In this time of national economic crisis, the Bush administration and Congress are implementing a legislative package aimed at resolving the country’s current financial problems. However, the banks are seeking not only money from the taxpayers, but immunity from lawsuits concerning their unscrupulous lending practices.
It was a hard pill to swallow; $700B to bailout the huge companies that got themselves in this mess. However, when you hear about companies like AIG taking $400,000 junkets after receiving Federal assistance, it just makes your blood boil. However, the chickens need to come home to roost eventually and certainly the banks are beginning to run for cover. Seeing the vulnerability of their position, they are beginning to ask for immunity from lawsuits brought by defrauded investors and shareholders. Congress should do everything to prevent immunity to these lending institutions of investors and shareholders. At Shaffer & Gaier, we have represented consumers who were taken advantage of by these businesses.