Sunday, May 24, 2015

US, PA sue the little guys, leave the powerful alone

Two examples

US, PA sue the little guys, leave the powerful alone

From my column in Sunday's Inquirer:

Plaintiffs’ lawyers famously chase society’s “deep pockets,” suing not the worst among us, but rich, slow-moving companies, people and institutions, on any convenient pretext, in hopes of grabbing enough dollars to get them to go away.

Government does the reverse. Too often, agencies walk carefully around powerful potential malefactors and instead target people with relatively shallow pockets — brave, or just careless — who challenge the powerful.

Two examples:

- Sean Jones, the founder of Haverford's Egan-Jones credit rating agency, who the SEC is pursuing for allegedly inflating his little firm's resume, while it still hasn't done anything about Standard & Poor's and Moody's failure to blow the whistle on bad mortgage debt and the resulting credit crisis of 2008;

- Mark Schwartz, the Bryn Mawr lawyer who Gov. Corbett's outside lawyers are suing to stop him from representing Harrisburg City Council, while failing to act on ex-Harrisburg receiver David Unkovic's plea for a government investigation of the bond deals - and bond dealers - leading to that city's financial collapse. 

Read the whole story here.

About this blog

PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano