Paul Bishop

New Year, Same Meltdown Mess

Not for publication, but I have an interest in Both World Savings and Wachovia, now Wells ( lots of liability, not much upside) I don't think Wells adequately assessed the risk inherent with Wachovia, there are some very serious class action lawsuits wending their way through the courts. All have very serious potential and most are going to pass the Summary judgement easily. While Lerach and Co. caused the bar to be raised, there will be some serious Security class action suits, all will have merit, this liability is in the Billions. I'm curious as to your thought's on Herb Sandler's remarks as recently as 12/25/2008 in the NYT / Michael Moss. He makes some seemingly reckless statements, as if he were immune from prosecution. The change at the Whitehouse is the only thing I can see that is preventing the justice dept. from getting heavily involved, which will be the deathknell.