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Be prepared for second recession in Calif.

Don.... is Welsh a bit off re: our nat'l debt....isn't it over $13 trillion? see http://www.usdebtclock.org/ also, could the global peddling of trillions of dollars worth of worthless derivatives have something to do with the global economic downturn? and here's another wild notion....could the Gore film in 2006 and the subsequent revelations about our compromised environment have sped the "get as much for me now" and enhanced greed vehicles on Wall St and elsewhere? ie, if the world is going to hell in a handbasket, i need to hoard as many acorns as soon as possible... that last item might make for an interesting study for a social scientist...pure speculation on my part, but we are seeing a lot of hoarding going on and not much investment thoughts?
— July 10, 2010 1:35 p.m.

San Diegan Bill Lerach out of prison, living in luxury

Re: #59. Don, I commend this article I found on 'incentive awards for lead plaintiffs in class action suits.' As you can see, in most of these class action settlements, these payments are perfectly fine with court permission. (I would imagine there are many private agreements between attorneys and clients of which we aren't aware.) Of course, headline writers would call these kickbacks. Google INCENTIVE AWARDS TO CLASS ACTION PLAINTIFFS: AN EMPIRICAL STUDY and see the article by Miller at britannica.com Are there any allegations of shake-downs out there against attorneys or firms who bring mass tort, employment discrimination, consumer credit and other class actions? I suspect that Mr Lerach and his firm put together a Fortune 500 law firm to take on Fortune 500 crime and fraud. The fact is that journalists and class action attorneys bringing shareholder fraud suits are both on the endangered species list. You may chose to distance yourself from Mr Lerach; but I think you are actually comrades in arms fighting major fraud on parallel tracks. You are both for sensible regulation of the finance sector and you are both for holding Wall Street to account. I suggest we look at all the Wall Street de-regulations as a group, not separately. The passage of the "Get Lerach Act" and the Telecommunications Act in 1995 were a key dominoes which emboldened Wall St and the rightwing to further dismantle regulations. Once they could control the mass media and remove checks on corporate officer fraud liability, it was 'so long' Glass-Steagall and futures regs, etc. It was 'hello' to CDOs and trillions in worthless securities. The corporate 'robber barons' of this Gilded Age are global now with our trillion-dollar Pentagon as their security force, paid for by public funds. They have a nice racket going which will probably only be tamed by a massive economic downturn and public outrage. I think the outrage is there, it's now a matter of organizing and channeling the public outrage to bring about corrective policy and action. All the undue influence in the world cannot help if the bums are voted out of office and we elect those more like TR and FDR.
— June 1, 2010 10:26 a.m.

San Diegan Bill Lerach out of prison, living in luxury

Response to above. So you are saying that all these de-regs re: Wall St happened due to Mr. Lerach...and I'm saying if you are going to take on the Fortune 500 for fraud and abuse, you better be smart and tough enough (like TR and FDR) and have a very large operation of your own. The plaintiff bar is never going to win any popularity contests. Medical malpractice awards for pain and suffering were capped long ago, severely curtailing those suits. Was that because there were Lerachs out there, or because the healthcare industry/insurance trust or oligopoly greased the wheels of legislatures. Did the energy de-regulations of the 90s engineered by the Enrons of the world and blessed by VP Cheney's energy task force occur because of the Bill Lerachs of the world? or because of massive corruption of lawmakers? No plaintiffs' attorney who has held the huge corporations and industries to account is going to win any popularity contests. We hear "tort reform" by the rightwing, big money forces all the time. Do you think medical malpractice attorneys are popular with the AMA and healthcare trust? Do you think legal malpractice attorneys are popular with the ABA? Are there any Lerachs or Spitzers out there tough enough, smart enough and with adequate resources whose practices haven't been severely legislatively hamstrung to even take on entities like a BP? I think if we study industry de-regulation across the board from big energy to big pharma/healthcare to big ag, and so on .... this has happened due to wholesale and massive corruption of legislatures by corporate lobbyists. For a huge eye-full on this, see the newly-released documentary on Jack Abramoff titled "Casino Jack and the United States of Money." Granted, he was probably a very tough and formidable opponent. What would be your attitude in taking on the Fortune 500 with cases of enormous complexity and magnitude? You agree that huge oligarchs have been allowed to congeal and I saw they have tilted the playing field way too heavily in their favor...and that includes our legislative machinery and probably our judicial system to a great extent (especially at the appellate level.) (cf. the latest USSC ruling that allows corporations to provide unlimited funds for political campaigns. They just paved the way for more Jack Abramoffs.)
— May 30, 2010 9:17 a.m.

San Diegan Bill Lerach out of prison, living in luxury

Comment on #46. Agreed. Which is why we need more Eliot Spitzers and Bill Lerachs. I wish they were running the the DOJ, the SEC and the other agencies charged with holding the corporate monoliths to acount. But no...they become political targets and have their careers terminated. Not to mention the US Attys who didn't carry water for the last administration and were summarily fired. And maybe the most abominable and disgraceful case of political assassination, former Ala. Gov. Don Seigalman---who held every top office in Alabama history in his 26 year career. 44 state Attorney General and 50 US legislators petitioned for his release, which occurred in March of 2008. Siegelman is currently working to see Karl Rove held in contempt for refusing to testify before a House committee that is investigating his conviction. Although Siegelman was convicted, his argument is he may not have been investigated, if not for Rove. As to the Pentagon, it is so huge, I'm not sure they are accountable to anyone. When the budget was signed into law on October 28, 2009, the final size of the Department of Defense's budget was $680 billion, $16 billion more than President Obama had requested. Adm. Mike Mullen, the chairman of the Joint Chiefs of Staff expected an additional supplemental spending bill, possibly in the range of $40–50 billion, by the Spring of 2010 in order to support the wars in Iraq and Afghanistan. Defense-related expenditures outside of the Department of Defense constitute between $216 billion and $361 billion in additional spending, bringing the total for defense spending to between $880 billion and $1.03 trillion in fiscal year 2010. By comparison, the state govt of CA spent about $204 billion in FY 2007-8. I'm not sure if this includes the $44 billion for the CIA or not. In any case, staggering sums for our standing military. No wonder we have found wars to fight. We're all for a strong defense...but a little overkill here, don't you think?
— May 29, 2010 9:16 p.m.

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