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  • From: bob ford <bobford79 AT yahoo.com>
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] How Realtors Destroyed the Economy
  • Date: Sat, 18 Oct 2008 10:07:20 -0700 (PDT)

You mention torts. This mess is causing every vampire with a law degree to
drool. ....bobford
---------------------------------------------------------------------

" ..............“You can’t get blood from a stone,” said Joseph A. Grundfest,
a former commissioner of the Securities and Exchange Commission who now
teaches at Stanford Law School. “But you sure can get money from the
insurance company that covered the stone.”

There are other deep pockets, even in the current economic climate. When
confronted by bankruptcy filings or government takeovers, the lawsuits name
every possible defendant involved in a stock offering — the underwriters, the
rating agencies and individual executives — but not the issuing company
itself. That way, they avoid the problem of fighting with other creditors in
bankruptcy or the question of whether they can sue the government.
............................


http://www.nytimes.com/2008/10/18/business/18suits.html?adxnnl=1&adxnnlx=1224349505-iP5Uc7G0GNUFzywbXksjrg)













--- On Sat, 10/18/08, Clansgian AT wmconnect.com <Clansgian AT wmconnect.com> wrote:

> From: Clansgian AT wmconnect.com <Clansgian AT wmconnect.com>
> Subject: Re: [Homestead] How Realtors Destroyed the Economy
> To: homestead AT lists.ibiblio.org
> Date: Saturday, October 18, 2008, 10:58 AM
> > Everything you say is right, except for finding the
> behind-the-scene,big-
> > money-players blameless
>
> No one said anything about 'blameless'. It is the
> oldest ploy in the book to
> have legislation passed that forces you to act unethically.
> Then you can
> throw up your hands and say that you had no choice.
>
> But if Realtors® had stood their ground on anything
> remotely resembling an
> ethical stand, the banks and mortgage lenders would have
> been largely powerless.
>
> As you may know, a general principle of torts is that
> everyone in line with a
> wrong doing is equally and fully culpable. If three people
> rob a store, they
> are not charged with 1/3 of an armed robbery each. It is
> the same as if each
> of the three did it alone.
>
> So Realtors® aren't partially responsible for the
> current housing and
> economic disaster, they could have prevented it, or at the
> very least not
> participated in it. They are fully responsible.
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