The financial press is filled with news about the lawsuit filed by the state of Massachusetts against Merrill Lynch, for millions of dollars that disappeared from the account of the poor city of Springfield, persuaded by ML bond salesmen to purchase complex CDO’s that are essentially worthless.
If you put it to a popular vote, 90 percent of voters are unlikely to know what CDO's are, but they are not dumb as rocks: they would agree that the State of Florida should sue the investment banks that plowed junk into the state investment fund.
So what’s taking so long?
What is taking the state of Florida so long to sue the investment banks that sold a much higher value of bad debt, tied to the hundreds of platted subdivisions that sprouted in farmland during the steroid infused politics of the housing boom?
Voters should ask the Florida Republican leadership: why isn't a similar lawsuit being levied against the investment banks: firms like Lehman Brothers who put Governor Jeb Bush on retainer once he left Tallahassee.
Don’t hold your breath. The course of accountability that Massachusetts is following is far too dangerous for Florida’s political elite and the Growth Machine it represents.
It is those damn liberals, again.
1 comment:
The AG has already told the investment board it has the power to sue for recovery for fraud. Maybe its just taking longer to investigate. Maybe its taking longer to draft the pleadings. Maybe the investigation isn't showing fraud at all. Or maybe its really a conspiracy. Yeah, it MUST be a conspiracy; nothing else makes sense.
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