4 ms·

Anyone else read all the way down and see the bit about "everything is securities fraud"? Great ongoing bit by Matt on another way attorneys in the US bilk the

• wpietri 2y ago
  I don't think that's bilking at all. In the US we generally favor private enforcement over public regulation. E.g., the SEC doesn't go after every small bit of fraud and dubious corporate behavior. They're the big guns, and the small stuff is dealt with via private lawsuit from investors who think they've been harmed. If we got rid of both private and public enforcement, fraud costs would balloon massively, costing the public wildly more. First for retail investors they were ever more often the suckers in the fraud, and then for everybody as we lose the robust public markets that are a major driver of business investment. Somebody's got to keep the greedy, amoral people in line. I'm not sure doing it via predatory lawyers is more efficient than skilled bureaucrats, but it's definitely more in line with the free market principles that tend to win out in the US.
  • silexia 2y ago
    I agree with private enforcement via the courts, but I disagree with securities fraud which is just highway robbery of the public and investors to enrich lawyers.
    • wpietri 2y ago
      It is on behalf of investors that suits are bought. And when money is paid, it happens when a judge decides investors are harmed.