More Payback for the Trial Bar
June 22, 2010
A Wall Street Journal editorial last week provided the goods on Congressman Barney Frank, who slipped a little trial lawyer payback provision into the financial services reform bill. According to the Journal:
“The Frank provision would allow trial lawyers to launch suits not just against companies that commit securities fraud, but also against other companies that didn’t defraud investors but did business with the alleged fraudsters.”
As readers of American Courthouse know (thanks to opensecrets.org), lawyers funneled an astounding $178 million to House and Senate Democrats in the 2008 election cycle, plus another $43 million to Barack Obama’s campaign. The Frank provision adds to the growing list of what $221 million buys in Washington.