What happens when markets are interferred with? Like when ‘too big to fail’ becomes the excuse to fake a ‘market correction?’ In our case, we see how well that worked out. It hasn’t. Instead, what it has done is cripple the markets, paralyze investement and economic growth.
Ireland has been brought to the brink of bankruptcy by its fateful 2008 decision to insure its banks against all losses – a bill that is swelling beyond euro50 billion ($69 billion) and driving Ireland’s deficit into uncharted territory.
Economists question whether the economies of Ireland, Portugal, Spain and Greece will grow sufficiently to build their tax bases and permit them to keep financing, never mind paying down, their debts.
Unfortuanetly for Ireland, they bought in to that same excuse. Problem for them is, with their much smaller economy, the consequence is more severe. Ireland, Portugal, Spain and Greece are all in the same boat. Hit with the financial perfect storm of unsustainable social welfare economies and handicapped free-markets, the European dominos are all in line to fall.
Link: Ireland swallows bitter pill, asks EU for loan
UPDATE: 11/23/2010 In European Debt Crisis, Some Call Default Better Option
Merck & Co. on Friday won one of several bellwether product-liability cases over its osteoporosis drug Fosamax. Not a good day for the slip and fall lawyers.
On another marathon Merck matter, Vioxx, New Orleans federal district court Judge Eldon Fallon ordered a payout of $315,250,000 to “all attorneys who performed common benefit work” in the case. That amounts to 6.5 percent of the $4.85 billion settlement.
Russ Herman of Herman, Herman, Katz & Cotlar, plaintiffs liaison counsel, praised Fallon’s decision, which he said was “succinct” and “well-reasoned.”
Andy Birchfield Jr. of Beasley, Allen, Crow, Methvin, Portis & Miles, who was co-lead counsel in the Vioxx MDL, did not return a call for comment. Nor did Arnold Levin of Levin, Fishbein, Sedrad & Berma, a member of the plaintiffs’ steering committee. Among the other attorneys benefiting from Fallon’s ruling are Chris Seeger of Seeger Weiss; Thomas Kline of Kline & Specter; Richard Arsenault of Neblett, Beard & Arsenault; Shelly Stanford of Sanford Barlow; Elizabeth Cabraser of Lieff Cabraser Heimann & Bernstein; Gerald Meunier of Gainsburgh, Benjamin, David, Meunier & Warshauer; Troy Rafferty of Levin Papantonio Thomas Mitchell Rafferty; Mark Robinson Jr. of Robinson, Calcagnie & Robinson; Drew Ranier of Ranier, Gayle & Elliot; and Christopher Tisi of Ashcraft and Gerel.
Link: Merck Wins Fosamax Case | Lead Vioxx Plaintiffs Lawyers Awarded $315 Million of $4.85 Billion Settlement