Open Choke: DiaTribal...
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“Plaintiff attorneys are part of the free market and respond to free market forces, while regulatory agencies are not” hmmm…I am not sure where you get your “rules” for a fair and free market, but one can take the position a plaintiff lawyer’s role is to become involved after the damage is done. A regulators role is to prevent the damage from occurring in the first place.
If your thinking holds true, we could also do away with the health department and let the plaintiff lawyers sue the restaurants that spread disease, and so on.
One problem we have in America today is defining what constitutes fraud. A case in point is the Goldman Timber Wolf issue, which was securitized mortgage assets that Goldman knew were bad, and then sold them as a “priority’ while shorting the security at the same time to the tune of 10 Billion Dollars. Goldman did not disclose the conflict to the saps that bought Timber Wolf. The mullets lost everything and call it fraud. Goldman calls it “free market” at work. The SEC looks the other way. Now come the plaintiff lawyers, but so much collateral damage has been done. Sub contractors ruined, jobs lost..etc. The financial services sector is out of control. I submit to you that it is not an either / or situation of plaintiff lawyers or regulation. Both are needed in large portions.
Here is a short story on point.
Posted by: Royal Enfield | June 20, 2011 at 09:07 AM
Royal, I think I am going to surprise you and agree. If the goods you buy at the grocery store need to be labeled with what is in them and if they can kill you, complex financial derivatives deserve no less. Your comment on a priori and a postori (or al pastori, my personal favorite) WRT plaintiff attorneys and regulators are good observations as well.
Posted by: Open Choke | June 20, 2011 at 09:50 AM
This day will go down in History!!
Posted by: Hondo Lane | June 21, 2011 at 12:03 PM
Scott, I mirror Hondo's thought. Agreement between you and Choke? Dang.
Posted by: Rely on the Prize | June 22, 2011 at 12:18 PM