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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: LLCF who wrote (17834)	4/5/2002 12:23:04 AM
From: Raymond Duray	Read Replies (1) \| Respond to of 74559

THE CROOKED E & ANDERSCUM LLCF, Re: Joseph Jamail, the heavyweight lawyer representing Vinson & Elkins, earlier told Reuters that the law will stymie plaintiffs who hope to add his client just to get at their deep pockets. "You can't hold an outsider or lawyer responsible for something he didn't create," Jamail said. "V&E was not involved in making decisions of any kind for these people -- of any kind. These are all business decisions." (From the Yahoo News brief) Well, Jamail is trying to rely on case history, with the Supreme Court saying in 1994 that professionals aiding and abetting crime are somehow not to be tossed into the "separate and unlimited liability" pool. Then he'll argue that PSLRA-1995 securities.stanford.edu should get V&E off the hook. Jamail will use every dodge he can creatively conger up. He's a crafty one. And the shame of it is, the Supreme Court is probably bought off enough to let him and the V&E vermin get away with it. All in a day's work for the liaring trade. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ The investment banks will use their "Chinese firewall" defense, once again. And there are so many dirty little hands in cookie jar that a case made against Merrill, JPM, Citiband et al, would be like indicting capitalism, fergoshsakes. So, we'll never let that happen. Not while the present bunch of clowns sits in the White House. Unless and until we see a revulsion with capitalism like we saw in the 1932 elections, we might as well just sit back and watch as the weasels squeeze themselves out of a tight spot. The game is rigged, and the bankers and lawyers didn't rig it so they could get caught or be responsible for Main Street's losses. As for your "well thought out erudite commentary", I couldn't agree more. Now we melt. What the bankers will try to do is to get Congress to indemnify them by getting the taxpayer to foot the bill, just as in the S&L bailout. Which, miraculously, was another financial disaster created by the Wall Street crowd. These creeps have a batting average that would make Ted Williams proud. -R.