Holder stated that "[t]his, after all, is the essential duty to which all of us—as attorneys general—have been sworn: not just to win cases, but to see that justice is done."10 Several commentators share this position and extend the "do justice" admonition beyond elected attorneys general and place an additional ethical responsibility upon all government lawyers.11 They have suggested that it may be wrong for government lawyers to make aggressive motions and assert every possible defense without regard to how sympathetic the facts of plaintiff's particular case may be. In my view, such a position is incorrect. It is not only a dangerous precedent to allow appointed government attorneys to determine what is just and what is not, but unwarranted restraint is also a disservice to the government entity the attorney represents.
The responsibilities of state attorneys general—especially elected ones—are distinguishable from those of their appointed counterparts, such as corporation counsels or city attorneys. Elected state attorneys general are often independent office holders who draw their authority directly from the state citizenry. This creates concomitant duties, derived from the statutes and constitutions that define the attorney general's duties and responsibilities, to protect the public interest. For example, the California Supreme Court has observed that the state attorney general "is often called upon to make legal determinations both in his capacity as a representative of the public interest and as statutory counsel for the state … [but] that his paramount duty [is] to represent the public interest."12 In such cases, there may be a special duty to "do justice" and act in the public interest. The nature and extent of such obligations will vary from state to state according to the terms of statutes and constitutions, and precise answers are beyond the scope of this article.13
By contrast, in the absence of a special constitutional or statutory duty to represent the public interest, there is no overarching responsibility for government lawyers to "do justice" that might temper their vigorous advocacy on behalf of the entity or its elected officials.14 The various formulations of ethical rules offer some, but hardly definitive, guidance. The ABA Model Rules, for example, mandate that all lawyers, specifically including government lawyers,15 should "zealously assert[] the client's position under the rules of the adversary system" and take "whatever lawful and ethical measures are required to vindicate a client's cause or endeavor."16
The government lawyer is, of course, an essential participant in internal government policy debates, which adds an extra dimension of responsibility to what he or she does. I cannot emphasize strongly enough that the government lawyer must not only give legal advice, but must also forcefully express views on the desirability and morality of the particular policy question at issue. Indeed, Model Rule of Professional Conduct 2.1 has a special resonance in the government lawyer context:
In representing a client, a lawyer shall exercise independent professional judgment and render candid advice. In rendering advice, a lawyer may refer not only to law but to other considerations such as moral, economic, social and political factors that may be relevant to the client's situation.
While the Model Rule therefore makes clear that the government lawyer should always make his or her moral stance clear to decision-makers at the advisory level, the Rule is permissive and puts the law first. In my opinion, the rule allows government lawyers to use morality as a reference point but does not enable them to elevate moral concerns above sound legal analysis.
The rule makers are perfectly capable of curbing single-minded advocacy if they so desire. In a different context, the Model Rules state that a criminal "prosecutor has the responsibility of a minister of justice and not simply that of an advocate."17 But they impose no comparable standard on civil government lawyers. The only vestigial trace of such a responsibility, found in the old Model Code of Professional Responsibility, is a non-mandatory ethical consideration that the "government lawyer in a civil action . . . has the responsibility to seek justice. . . ."18 Yet the rule makers signaled their disapproval even of this non-binding suggestion when they elected not to include it in the new Model Rules. It is clear to me that, at least, there is no mandatory ethical duty per se that requires a government lawyer to exercise restraint in civil litigation for the purpose of "doing justice."
This issue is far from academic. The government lawyer's decision whether or not to pursue litigation zealously on behalf of a government entity has a clear impact on the entity and its citizens. To put this more concretely, should New York City, in an effort to reduce the more than $500 million it annually pays in damages from the more than 8,000 cases filed against it, insist on taking weak cases to trial rather than paying small settlement amounts to make them go away? Or, alternatively, should the Corporation Counsel's Office, to take but one of many examples, have "done justice," despite the City's overwhelming likelihood of prevailing at trial, and settled suits brought by innocent bystanders who were injured in the crossfire when the police shot at and killed a gunman, who had just murdered another man outside the Empire State Building?19 Similarly, when over 10,000 cases, seeking in excess of $3 billion in damages, were brought against the city by people, described by many as "the heroes of 9/11," who alleged they had become ill as a result of their Ground Zero clean-up efforts, were city lawyers wrong to defend that mass tort case by raising every possible defense, including that of immunity under the New York State Defense Emergency Act?20
Clearly, it is in New York City's best interests to reduce the amount it pays out as a result of litigations. And it was my judgment that insisting on the trial of cases in which we believed the City would likely prevail would result in such a reduction. Therefore, Mayor Bloomberg and I determined that cases where Corporation Counsel was confident the city would prevail should be tried on their merits, or settled on very favorable terms, despite the sympathetic facts presented by a particular plaintiff.21 In my view, the government lawyer must give the needed legal advice to the government decision-maker, and then, barring a contrary directive from that individual, try or settle the case based on the lawyer's assessment of the ultimate litigation result.
I recognize that some feel deeply uneasy whenever the government takes on a sympathetic citizen in court. Yet this discomfort is an inevitable byproduct of the adversarial system through which the victim of an alleged wrong must seek compensation from the government. To paraphrase Judge Jack Weinstein, so long as government lawyers are playing this game by the present rules, we owe it to the taxpayer to play to win.22
The courts and the legislature set the rules of the litigation game by which the government must play. It is the courts and the legislature that decided the city is immune from liability when an innocent bystander is wounded by a cop's bullet unless negligence can be established.23 Similarly, it is the legislature that has determined that the government is not liable in a civil defense emergency such as 9/11, even if there was negligence.24 And certainly, if the long-term interests of the city and its citizens include reducing the amount paid out in litigation, and if one of the ways to achieve that goal is by refusing to settle weak cases, can the lawyer do anything other than insist on taking such cases to trial?
Under our judicial system and absent some statute or constitutional provision imposing a duty to protect the public interest, "the court, not the government lawyer, will declare what 'fairness' and 'justice' require."25 More importantly, for a government lawyer to ignore these rules, as some have advocated, and litigate certain civil cases, but not others, based on personal preconceptions of fairness and without invoking available defenses, suggests the worrisome possibility that the appointed lawyer, rather than the elected decision-maker, makes the potentially dispositive policy decisions. We must not promote a government of lawyers above our government of laws.
Another example of the ethical and policy tensions inherent in governmental lawyering arises when the long-term interests of the government institution are perceived to conflict with the policy desires of the present chief executive. To be more concrete: What should the chief lawyer for the governmental entity do if he or she concludes that the long-term interests of the city conflict with the chief executive's short-term policy preferences?
For example, was it proper for the Corporation Counsel's Office, relying both on arguably applicable public policy and precedent, to contend that a particular state statute favored by the mayor was constitutional even though the statute's enactment had not been preceded by a home rule message from the city council, as was arguably required by the state constitution? Judicial acceptance of the lack of need for such a home rule message might weaken the city's long-term interest in resisting interference from future state legislatures in the operations of New York City, to the dismay of future mayors and corporation counsels.26
Other examples of this tension between short- versus long-term goals abound. If a city has a long-term interest in improving safety and the environment by restricting signs abutting city highways, what should the government lawyer do when a city commissioner wants to make an exception to allow for a particular sign, an exception that future would-be-sign-posters might point to as showing discriminatory treatment? Or, if it is not in a city's long-term interests to agree to consent decrees that put the city under the supervision of the courts for a period that in some cases have extended more than 30 years,27 what should the lawyer do when a mayor, to solve a particular political and legal problem, decides to agree to another long-term consent decree?
One of my most distinguished corporation counsel predecessors, Fritz Schwarz, has answered these questions by arguing that government lawyers have a special responsibility to care for the long-term interests of the institutions they serve, which politicians will not do sufficiently.28 I agree. The government lawyer must carefully explain to the elected official the potential adverse long-term consequences to the governmental entity of making a particular argument or taking a particular action. But this duty is advisory in nature.29 The final decision of whether the short-term policy gain is worth the potential long-term consequence to the city—even assuming the lawyer could comfortably identify the long- versus the short-term gains involved—is one for the elected official, not the government lawyer, to make.
A slightly different example of the tension between short- and long-term goals can arise in the final days of a particular elected official's tenure, when the government lawyer is faced with deciding what course of action to take if he or she knows that a policy shift is imminent. This situation was presented in the waning days of the Bloomberg administration when it became clear that some of Mayor-Elect DeBlasio's policy goals differed sharply from those of Mayor Bloomberg. While changes of policy from one mayor to the next are the essence of democracy, the impact of the changes contemplated by the mayor-elect were complicated by the fact that many of those changes—including the controversial stop and frisk police tactics—were the subject of litigation.30 This meant that the Corporation Counsel's Office might soon have to take different legal positions on issues it had advanced under Mayor Bloomberg. While some commentators suggested that Mayor Bloomberg's agenda should not have been advocated by the corporation counsel through the final hour of the mayor's tenure, in my view the last days of the administration were no different from the previous 12 years—my office and I had a client to serve, and it was our obligation to advance persuasive legal arguments on behalf of the present mayor.31
Let me add that while I personally would have preferred for the now changed Bloomberg policies to have remained in effect, it was perfectly proper, when the new mayor took office, for my very able successor, Zachary Carter, to signal a "U-turn" and announce, as he did, that it is "the prerogative of the mayor and of the city to assert legal positions" even if this requires changing tack. 32
While the final decisions on litigation settlements, and whether or not to take positions that may not be in the government's long-term interests, should be made by the elected executive, not by the government lawyer, it does not follow that whatever the elected executive wants, he or she should get, or that the attorney general, corporation counsel or city attorney must always do the executive's bidding. As discussed earlier, the chief government lawyer has an overriding duty to represent the government institution and to see that its laws are defended. That obligation trumps his or her duty to the elected official.
This is best illustrated through one of the most difficult decisions I faced at the Corporation Counsel's Office. In 2005, a State Supreme Court justice declared the New York State Domestic Relations Law's prohibition of gay marriage unconstitutional.33 Accordingly, she ordered the city clerk, represented by the corporation counsel, to issue a marriage license to the plaintiffs, a gay couple. Four other state Supreme Court justices had reached the opposite legal conclusion and had upheld the law's gay marriage ban.34 The mayor strongly favored legalizing gay marriage, as did I.35 Given the court's finding of unconstitutionality, I was faced with a dilemma. Should I file a notice of appeal and invoke the city's automatic right to a stay, which would have had the effect of preventing the decision from going into effect until the appeal was decided? Or instead, should I have "done justice" and declined to invoke a stay, which would have meant that the trial court ruling would go into effect allowing gay couples to be married even before the appellate courts had had the opportunity to determine the law's constitutionality? If the mayor, and I suspect the city council, favored gay marriage and wanted the ban to be nullified, how could I, as their lawyer, invoke the city's automatic right to a stay? 36
In fact, I did invoke the stay, and ultimately the New York Court of Appeals, in a 4-2 decision, upheld the constitutionality of the gay marriage ban.37 I invoked the stay and pursued the appeal, even though the mayor wanted the ban voided, because in my view I had been sworn to uphold the laws of the State of New York.38 Until the Court of Appeals had declared the law unconstitutional, it was my obligation to defend it. I was very troubled by the possibility that Michael Cardozo, by failing to invoke a stay, would, as a practical matter, have arrogated to himself the unilateral power to nullify a long-standing and duly enacted state law, the constitutionality of which was clearly subject to debate.
Let me pause here to contrast my position with that of Attorney General Holder in the Windsor Defense of Marriage Act (DOMA) case. The attorney general took the position then, the basis for which he articulated in a recent speech, that in "exceptional circumstances" government lawyers may at their discretion refuse to defend arguably unconstitutional laws. He argued that:
Any decisions—at any level—not to defend individual laws must be exceedingly rare. They must be reserved only for exceptional circumstances. And they must never stem merely from policy or political disagreements—hinging instead on firm constitutional grounds. But in general, I believe we must be suspicious of legal classifications based solely on sexual orientation. And we must endeavor—in all of our efforts—to uphold and advance the values that once led our forebears to declare unequivocally that all are created equal and entitled to equal opportunity. 39
Accordingly, the attorney general declined to defend the Defense of Marriage Act before the Supreme Court in Windsor. In Windsor, Justice Kennedy, writing for the majority, noted the Court's discomfort that the "Executive's failure to defend the constitutionality of an Act of Congress based on a constitutional theory not yet established in judicial decisions has created a procedural dilemma." 40 While a narrow majority of the Court nevertheless reached the merits and declared the law invalid, three dissenting justices concluded the Court lacked jurisdiction to decide the case because no one from the executive branch was defending the law.41 From a practical standpoint, Attorney General Holder's position nearly deprived the Supreme Court of the opportunity to declare DOMA unconstitutional once and for all.
The potential consequence of a government lawyer's refusal to defend a law was strikingly illustrated in the companion case involving a California state law enacted by referendum that prohibited gay marriage in that state. There the Supreme Court declined to review the lower court's finding of unconstitutionality because, although the proponents of the referendum had sought review, the relevant state officials with the responsibility of defending the validity of state laws agreed that the law was unconstitutional and did not appeal.42 Thus, the lawyers for the State of California, by failing to appeal the lower court's constitutionality ruling, took it upon themselves to void a law, duly enacted by referendum, thereby preventing the courts from resolving the issue.43
In my opinion, the failure of Attorney General Holder and the California attorney general to defend the anti-gay marriage laws, and Mr. Holder's recent encouragement to state attorneys general to do the same,44 was a mistake. Certainly government attorneys do not leave their legal or moral consciences behind when they take their oaths of office, and have the absolute right to disqualify themselves personally from a particular case. They might even have an ethical obligation to do so under Rule 1.7(a)(2), which recognizes a conflict of interest when a lawyer's personal interests (or sympathies and biases) "materially limit[]" the effectiveness of his or her representation and create a risk of punch-pulling. However, it is fundamentally important that government lawyers recognize their special duty to ensure that duly enacted and not clearly unconstitutional laws are adequately defended whenever challenged, so that the courts can review the issue. Such a defense can be accomplished either by the government lawyer's office, that office's hiring of special counsel, or, if the law permits, by another party.
To do otherwise means, as was the case in California, that the government lawyer effectively has the power to abrogate duly enacted legislation. In my view, that is wrong. Moreover, while the decision not to appeal in the California case achieved the immediate policy goal of invalidating the gay marriage law, it prevented the Supreme Court from achieving Attorney General Holder's objective of establishing once and for all "that all measures that distinguish among people based on their sexual orientation must be subjected to a heightened standard of scrutiny."45 In a recent and related case, the Virginia attorney general took what I believe to be the proper approach when the constitutionality of Virginia's gay marriage ban was challenged in federal court. Although the state attorney general declined to defend the ban himself, two members of the executive branch responsible for granting or denying marriage licenses under the law were entrusted with the responsibility of providing a defense for the statute.46 This approach is entirely consistent with the duties and responsibilities of the government lawyer and is far preferable to an unchecked policy of discretionary abandonment of duly enacted laws.47 Moreover, following the rules in such cases creates a firmer foundation for definitive resolution and progress.
The duty to defend a duly enacted law is somewhat similar to the duty a criminal lawyer owes to the defendant he or she represents. While concededly the details of the rights and responsibilities at stake differ in each situation, on a macro level the adversarial system of justice demands unfailing advocacy on both sides of the courtroom. Just as the criminal defendant is entitled to a defense until his or her guilt is proven beyond a reasonable doubt and all appeals are exhausted, so, too, must the government lawyer provide a defense for a law until the highest court declares it invalid. This analogy, while imperfect, does make clear the centrality of balance to the adversarial system, balance which the government lawyer has a duty to maintain.
Maintaining this balance and defending potentially unconstitutional laws is not an obstacle to progress. Rather, it is a necessary component of the adversarial process. Paul E. Wilson, an assistant Kansas attorney general, who was a member of the losing defense team in Brown v. Board of Education,48 has written:
[T]o me it was clear that the state's position was supported by existing law. The doctrine of separate but equal still controlled . . . . If I had been . . . a member of the Topeka Board of Education, I should have been pleased to vote to repeal the segregation statute and repudiate the public school policy that it permitted. But I was not a legislator, . . . . I was a lawyer committed to uphold the law and the adversary process. The appellants were represented by able counsel prepared to attack wherever they sensed vulnerability. As I saw it, the task of counsel for the state was to rebut that effort by bringing to the Court's attention all data and theories favorable to the state's position. . . . Justice Oliver Wendell Holmes is reported to have said that the job of the judge is not to do justice but to play the game according to the rules. The lawyer's task is to inform the court as to what his client believes the rules to be. Whatever the outcome, the lawyer who has been faithful to his responsibility will have made a useful contribution to the result.49
Wilson and his colleagues, by defending the "separate but equal" doctrine overruled in Brown, contributed to the adversarial process that enabled the Supreme Court to overrule Plessy v. Ferguson and the separate but equal doctrine it had created.50 To have done otherwise might have prevented, as almost occurred in Windsor, and did occur in the companion California case, the Court from making a final decision on the law's unconstitutionality.
But this leads to another, related question: what if the elected official thinks that a law is illegal and wants the government lawyer to sue to have it declared invalid? This problem was highlighted when Mayor Bloomberg, late last year, represented by the corporation counsel, brought suit against the city council seeking to have the so-called racial profiling law invalidated.51 But there was a further complication. In addition to the mayor's suit, two police unions brought a similar suit against New York City asserting the law's illegality.52
Given, as I stated, the government lawyers' obligation to defend duly enacted legislation, how could the corporation counsel decline to defend the law's validity in this latter suit? Leaving aside the obvious impossibility of the office arguing, on the one hand, the law's invalidity and on the other hand defending it, what should or could be done? The answer, as alluded to above, is that there was another government entity with a genuine stake in defending the law, here the city council, which could and did intervene in the case—to argue the law's validity and to ensure judicial review of the issue.
Serving as New York City Corporation Counsel is not only an honor but the greatest job any lawyer can ever have. The legal issues facing New York are vast and challenging. The lawyers in the office are terrific. And the opportunities to make a difference in your role as a government lawyer are enormous.
But extraordinary pressures come with the job satisfaction. As another former high level government lawyer has observed, "[I]t is harder to be a government attorney than it is to be an attorney in private practice. It's more complicated, it's more challenging, the environment is far more rigorous. You live in a world, in a fish bowl-like world, where public scrutiny is intense."53
You cannot be afraid to call them as you see them. You have to be able to tell the policy makers your views, and not be afraid to say a proposed course of conduct may be illegal or in any event unwise. But in the end, I believe the ethical rules you need to observe are no different whether you are a private or public lawyer—at least outside the special context of criminal prosecution or for attorneys general in certain respects. At the same time, you must remember that you have a duty to ensure that the laws you have been sworn to obey are defended when challenged, and that you cannot unilaterally act to annul them.
The words of Judge Jack Weinstein, who before taking the bench served as the chief government attorney for Nassau County, offer a fitting coda to this article. "[W]hile the government's attorney is a political figure," Judge Weinstein observed, "he operates within a framework of professional and ethical responsibility that limits what he can and should do. There is no inconsistency between sound ethics and good politics." [Emphasis added.] Indeed, Judge Weinstein concluded, "Government service, while it furnishes some of the hardest ethical problems, affords a lawyer many of the greatest opportunities for professional fulfillment."54
1. The author acknowledges with thanks Proskauer Rose Professional Responsibility Counsel Charles Mokriski, Proskauer Associate Jack Browning, and Assistant Corporation Counsel Andrew Fine for their assistance in preparing this article.
2. The New York City Charter provides that the Corporation Counsel "shall be attorney . . . for the city and every agency thereof… ." New York, N.Y., Charter ch. 17, § 394 (2012). See Restatement (Third) of the Law Governing Lawyers § 97 cmt. f (2000) ("A lawyer for the government is required to act … in a manner reasonably calculated to advance the governmental client's lawful objectives and with reasonable competence and diligence. Those objectives are normally defined by authorized officers of the governmental client acting within constitutional, statutory, and other legal limits."). See also Frederick A.O. Schwarz, Jr., Lawyers for Government Have Unique Responsibilities and Opportunities to Influence Public Policy, 53 N.Y. L. Sch. L. Rev. 375, 377 (2008) ("For all government lawyers, the [client] is always, it seems to me, the overall greater governmental entity that the lawyer serves: the United States, the state, or for Corporation Counsels, 'the city'"); Jeffrey D. Friedlander, The Independence of the Law Department, 53 N.Y. L. Sch. L. Rev.479, 482, 487 (2008) ("It is the Law Department that determines the position of the city in litigation.… The ability of the Law Department both to defend the validity of local laws and at times to challenge them—indeed, maintaining the office's independence and authority in interpreting the Charter and advising our clients in the making of city policy—requires the office to demonstrate the qualities of competence, integrity, and what I call 'institutional loyalty.'").
3. See also N.Y. Rules of Prof'l Conduct R. 1.13(a) (2009).
4. "Under various legal provisions, including constitutional, statutory and common law, the responsibilities of government lawyers may include authority concerning legal matters that ordinarily reposes in the client in private client-lawyer relationships. For example, a lawyer for a government agency may have authority on behalf of the government to decide upon settlement or whether to appeal from an adverse judgment. Such authority in various respects is generally vested in the attorney general and the state's attorney in state government, and their federal counterparts, and the same may be true of other government law officers. Also, lawyers under the supervision of these officers may be authorized to represent several government agencies in intragovernmental legal controversies in circumstances where a private lawyer could not represent multiple private clients. These Rules do not abrogate any such authority." Model Rules of Prof'l conduct pmbl. 18 (2013).
5. See generally Robert P. Lawry, Who is the Client of the Federal Government Lawyer? An Analysis of the Wrong Question, 37 Fed. B.J. 61 (1978); see also Michael J. Glennon, Government Lawyering: Who's the Client? Legislative Lawyering Through the Rear-View Mirror, 61 Law & Contemp. Probs. 21, 27 (1998) ("In one sense, I always viewed the client as the Chairman [of the Senate Foreign Relations Committee] … I never undertook any activity at odds with what I knew to be the Chairman's position, or even what I thought might be the Chairman's position."); Geoffrey P. Miller, Government Lawyers' Ethics in a System of Checks and Balances, 54 U. Chi. L. Rev. 1293, 1298 (1987) ("[Q]uestions of intrabranch conflicts can be subtle and complex, but in principle their answer is easy: the attorney's duties run to the officer who has the power of decision over the issue."); Jack B. Weinstein, Some Ethical and Political Problems of a Government Attorney, 18 Me. L. Rev. 155, 158 (1966) ("The chief government law officer must and should attempt to please some politicians: he is, by virtue of his position, a political or policy-making figure, a member of a government administration which achieved office by a political-governmental program.").
6. Model Rules of Prof'l Conduct R. 1.2 (2013).
7. See, e.g., Model Rules of Prof'l Conduct R. 3.1 (2013).
8. "[L]awyers under the supervision of [government law] officers may be authorized to represent several government agencies in intergovernmental legal controversies in circumstances where a private lawyer could not represent multiple private clients." Model Rules of Prof'l conduct pmbl. 18 (2013); see also N.Y. Rules of Prof'l Conduct pmbl. 10 (2009).
9. Cahn v. Town of Huntington, 29 N.Y.2d 451, 456 (1972) (holding that the Planning Board of the Town of Huntington could retain the services of outside council in litigation against the Town Board of Huntington because the town attorney could not represent both sides in the litigation and the "only possible recourse for the [Town] Planning Board was to employ special counsel.").
10. Eric H. Holder, Att'y General, Remarks as Prepared for Delivery at the National Association of Attorneys General Winter Meeting (Feb. 25, 2014), transcript available at http://www.justice.gov/iso/opa/ag/speeches/2014/ag-speech-1402251.html.
11. See Steven K. Berenson, Public Lawyers, Private Values: Can, Should, and Will Government Lawyers Serve the Public Interest?, 41 B.C. L. Rev. 789, 813-35, 844-45 (2000) ("Just as the public prosecutor under the 'do justice' maxim owes a duty to the defendant to work towards a substantively fair outcome to the proceedings, so too does the civil government litigator owe a duty of substantive fairness to the defendants …"); Bruce A. Green, Must Government Lawyers "Seek Justice" in Civil Litigation, 9 Widener J. Pub. L. 235, 280 (2000) ("[S]urely the question of whether government lawyers have a duty to 'seek justice' is sufficiently important for them to give the issue serious consideration, before they reflexively assume the mantle of the zealous advocate.").
12. D'Amico v. Bd. Of Med. Exam'rs, 11 Cal. 3d 1, 14-15 (1974). The California constitution also requires the attorney general to assist district attorneys when "required by the public interest." Cal. Const. art. V, § 13. See also N.Y. Exec. Law § 63(8) ("Whenever in his judgment the public interest requires it, the attorney—general may … inquire into matters concerning the public peace, public safety and public justice.").
13. This does not mean, however, that the state attorney general can neglect his or her responsibility to uphold the laws of the state he or she represents. Indeed, the California state constitution also states that "[i]t shall be the duty of the Attorney General to see that the laws of the State are uniformly and adequately enforced." Cal. Const. art. V, § 13.
14. It is worth noting that the New York City Charter, in setting out the powers and duties of the corporation counsel, does not mention the public interest at all. New York, N.Y., Charter ch. 17, § 394 (2012). See also Catherine J. Lanctot, The Duty of Zealous Advocacy and the Ethics of the Federal Government Lawyer: The Three Hardest Questions, 64 S. Cal. L. Rev. 951, 1013 (1991) ("The intrinsically different nature of the government client cannot alone justify a departure from the traditional duty of zealous advocacy. Indeed, the opposite may well be true."); Miller, supra note 5, at 1294 ("Despite its surface plausibility, the notion that government attorneys represent some transcendental 'public interest' is, I believe, incoherent."); William Josephson & Russell Pearce, To Whom Does the Government Lawyer Owe the Duty of Loyalty When Clients Are in Conflict?, 29 Howard L.J. 539, 569 (1986) ("The public interest approach … leads to a government of lawyers, not of laws, a result as objectionable as a government of people, not of law.").
15. Model Rules of Prof'l Conduct R. 1.13 cmt. 9 (2013); see also N.Y. Rules of Prof'l Conduct R. 1.13 cmt. 1 (2009) ("The duties defined in this Rule apply to governmental organizations.").
16. Model Rules of Prof'l Conduct pmbl. 2, R. 1.3 cmt. 1 (2013); see also N.Y. Rules of Prof'l Conduct R. 1.3 cmt. 1 (2009) ("A lawyer should pursue a matter on behalf of a client … and take whatever lawful and ethical measures are required to vindicate a client's cause or endeavor.").
17. Model Rules of Prof'l Conduct R. 3.8 cmt. 1 (2013); see also N.Y. Rules of Prof'l Conduct R. 3.8 cmt. 1 ("A prosecutor has the responsibility of a minister of justice and not simply that of an advocate.").
18. Model Code of Prof'l Responsibility EC 7-14 (1980) ("A government lawyer who has discretionary power relative to litigation should refrain from instituting or continuing litigation that is obviously unfair.… A government lawyer in a civil action... has the responsibility to seek justice and to develop a full and fair record, and he should not use his position or the economic power of the government to harass parties or to bring about unjust settlements or results.") (emphasis added). The New York Bar has recognized this issue, but has not weighed in one way or the other: "Whether a government lawyer may have an ethical obligation to identify and seek a substantively 'just' result in a particular case, even where that may be at odds with the agency's legally authorized litigation position, is beyond the scope of this opinion." N.Y. City Bar Ass'n Comm. on Prof'l & Judicial Ethics, Formal Op. 2004-03 (2004).
19. J. David Goodman, Bystanders Shot by the Police Face an Uphill Fight to Win Lawsuits, N.Y. Times, Nov. 10, 2013, at A19.
20. See In re World Trade Ctr. Disaster Site Litig., 456 F. Supp. 2d 520 (S.D.N.Y. 2006).
21. The Preamble to the Model Rules of Professional Conduct recognizes that a government lawyer may have more discretion than his private counterpart in making settlement decisions, noting that "[u]nder various legal provisions, including constitutional, statutory and common law, the responsibilities of government lawyers may include authority concerning legal matters that ordinarily reposes in the client in private client-lawyer relationships. For example, a lawyer for a government agency may have authority on behalf of the government to decide whether to agree to a settlement or to appeal from an adverse judgment." Model Rules of Prof'l Conduct pmbl. 18.
22. Weinstein, supra note 5, at 170. See also Lanctot, supra note 14, at 985 ("The central principle that purportedly underlies the adversary system is that 'justice' can best be achieved by the battle of two zealous advocates before a neutral decision maker. Allowing a government lawyer to sit in judgment of the justice of a client's cause would be inconsistent with the fundamental principles underlying the adversary system. If the adversary system is truly the best way to achieve fair results in court, a proposition that is dubious to many, then presumably the government lawyer should zealously advance the agency client's goals in court in the same way that a private practitioner would.").
23. Johnson v. City of New York, 15 N.Y.3d 676 (2010).
24. N.Y. Unconsol. Law SDEA § 9193 (McKinney 2006).
25. Lanctot, supra note 14, at 985 ("The ethical codes therefore do not impose a duty on the government lawyer to behave differently than a private lawyer."). As British Lord Chancellor Henry Brougham declared in 1820, "[A]n advocate, in the discharge of his duty, knows but one person in all the world, and that person is his client." 2 Trial of Queen Caroline 8 (1821).
26. Greater N.Y. Taxi Ass'n v. New York, 21 N.Y.3d 289, 301 (2013). See Richard Briffault, Closing Remarks at the Fordham Urban Law Journal Symposium: The Bloomberg's Legal Legacy (Dec. 4, 2012), available at http://urbanlawjournal.com/bloomberg-symposium-closing-remarks/ ("[A]s a teacher of local government law, and a believer in the importance of home rule, I find it a little unsettling when New York City's Mayor argues before the state courts that a state law preempts a City initiative. It is even more unsettling when, in order to win a policy dispute, the Mayor asks the state to turn what had long been a field of City regulation into a matter of state concern and a subject for state legislative determination. Once a state has taken over a subject, it may be hard for the City—and for future Mayors—to get it back. Perhaps naively, I think the Mayor ought to be fighting to expand City power, not seeking laws and court rulings that would limit it.").
27. See, e.g., Benjamin v. Fraser, 264 F.3d 175 (2d Cir. 2001) (upholding consent decree pursuant to prison conditions).
28. See Schwarz, supra note 2, at 391-93.
29. Id. at 377-78 ("That a chief government lawyer represents the governmental entity and not the chief executive does not, of course, mean that the lawyer can wander off and make on his or her own all sorts of policy judgments").
30. See, e.g., Floyd v. City of New York, 813 F. Supp. 2d 457 (S.D.N.Y. 2011). Although the De Blasio administration clearly had a right to advance its own litigation agenda, individual corporation counsel lawyers, as an ethical matter, might be precluded from switching position. Note, Professional Ethics in Government Side-Switching, 96 Harv. L. Rev. 1914 (1983).
31. See James C. McKinley Jr. & Benjamin Weiser, In Final Weeks, a Push to Put Bloomberg's Stamp on Major Legal Cases, N.Y. Times, Dec. 26, 2013, at A22.
32. See J. David Goodman, De Blasio Drops Challenge to Law on Police Profiling, N.Y. Times, Mar. 6, 2014, at A25.
33. Hernandez v. Robles, 7 Misc. 3d 459 (N.Y. Sup. Ct. 2005), rev'd, 26 A.D.3d 98 (1st Dep't 2005), aff'd, 7 N.Y.3d 338 (2006).
34. Kane v. Marsolais, 808 N.Y.S.2d 566 (N.Y App. Div. 2006), aff'd sub nom. Hernandez v. Robles, 7 N.Y.3d 338 (2006); Samuels v. N.Y. State Dep't of Health, 811 N.Y.S.2d 136 (N.Y App. Div. 2005), aff'd sub nom. Hernandez v. Robles, 7 N.Y.3d 338 (2006); Seymour v. Holcomb, 790 N.Y.S.2d 858 (N.Y. Sup. Ct. 2005), aff'd 811 N.Y.S.2d 134 (3rd Dep't 2006), aff'd sub nom. Hernandez v. Robles, 7 N.Y.3d 338 (2006). Shields v. Madigan, 5 Misc. 3d 901 (N.Y. Sup. Ct. 2004), aff'd, 2006 N.Y. App. Div. LEXIS 11425 (2d Dep't Sept. 26, 2006).
35. In fact, eight years earlier, as President of the City Bar Association, I had approved a report that argued the law's gay marriage ban was unconstitutional. Same-Sex Marriage in New York, 52 Record of the Association of the Bar of the City of New York 343 (1997).
36. In a somewhat related context, I had defended a law, which the city council had passed over the mayor's veto, that banned the use of metal baseball bats in high school games. See Ray Rivera, Council Bans Metal Bats in High School, N.Y. Times, Mar. 15, 2007, at B2, available at http://www.nytimes.com/2007/03/15/nyregion/15council.html#.
37. Hernandez v. Robles, 7 N.Y.3d 338 (2006).
38. It was my duty as Corporation Counsel of New York to uphold and defend the laws of New York City and of New York State. Therefore, it was not possible for me to decline to defend the gay marriage ban on the grounds that it was a state, rather than a city, statute.
39. Holder, supra note 10.
40. United States v. Windsor, 133 S. Ct. 2675, 2688 (U.S. 2013).
41. Justice Scalia wrote for three dissenting Justices: "The final sentence of the Solicitor General's brief on the merits [filed on behalf of the government appellants] reads: 'For the foregoing reasons, the judgment of the court of appeals should be affirmed.' That will not cure the Government's injury, but carve it into stone. One could spend many fruitless afternoons ransacking our library for any other petitioner's brief seeking an affirmance of the judgment against it. What the petitioner United States asks us to do in the case before us is exactly what the respondent Windsor asks us to do: not to provide relief from the judgment below but to say that that judgment was correct … Since both parties agreed with the judgment of the District Court for the Southern District of New York, the suit should have ended there … We have never before agreed to speak—to 'say what the law is'—where there is no controversy before us." Windsor, 133 S. Ct. at 2699-700 (emphasis in the original) (citations and footnotes omitted).
42. Hollingsworth v. Perry, 133 S. Ct. 2652 (U.S. 2013).
43. This approach seems to conflict with California law. Specifically, the California constitution states that "[i]t shall be the duty of the Attorney General to see that the laws of the State are uniformly and adequately enforced." Cal. Const. art. V, § 13. In addition, the California Supreme Court had previously ruled that the attorney general "has the duty to defend all cases in which the state or one of its officers is a party." D'Amico, 11 Cal. 3d at 15. That court had also held that in "the exceptional case the Attorney General, recognizing that his paramount duty to represent the public interest cannot be discharged without conflict, may consent to the employment of special counsel by a state agency or officer." Id. at 14. No such special counsel was appointed in the California gay marriage case.
44. Holder, supra note 10.
45. Id.
46. Bostic v. Rainey, 970 F. Supp. 2d 456, 468 (E.D. Va. 2014) ("Defendant Schaefer is a proper defendant here because he is a city official responsible for issuing and denying marriage licenses and recording marriages …. Defendant Rainey is a proper defendant because she is a city official responsible for providing forms for marriage certificates.").
47. As other challenges to various state laws barring gay marriage work their way through district courts, a variety of approaches to their defense have emerged. In Indiana, Utah, Oklahoma and Texas, government officers are defending the laws themselves. The Governor of Kentucky hired a private firm to defend its law after the state attorney general refused to do so. Brett Barrouquere, Kentucky Gay Marriage Appeal Will be Handled by Ashland Firm Under $100K Contract, The Courier-Journal (Mar. 13, 2014), http://www.courier-journal.com/story/news/local/2014/03/13/Kentucky-gay-marriage-appeal-will-be-handled-Ashland-firm-under-100K-contract/6388039. Outside the context of gay marriage, the Ohio Attorney General advanced a novel approach: file briefs on both sides. The Attorney General's office filed one brief to defend an Ohio law that makes it a crime to knowingly lie during an election campaign and another brief arguing that the law violates the First Amendment. The Attorney General argued that his dual constitutional obligations—to uphold the laws of Ohio and to protect the rights of its citizens—compelled his decision. Adam Liptak, In Ohio, a Law Bans Lying in Elections. Justices and Jesters Alike Get a Say, N.Y. Times, Mar. 25, 2014, at A16.
48. Brown v. Bd. of Educ., 347 U.S. 483 (1954).
49. Paul E. Wilson, A Time to Lose: Representing Kansas in Brown v. Board of Education 100-01 (Univ. Press of Kan. ed. 1995).
50. Plessy v. Ferguson, 163 U.S. 537 (1896).
51. Mayor of New York v. City Council of New York, 451543/2013 (N.Y. Sup. Ct. 2013).
52. Patrolmen's Benevolent Ass'n of N.Y. v. City Council of New York, 654550/2013 (N.Y. Sup. Ct. 2013). Mayor De Blasio subsequently reversed Mayor Bloomberg's position and withdrew the office's challenge to the racial profiling law. J. David Goodman, De Blasio Drops Challenge to Law on Police Profiling, N.Y. Times, Mar. 6, 2014, at A25.
53. Henry M. Greenberg, A Principled Discussion of Professionalism: Lawyer Independence in Practice, 6 N.Y. Judicial Institute on Professionalism in the Law 21 (2013).
54. Weinstein, supra note 5, at 172 (emphasis added).

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Local Area:
If you really are concerned with these events take a 7$ train ride to chicago.
Local Area:
There aren't many community events outside the campus grounds at all, and some of the larger shopping centers are a considerable distance away.
Local Area:
I'm an Aurora native, so I'm a bit biased. The Aurora area is familiar and I like it. For attractions/activities, there is a free zoo in Aurora (Philip's Park Zoo), the Chicago Premium Outlet Mall, RiverEdge Park, the Brookfield Zoo nearby, SportsZone (with mini golf and go-karts), many forest preserves, Six Flags just over an hour away, Chicago about 45 minutes away, downtown Naperville, Luigi's (laser tag, arcade) a few blocks from the campus, Brunswick Zone (bowling, laser tag, arcade), Starved Rock State Park (waterfalls!) about an hour and a half away, the Fox Valley Westfield Mall, and others places. There are a lot of Latino businesses with great authentic food. There are also numerous thrift shops nearby (which I consider a staple), and nearby Aldi and Big Lots grocery stores to help keep the grocery bill low. If you drive five miles in any direction you'll find the same chain stores like Walmart, Best Buy, Chile's, Panera, etc.
Local Area:
There have been complaints from the locals that have led to restrictive policies.
Local Area:
Not much to do in the town, you'd have to go to the neighboring schools/cities, to find entertainment.
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Daniel P Rancourt
Main Address:
Colonie Golf And Country Club
Voorheesville, NY 12186-0322
(518) 765-4103
Voorheesville, NY 12186-0322
(518) 765-4103
141 Maple Rd
Voorheesville, NY 12186-5210
Voorheesville, NY 12186-5210
(518) 765-4103
Daniel Rancourt is a PGA Apprentice in Voorheesville, NY. The PGA of America comprises 27,000 men and women professionals with one singular goal in mind - to make the game of golf more enjoyable for you.
Services Offered:
- Instruction
Professional has not entered award information.
Home » Golf Courses » New York » Delmar » Daniel P Rancourt


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Relaying quick note from city administrator Steve Wheeler, for those of you who use the parking lot just south across Cascade from the Post Office. It will be closed today (Thursday, May 28) for repainting. The city is converting the lot to a year-round mix of 25 permit spaces and 25 public day parking spaces. The flip is set to start next week, or June 1, whichever you prefer.
For today, Wheeler says permit holders can park on any side street except Oak and Cascade. The permit must be visible at all times.


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C a Reference Manual 5TH Editionby Samuel P Harbison
Synopses & Reviews
Publisher Comments:
This best-selling, authoritative reference manual provides a complete description of the C language, the run-time libraries, and a style of C programming that empha_sizes correctness, portability, and maintainability.
Describing the C language more clearly and in more detail than any other book, authors Samuel P. Harbison and Guy L. Steele Jr. provide in a single manual:
C: A Reference Manual is the only book that describes all the details of C-past and present. It is the single must-have reference for all C programmers and implementors.
Thoroughly revised and updated, the expanded Fifth Edition includes a complete description of the latest C Standard, ISO/IEC 9899:1999, with its powerful language extensions and new libraries.
New! Visit the Web site. www.CAReferenceManual.com contains source code for the longer examples in the book, expanded discussions on language issues, the latest ISO/IEC language corrigenda, and links to other C resources.
Book News Annotation:
Documents the proper syntax and usage of the C programming languages' constructs and run-time libraries. Differences among standard C, C89, C99, and C++ are noted. Chapter topics include declarations, types, expressions, statements, string processing, I/O facilities, and mathematical functions. A useful reference for experienced programmers. The fifth edition incorporates the latest international C standard, ISO/IEC 9899:1999 (C99).
Annotation c. Book News, Inc., Portland, OR (booknews.com)
This thorough guide provides advice on how to write C code that is compatible with C++. The emphasis is on writing clean C programs, and the book illustrates how to create programs that are maximally portable and reusable in both C and C++ environments.
This authoritative reference manual provides a complete description of the C language, the run-time libraries, and a style of C programming that emphasizes correctness, portability, and maintainability. The authors describe the C language more clearly and in more detail than in any other book.
About the Author
From 1996-present Harbison led SDS infrastructure team and defined a software framework architecture across all TI DSPs and dev't tools, worked to make it fit with TI businesses, help negotiate alliances and acquisitions to make it happen. (Rollout and proudcts will appear in 1998.) Developed long-term vision in SDS and helped develop technology roadmaps. From 1995-96 as CTO Harbison set Tartan's technical direction. He defined and ran a new engineering organization and product development process that gave project managers more authority. He helped spearhead Tartan's long-term growth strategy by defining new products for C and Assembly programming on DSPs. Harbison managed the technical due diligence for TI merger. In 1992, he founded and directed the C/C++ Division, Tartan's first business unit and key to diversifying into commercial markets. Developed first PC-hosted products and first C++ product, for TI DSPs. Created a line of DSP math functions. Pioneered world-wide distribution channels using TI and 3rd parties. (Direct sales used elsewhere.)In 1990, Harbison founded a company, Pine Creek Software, funded by Digital Equipment Corp. to create a market for the Modula-3 programming language. Wrote the first Modula-3 textbook, exhibited at trade shows, wrote software, and published a newsletter. Still recognized as an authority, he was contracted by CRC in 1997 for a Modula-3 chapter in forthcoming Handbook of Object Technology.From 1982-1989, Harbison held various senior positions at Tartan, including Vice President. He led the software QA team & developed company-wide QA policies (1989). He managed several technology groups (1985-89). He was the project manager for Tartan's first commercial product (1984), and program manager for a contract with IBM to develop compilers for their RT PC (precursor to RS/6000). He designed and led development of Tartan's debugger (AdaScope). He developed the C compiler front end, and other internal tools (1981-1984). From 1980-82 Harbison was part of the SPICE research project at Carnegie-Mellon, which evangelized the concept of a "personal workstation" before most companies thought it was feasible. From 1974-80, he helped to develop the Hydra object-oriented, multiprocessor operating system, whose concepts were later used in the Intel 432 microprocessor.
Table of Contents
1. Introduction.
2. Lexical Elements.
3. The C Preprocessor.
4. Declarations.
5. Types.
6. Conversions and Representations.
7. Expressions.
8. Statements.
9. Functions.
10. Introduction to the Libraries.
11. Standard Language Additions.
12. Character Processing.
13. String Processing.
14. Memory Functions.
15. Input/Output Facilities.
16. General Utilities.
17. Mathematical Functions.
18. Time and Date Functions.
19. Control Functions.
20. Locale.
21. Extended Integer Types.
22. Floating-point Environment.
23. Complex Arithmetic.
24. Wide and Multibyte Facilities
Appendix A. The ASCII Character Set.
Appendix B. Syntax of the C Language.
Appendix C. Answers to the Exercises.
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The Associate Recruiter will play an integral role in growing MINDBODY?s pipeline of talent. The selected individual will work with internal and external candidates through the entire recruitment life-cycle, including- sourcing, screening, interview set-up, offers, negotiations,6/12/2015 San Luis Obispo, CA Save This Job
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Get the most out of your new iPhone or iPad. In this course, Garrick Chow provides in-depth instruction on all aspects of the Apple iPhone and iPad: making and receiving calls, emailing, browsing the web, managing your time, getting around town, taking notes, shooting photos, and listening to music. Plus, learn how to install any one of the thousands of apps from the App Store and extend the functionality of your device. Garrick devotes time to the new features in iOS 7, including iCloud Keychain, Control Center, AirDrop, and new Photos organization. The course also includes hands-on demonstrations of how to accurately type and efficiently use finger gestures, and includes tips for setting up the iPhone and iPad so they behave as expected. We also include an extensive section on troubleshooting help when the occasional glitches happen.
If you have an iPhone 5S you have one additional shooting mode available. It's a video shooting mode labeled SlowMo, and as you probably can figure out from its name, it allows you to capture video and play it back in slow motion. Now a normal video is captured at 30 frames per second and traditionally smart phone and computer video editing apps that offer slow motion playback create that slow motion simply by displaying individual frames of video multiple times in a row. And that creates the illusion of slow motion. But because the source video is still only 30 frames per second, the quality of this artificial slow motion is really never that great.
But the slow motion mode on the iPhone 5S captures video at 120 frames per second, which gives you the ability to shoot fast moving action, and produce a slow motion version of the video at high quality. All you have to do is slide the mode dial to slow motion in the camera app, frame up your subject, and hit record. So this part isn't really any different than capturing a normal video. Tap stop when you're done. Once you capture 120 frames per second video, you can then edit it on your iPhone and specify the portion you want to view in slow motion. You can either open your Camera Roll or tap the thumbnail here in the Camera app to view the video.
Notice under the thumbnails for the video at the top of the screen there's a blue timeline made up of vertical hashes. The area between the black vertical indicators, where the blue lines are spaced further apart, represents the slow motion portion of the video. Place your finger over either of the black lines and drag left or right to adjust the slow motion start and stop points. Keep your eye on the video portion to see exactly which section of the video you're dragging over. Let's see how that looks. Pretty cool, right? If needed you can fine tune your adjustments until the slow motion occurs exactly when you want it.
If for some reason you don't want to view any section of the video in slow motion, maybe you just prefer the high frame rate look of the video. Just drag one of the black bars to the other, and no slow motion will occur. Now one important thing you want to be aware of here, if you want to share your slow motion video with others, you can tap the Share button. And then you can choose from any of the available options here, like sending the video over messages, emailing it, or posting the video into YouTube, Facebook, or Vimeo. You can also share the video by including it in a slide show to view directly on your phone, or by streaming it to a nearby AirPlay device like an AppleTV. What you can't do is export your video by connecting your iPhone to your computer with a Lightning cable and importing the video that way. Well technically you can import the video, but what you won't get is the slow motion portion. Instead you'll get the video at full 120 frames per second. If you want to slow a down a portion of the video on your computer, you have to do it by importing the video into a separate app like iMovie. Hopefully this will change in the future and you'll be able to export the final video from your iPhone because slow motion is a really fun and useful feature.
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The Hobbit: Desolation of Smaug
Become a Hobbit and face off with Smaug in Oculus VR thanks to Weta5 March 2015
If you've seen The Hobbit: The Desolation of Smaug and the big screen didn't feel immersive enough there's hope. Weta Digital, the special effects team behind The Hobbit and The Lord of the Rings films, has created a VR experience for Oculus Rift. The... >>
Hobbit: Desolation of Smaug Blu-ray set comes with free Hobbit Lego21 March 2014
Sainsbury's UK supermarket chain has announced it will soon offer a Blu-ray version of The Hobbit: Desolation of Smaug alongside an exclusive Hobbit-themed Lego set. Warner Bros. Pictures' The Hobbit: The Desolation of Smaug is the second installment... >>