Monday, January 12, 2009

The legal scam is on --- Re General Motors Corp. Securities and Derivatives Litigation

Arriving back late, today's mail had two mailings for different accounts asking for participation in securities litigation against GM. No doubt more of these identical mailings will follow for other very modest family accounts managed here. There's an important fact missing. In no account under my management have we owned GM stock, GM or GMAC bonds, or anything associated directly with GM in 20 years. Of course we own equity and bond indexes that include GM but that's not what these mailings are focused on.

So the question is, are these predatory litigators who support and are supported by the Democratic party just sending this mailing to every investor in the country who can fog a mirror in case they owned any type of GM security between 2000 and 2006. That seems to be the case, which leads to be a big settlement, most of which will be taken by these parasitic attorneys and eaten up by such expense as this mass mailing, inexplicable on the surface but understandable when you know the courts almost always cover all expenses in settlement.


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