D&G Law

A Lawyer’s Role in Keeping Wall Street Honest

We’ve all heard one – that is, the typical bloodsucking lawyer joke. But lawyers play a vital role in keeping banks, large companies, accountants, brokers and other Wall Street types honest … or at least accountable for their actions. While the Justice Department has prosecuted relatively few major players in the economic crisis, law firms across the country have held those same people and entities financially accountable for their bad decisions.

Last week, hedge fund manager John Hussman compared Wall Street to “little more than a glorified crack house,” where traders, bankers and brokers seek risky instant gratification rather than sustainable growth and returns. This is exactly the type of behavior financial litigators seek to curtail. Ultimately, Wall Street’s accountability for its actions is tied to effective prosecution of lawsuits against the perpetrators of financial mismanagement.

For more information, please see Hussman’s commentary at the following link:

http://www.businessinsider.com/hussman-wall-street-is-little-more-than-a-glorified-crack-house-2011-12