TorteDeForm

Kia Franklin

If you don’t read any other blogpost today…

...this one, Obama's challenge = sorry record of Democratic deregulators, is well worth your time:

President Obama’s pledge to bring back some meaningful regulation of the financial markets may be more difficult than he imagines. The reason: Senate Democratic leaders not only enabled the deregulation, they were cheerleaders.

In America, unlike other nations, the structure of investor protections against securities fraud stands on two separate legs: Government regulators and private lawsuits. Senator Chris Dodd, Chairman of the Senate Banking Committee, and other Democrats, worked diligently to saw off both legs.

Here is how the people’s representatives took the side of fraud defendants over the fraud victims. (Keep reading)

Going back to the early 90s, author John Russonello lays out how Congress championed tort "reform" and securities litigation from both sides of the aisle (and yes, he names names), and how this paved the way for the Enrons and Madoff scams, etc., that have ravaged the public's confidence in the stability of the market. He argues that the tort "reform" sympathizers who were around back in the day and remain in office today may pose a hindrance to President Obama's pledge to clean up unsavory corporate influence on financial market regulation.

A good read for a Friday afternoon, if I do say so myself.

It's also worth noting that this information helps debunk the myth that tort "reform" is a partisan issue. Yes, many more Republicans than Dems support tort "reform." But many Dems have bought in to tort "reform" lies (or have agreed to perpetuate the lies) and many Republicans understand the importance of a strong, effective civil justice system and know how tort "reform" damages the system.

Kia Franklin: Author Bio | Other Posts
Posted at 3:08 PM, Jan 30, 2009 in Corporate Abuse | Corporate Lawsuit Amnesty | Debunking Tort "Reform" | Hypocrites of Tort "Reform" | Under-regulation | Understanding the Tort "Reform" Movement
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Comments

The lawyer profession is in utter failure. It alone caused the financial crisis. It forced the good guys to lend to crack addicts. It allowed the bad guys to commit crimes without interference from regulators.

Posted by: Supremacy Claus | January 31, 2009 12:18 PM