Friday, December 21, 2007

BIFF-BAFF! the first punches start landing in the legal fallout from Sub-Prime. The big winners in all of this will be the arch parasites – Lawyers.

Barclays set to do battle with Bear Stearns

In law, as in life, timing is everything. And so there was little coincidence that Barclays chose the afternoon before Bear Stearn's fourth-quarter annual results to file its $400m-plus lawsuit alleging all manner of woes. As Bear's executive committee put the finishing touches to its damaging fourth-quarter results statement, so Linklater's Lawrence Byrne was filing the 75-page suit at New York's downtown federal courthouse.

Posted by tyrellcorporation @ 10:00 PM (930 views)
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5 thoughts on “BIFF-BAFF! the first punches start landing in the legal fallout from Sub-Prime. The big winners in all of this will be the arch parasites – Lawyers.

  • dohousescrashinthewoods says:

    I’m retraining. Lawyers are the new bankers. With so much at stake, a good lawyer can get minted in the next few years.

    Where do I sign?

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  • Barclays must be in deep trouble. They are taking on a large American Bank in a New York court in an environment where American banks are facing record losses. My advise to Barclays shareholders is sack your executive board now, lick your wounds and move on.

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  • planning4acrash says:

    Can you invest in legal futures?!

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  • I’m no economic or finance pro but I simply cannot understand why Banks etc decided to lend large amounts of money to high-risk individuals who were most likely to default on their payments. It strikes me as utter madness that the stability of Western economies is put at risk because of the utter stupity of lenders.

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  • dohousescrashinthewoods says:

    Denzil, there is sweet irony that the foundations of Western economies – and Gordon’s claims of economic stability – were in fact mamde of poor, innumerate American and British people, goaded into spending way beyond their means.

    The irony is particularly poignant when you think that the financial survival of caricatured snobby, arrogant, Veyron-crashing bankers, who look down their noses at evberyone not in finance (the way families of doctors do on any child/nephew/etc. “outside the profession”) is intimately married with the sustainability of the finances of the very people they disdain.

    Merry Christmas and “do to others as you would have them do to you”.

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