rofessor Emeritus Louis Loss died on December 13, at age 83. Loss, who taught at the School for more than 30 years, is considered the father of securities law in the United States. His 11-volume treatise, Securities Regulation, helped define the field and has been cited in more than 1,000 court rulings (50 times by the Supreme Court). The treatise was first published by Little, Brown in 1951-with a second edition ten years later, and subsequent editions written with Joel Seligman '74, a former student, now dean of the University of Arizona Law School.
After graduating from Yale Law School, Loss joined the Securities and Exchange Commission (SEC) in 1937, where he worked until 1952, rising to the rank of associate general counsel. He helped to shape the agency's regulation practices, including their approach to combating insider trading. In fact, The Oxford English Dictionary attributes to him the term "tippee" to describe a person who illegally trades stock based on an insider's tip.
In 1952 Loss joined the Law School faculty, becoming William Nelson Cromwell Professor of Law in 1962. A year earlier he had turned down an offer from President Kennedy to chair the SEC, choosing instead to stay at HLS, where he taught well beyond his retirement in 1984. Loss served as director of the School's Program of Instruction for Lawyers from 1977 to 1984. His many publications include a 1983 treatise on Japanese securities law and his autobiographical work, Anecdotes of a Securities Lawyer (Little, Brown, 1995).
Professor Detlev Vagts '51 remembered his colleague at a memorial service held at the School in January. Excerpts from Vagts's remarks follow.