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Category Archives: 2008-09 Financial Fiascos

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The TV Ad Wars for Clients: “Local law firms increasingly go negative against national firms in TV ads”

Posted in 2008-09 Financial Fiascos
TV advertising for clients is a fact of life. But, one problem (in my view) arises from internet recruiters who are with law firms, but the firms cannot and do not try cases. Therefore, instead, they just add another mouth to be fed at the table, thereby probably reducing the recovery of person who does… Continue Reading

Insider Trading Accusations Move to Still Higher Ground – A Former Board Member of Goldman Sachs

Posted in 2008-09 Financial Fiascos
"A former member of The Goldman Sachs Group’s board of directors was charged today with giving confidential tips to Galleon Management hedge fund founder Raj Rajaratnam. It was the latest allegation in a far-reaching Securities and Exchange Commission investigation of insider trading."  Go here for one of many iterations of the story.… Continue Reading

The Duty of Good Faith and Fair Dealing, and Other Laws Applicable to Sales of Products – Rules Apparently Unknown to The Epicurean Dealmaker and Various Other Global Financiers

Posted in 2008-09 Financial Fiascos
Why do we find plainly so many immoral or amoral actions (and inaction) taken by so many of the people running some (not all) of  the top tiers of various entities in the financial sector ? The question is posed in light of this February 5 post at The Epicurean Dealmaker (TED).  According to TED, financial instruments are just products,  and TED argues that fraud… Continue Reading

Bankers and Others Losing the Foreseeability Defense for the CDO Fiasco

Posted in 2008-09 Financial Fiascos
Remember when Paul Krugman was exploding with outrage after Goldman’ Sach’s Mr. Blankfein testified to Congress that the financial meltdown was like a hurricane no one could foresee ? Remember the Epicurean Dealmaker’s  admonition that the lack of foresight was self-induced? Perhaps Mr. Blankfein drank his own Kool-Aid.  But he was in fact dead wrong, according to this Jason Zweig article in  the… Continue Reading

Major Bankers and Financiers, Litigation and “Litigation Reform”

Posted in 2008-09 Financial Fiascos, Fraud, Litigation "Reform", Litigation Funding. Litigation Industry, Undisclosed Financial Relationships
 With today being a holiday in the US for Dr. King’s birthday, I decided to take a holiday on the usual torts in favor of a little excursis on bankers, litigation and “litigation reform.” The main point? Recent events exemplify why some but not all of the “litigation crises” in the financial sector may be… Continue Reading

Ratings Agencies Sued By Ohio Attorney General

Posted in 2008-09 Financial Fiascos, Global Securities Litigation, Securities
It was just a matter of time. Seeking a civil remedy for the oft-criticized credit ratings issued by the various ratings agencies, The Ohio Attorney General retained private counsel and has filed suit “on behalf of the Ohio Public Employees Retirement System, the State Teachers Retirement System of Ohio, the Ohio Police & Fire Pension… Continue Reading

Aiding & Abetting Investigation – Madoff and Austrian Interests

Posted in 2008-09 Financial Fiascos, Aiding + Abetting
An Amlaw article here details global government cooperation with respect to potential claims arising from the Madoff ponzi scheme. Accoridng to the article: “Gerhard Jarosch, spokesman for the Vienna public prosecutor’s office, told The Associated Press his office is aiding the U.S. Justice Department and Britain’s Serious Fraud Office in separate investigations of Bank Medici… Continue Reading

$ 1 Billion Class Action Suit for Mexican Investors Invokes Aiding + Abetting Claim Against Stanford Insurer and Broker

Posted in 2008-09 Financial Fiascos, Aiding + Abetting, Global Securities Litigation, Global Tort Choice of Law Issues
The AmLaw blog post here describes and includes a link to a newly filed complaint that seeks $ 1 billion and a class action for Mexican investors hurt by the Stanford ponzi scheme. The complaint invokes aiding and abetting claims against Willis and an insurance broker. Of note, the complaint was not filed by a… Continue Reading