Vanderbilt Law Review

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I want to thank Richard Nagareda for inviting me to Vanderbilt; he's an old friend. I am very honored to return to Vanderbilt. I taught a course at Vanderbilt, and I loved teaching here. I loved going to the Country Music Hall of Fame and learning more about Patsy Cline and Johnny Cash. Really, it was great. I've already received an invitation from Dean Jim Bradford to come back to the business school and the law school and to participate in an interdisciplinary look at executive compensation. I hope to return. But when I saw that the Vanderbilt Law Review was hosting a symposium on executive compensation-an academic look at executive compensation--I just couldn't resist carving out a few minutes to come spend some time with the experts, learning where they're coming from on this important issue. I'm not accustomed to an academic look at executive compensation. I'm used to dealing with the practical, substantive, and political problems associated with executive compensation.

Today, I'd like to make a few preliminary points about executive compensation and the limits of my role as the Special Master for TARP Executive Compensation.