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The quote "stock acquisitions that create such anticompetitive horizontal shareholdings are illegal under current antitrust law" doesn't seem to include any reference that I can find to any original text written by Elhauge. Instead the footnote links to a bunch of the author's own articles about Elhauge.

The only properly cited textual evidence offered is a series of denials by Elhauge that he ever said index funds are illegal.

Levine has been writing about this for months in articles with linkbait titles like: "Should Mutual Funds Be Illegal?" (http://www.bloombergview.com/articles/2015-04-16/should-mutu...) and "Labor Department Wants to Tweak Your Retirement Plan" (http://www.bloombergview.com/articles/2015-04-15/labor-depar...)

It seems like Levine has an axe to grind with regulators, and doesn't want anyone to talk about research that might suggest regulation. He might be right, but he is making a crappy argument.

EDIT: Ok, I stand corrected. Elhauge totally said that. It's in the abstract. I had trouble finding it because Levine cited himself instead of the paper at the end of that that paragraph. Sorry.




That's a direct quote from the linked paper http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2632024


More likely he just mixed up his URLs with his anchor text. Linked from 'Elhauge claims to disagree with my interpretation': http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2632024




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