Well, now we have a hint as to why the American Bar Association does not seem to object to predatory lending and weekend bailouts. Either that or Sullivan & Cromwell and Skadden Arps are insisting on being paid in Swiss francs and Bear Stearn’s errors and omissions insurance company (AIG perhaps?) refused to bless the deal unless someone else picked up their entire liability.
JPMorgan Sets Aside $6 Billion to Combat ‘Stock Drop’ Claims After Bear Stearns Rescue
By Charlotte Edmond – Legal Week (17 Mar 2008)
As Bill King of the King Report always says, “you couldn’t make this stuff up.”
Note: In the interest of full disclosure, Catherine was once married to a Skadden Arps partner who has since moved to another Wall Street law firm.