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"How To Shake Down the Banks"



Bill Lerach is chiming in from behind bars on the subject of how the government should go after those wicked bankers, and naturally (given his old modus operandi) he proposes class-action derivative suits against directors and officers, aimed at extracting money from their insurers. If memory serves, the biggest insurer in the D&O line is taxpayer-propped AIG, which would make a lot of the money transfers wonderfully circular, except for the very large contingency fees that Lerach's colleagues would cream off, and the fees taken by various other lawyers and professionals.

Evidently proud of his Lerach interview "get", Matt Miller of The Daily Beast displays no curiosity whatsoever about the systematic dishonesty that sent this felon to the big house, so I'll link to one reminder.

Meanwhile, "Bill Lerach's victims deserve to learn the truth" about the recent charges that he's misbehaved seriously as an inmate, writes James Freeman in the WSJ. Does FOIA reach prison-discipline matters?

 

 


Rafael Mangual
Project Manager,
Legal Policy
rmangual@manhattan-institute.org

Katherine Lazarski
Manhattan Institute
klazarski@manhattan-institute.org

 

Published by the Manhattan Institute

The Manhattan Insitute's Center for Legal Policy.