Daniel Fisher â€“ not otherwise known to me â€“ writes for Forbes, covering â€œfinance, the law, and how the two interact.â€ Naturally, given where he works, he hates plaintiffsâ€™ lawyers, which is his right and privilege in this great and free country of ours. So his first reaction to the VW emissions-cheating scandal was to criticizeÂ -Â not VW – but a class-action law firm threatening to sue VW on behalf of consumers.
His point is that the buyers of the supposedly-clean-but-actually-filthy-dirty VW diesels werenâ€™t in any direct sense harmed by VWâ€™s fraud. By disabling pollution controls except when the car was being tested, VW managed to pack more performance and fuel economy into a car than it could have done while also actually meeting the emissions targets. So when VW issues a recall notice it will in effect be asking consumers to trade their existing car for one that performs worse and gets lower miles-per-gallon. So, he says, except for a few Marin County cranks, theyâ€™re mostly going to ignore the recall.
Therefore, the plaintiffsâ€™ lawyers are being silly again.
Tort reform, tort reform, sis, boom, bah!
Now, I donâ€™t know what it is you need to know to be a Certified Financial Analyst -Â thatâ€™s the credential Fisher claims â€“ but apparently it isnâ€™t logic or economics.
Continue reading “The moral universe of the corporate killers”