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Obama v. the Tort Lawyers
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| Parent(s) |
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| Contributor | Jason |
| Last Edited | Jason Jul 09, 2009 12:34am |
| Logged |
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| Category | General |
| Media | Newspaper - Wall Street Journal |
| News Date | Thursday, July 9, 2009 06:00:00 AM UTC0:0 |
| Description | Ask a CEO or small business owner to list his biggest economic problems, and near the top is always the depredations of the tort bar. Would you believe Uncle Sam feels the same way when he's the owner?
Apparently so, if we can judge from the sensible behavior of the Obama Administration's Auto Task Force. General Motors could emerge from bankruptcy as soon as today, leaving the federal government with a majority stake in the car maker. And it turns out the task force worked hard to shield the new GM from jackpot justice.
In its original reorganization plan, the Administration even proposed to leave behind in the old GM all tort claims arising from cars manufactured before bankruptcy. That would have meant that all past, present and future claims related to cars GM produced before June would have had next to no chance of meaningful recovery, as they would have had to stand in line with every other unsecured creditor of the bankrupt firm. |
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