 merrie says: throw out common sense and decades of experience in order to make loans that were almost certain to go unpaid. The effort was launched during the Carter administration but really gained momentum and a head of steam during the Clinton years. (GOPers shouldn't feel too smug as the Bush administration continued and even expanded the practice). "Architects of Ruin" can be advance-ordered now on Amazon.com. No doubt, it will generate a flood of negative reviews from liberals in the mainstream media and their allies in the political and academic worlds in part because of sensational tidbits like the fact White House Chief of Staff was paid "more than $46,000 an hour as a board member for Freddie Mac." What caught my eye today, though, concerns a little known fact about a long-forgotten class-action lawsuit filed in 1994 by three young trial lawyers, one of whom just happens to be sitting in the Oval Office today as president. The case was Selma S. Buycks-Roberson v. Citibank Federal Savings Bank. pdf. file Obama and his colleagues claimed in the suit that Citibank had had rejected loan applications by the plaintiffs simply because they were black, or because they lived in predominantly black neighborhoods. [...] Whatever you think on that issue, here’s what struck me: After four years of haggling, Citibank settled with Buyck, a Chicago woman, out of court. She received $60,000. Obama and the other lawyers on the plaintiff side got $950,000. Such outcomes help put in perspective why the class-action trial lawyers spend millions of dollars every year lobbying Congress and state gover... |
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