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Legal Abandon: How Limiting Lawsuits Led To The Financial Collapse And What To Do About It

By Joe Consumer

Did you know that in the mid-1990s, during the disastrously counterproductive ?deregulation hysteria? that gripped the country, Congress made it much more difficult for defrauded investors to bring any kind of legal action? 

Did you know that the U.S. Supreme Court has made it almost impossible for defrauded investors to sue companies that help perpetuate securities fraud (think Enron or worse)?   Did you know that Wall Street banks that helped cause the subprime mortgage crisis by buying up predatory mortgage loans, have no liability for this? 

Well, if you want to read more about this mind-boggling tale of corruption and greed thanks to a country controlled by ?corporatists? (or as Bill Maher put it, Senators like Evan Bayh), check out the new White Paper from the Center for Justice & Democracy, Legal Abandon: How Limiting Lawsuits Led To The Financial Collapse And What To Do About It.

Full post as published by ThePopTort on February 17, 2010 (boomark / email).