Wednesday, September 12, 2007

William Lerach

"Lerach is probably the most hated man in corporate America because he pioneered the use of the class-action lawsuit as a tool of shareholder retribution. ... Congress even wrote a law to put him out of business. It didn't even slow him down", Loren Steffy in the Houston Chronicle, 2 September.

The reason corporate America hated Lerach is because he wasn't compromised the way the SEC and Justice Department are. If the SEC and DOJ each did its job, Lerach wouldn't have had to do it for them. Instead of repealing the 1995 Litigation Reform Act, Congress gives us SOX, makework for the Big Four CPA firms.

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