Here Come the Lawsuits |
Logging on to MARKETWATCH early this morning to get up to speed on the latest market news, I saw news releases from three law firms advising potential clients to “consider their legal options” if they suffered losses because of “large, concentrated positions in stocks.” They were also talking about class action suits regarding an insurance company and a stock brokerage.
What an amazing period of financial history we are witnessing. One year to the day from it’s historic high of 14,000, the Dow had booked losses of $8.4 trillion. Today’s headlines herald a new series of woes for what’s left of Wall Street as the legal vultures are now circling. Don’t misunderstand me. If the brokerages violated the law, they must be held accountable. Just like the pirates over at Fannie and Freddie must be held accountable if they broke the law. Hopefully, some political leader will step up to the plate and hold those responsible for wrecking the financial system to be placed in the same position as any other private citizen if we were guilty on a small scale of what they may be guilty of on a massive scale.
Here’s some unsolicited advise for the major political parties. Whoever goes after the looters who have come within a hair’s breath of wrecking the global economy, will be in power for a long time. The voters are furious and they are waiting for someone in the Oval Office, the Attorney General’s office and the District Attorneys around the country to step forward and, at long last, protect the interests of the people that they have taken an oath to serve.
~~John Cronin~~
Tags: Financial Crisis, Lawsuits