2 posts tagged with asbestos by pardonyou?.
Displaying 1 through 2 of 2.
Asbestos: The $200 Billion Miscarriage of Justice The original "mass tort" is bringing down companies faster than you can say "Enron." Since January 2000, 16 asbestos defendant companies have filed for Chapter 11 protection, including Owens Corning, Federal Mogul, W.R. Grace, and USG Corp. Here’s a disaster that’s so screwed-up, and gathering such momentum, that "lawyers who represent the truly ill are teaming up with asbestos defendants to demand reform. They fear that the marginally impaired plaintiffs will drive so many defendants bankrupt that the genuinely sick and dying will have no one left to collect from." And if you’re tempted to dismiss this as just deserts for "evil corporations," bear in mind that, like Enron, asbestos defendants are made up of thousands of workers, many of whom staked their future on pensions and company stock: "At the time of Federal-Mogul's bankruptcy filing this past October, all-too-loyal employees held 16% of the company's stock, which had lost 99% of its value since January 1999. About 14% of Owens Corning's shares--which lost 97% of their value in the two years before its filing--were owned by employees. But those employees' losses have thus far gone unbemoaned by Congress." [more inside…]
"Levine frequently would say that 'if a fire breaks out above the 64th floor, that building will fall down.'"
"Levine frequently would say that 'if a fire breaks out above the 64th floor, that building will fall down.'" 70s-era asbestos concern/hysteria may have exacerbated the tragedy. If some of you can get past the fact that this is a Fox news link, the story raises interesting questions about our tendency to over-react to every perceived scare, without considering the consequences.