April 30, 2009

Freelance journalist Dan Slater in the NYT's "Dealbook" (via Above the Law) spies a "bailout for the plaintiff's bar":

...settlements resulting from the scores of shareholder suits against TARP entities will stretch into the stratosphere.

Sure, through TARP, taxpayer money may be used to pay off mortgages and fund bonus pools. But, in what will amount to a far more expensive proposition, TARP money will also be used to line the pockets of allegedly aggrieved shareholders and the lawyers who, wrapped smugly in the flag of corporate governance, are in the process of making a billion-dollar cottage industry out of filing strike suits.

(cross-posted from Overlawyered).