February 8, 2013 · 0 Comments
February 7, 2013 - The BP Macondo well catastrophe in the Gulf of Mexico was caused “not as some have suggested by a coincidental alignment of disparate technical failures,” but by the “overarching failure of management,” concluded the National Commission on BP’s Deepwater Horizon Oil Spill. Internal e-mails to be filed as evidence in a civil trial later this month reportedly demonstrate that BP managers knowingly lied about the size of the oil leak to regulators, the public and, ultimately, investors.
November 8, 2012 - The term “freebooter,” derived from the Dutch vrijbuiter, means one who openly steals property. Once freebooters sailed from free ports such as Port Royal, Jamaica, taking what they wished with little or no consequences because authorities granted them immunity.
Today, a federal appeals court may determine if the United States has become the largest such free port for swindlers in modern history. At issue is the Supreme Court’s controversial 2010 decision (Morrison v. National Australia Bank), that provides immunity from investor accountability to off-shore shysters preying on Americans as well as on-shore fraudsters plundering foreigners as long as the fraudulent transactions take place outside the USA or involve securities listed overseas.
January 30, 2012 - “Justice delayed is justice denied,” the old maxim attributed to William Penn, has new relevance today as federal court dockets grow longer, vacant judicial seats remain unfilled, and more aging jurists seek the semi-retirement of senior status, thereby creating still more vacant seats.
July 25, 2011 -- With Washington Mutual investor settlement, justice reaches some responsible for financial meltdown: Wall St, bank execs and auditor to pay $208.5 million.
February 14,2011 -- To-date, the oil services company and its managers have escaped justice as easily as dancing a Texas Two-step. The Federal Appeals Court for Louisiana, Mississippi and Texas (“brought to you by Big Oil”) simply killed shareholders’ valid fraud claims without considering their merits, while the SEC (on Bush Junior’s watch) allowed Halliburton to settle Federal fraud charges for peanuts. This spring, in its review of the shareholder lawsuit, the Roberts Supreme Court (brought to you by the U.S. Chamber of Commerce) has the golden opportunity to both shield Halliburton from justice by in effect burying its’ investor fraud claims forever and set a precedent sanctioning corporate lying to shareholders for the foreseeable future.
November 22, 2010 -- As reported in our October 29 blog, numerous duped investors who allegedly bought worthless mortgage related securities from Citigroup, and Citigroup shareholders who were never told the bank had assumed potentially catastrophic risks by selling these sub-prime mortgage products that failed the bank’s own credit standards, have filed securities fraud lawsuits against Citi to recover their losses.
October 20, 2010 -- ...and strike directly at those responsible for our nation's financial and economic meltdown.
October 19, 2010 -- As reported October 8 on Law.Com, a second federal judge has OK’d investor fraud lawsuits brought against those investment managers who directed their clients’ moneys into Bernie Madoff’s Ponzi scheme and profited handsomely in fee income from Madoff in the process.
Supreme Court to answer “Yea” or “Nay” in upcoming private investor fraud suit against Halliburton; “Nay” could de facto legalize lying to shareholders.