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“Hook ’em Horns” Saga Continues: Will State of Texas Sue Goldman Sachs, et al?

Posted by Larry Doyle on July 7, 2010 11:40 AM |

Last week, I introduced readers to a developing story in the Longhorn state. I wrote Hook ’em Horns Complaint: State of Texas v. Goldman Sachs et al, highlighting a potential lawsuit on behalf of the great state of Texas against Wall Street. While some may view this lawsuit as a political football being kicked by Democratic candidate for Attorney General Barbara Ann Radnofsky, I would encourage people to look beyond that and appreciate that a wide array of respected professionals from a variety of backgrounds are endorsing this complaint. Additionally, I would ask those who view this as purely political whether they believe there was no fraud involved in our current economic crisis. To that end, how can you not possibly support a complaint that may bring a degree of transparency and integrity to a situation that has seen little to none of either of those virtues?

This developing story took another twist today as the following press release was put forth:

Gov. White Urges AG Abbott to File Radnofsky Suit, Emphasizes No Legal Fees

Houston, Texas. July 6, 2010. Recent press claims express the same concerns as expressed during the State Democratic Convention by the Texas Attorney General’s spokesman concerning private legal fees in Barbara Ann Radnofsky’s proposed lawsuit by Texas against the Wall Street banks for their financial misconduct that brought down the economy in September 2008.

Radnofsky pledged: “As Attorney General, I will only use great lawyers willing to handle this case at no fee and the fine lawyers within the Attorney General’s office. I’ve already got volunteer counsel. I made a written pledge to work with the current Attorney General, at no fee, with other volunteer counsel I identified to him, to get the lawsuit timely filed. I renew my pledge made in writing to the AG.”

Radnofsky continued: “While the State is, in many cases, not barred by limitations, we don’t want to fuel a Wall Street argument that the 2 year Texas negligence time limit is statutory and applies to the State. With the key components now available at his desk, Mr. Abbott can and should file the suit to safely avoid Wall Street’s arguments.”

Former Governor/Texas Attorney General Mark White staunchly supports Radnofsky’s plan, Complaint and briefing, available at “Barbara Ann has sent the Attorney General a brilliant, simple lawsuit that will bring billions of dollars back to the State of Texas, with no private legal fees.

“The suit should be filed before September 2010. It is clear the State has been damaged. It is clear that the AG is the proper person to file to protect the State and its citizens. It would be unfortunate if the AG allowed limitations to become an issue by not filing this lawsuit within 2 years from the devastation of September 2008. Taking the lead allows for greater control and recovery of damages for Texas.”

The proposed lawsuit is supported by former Texas Governor White, law professors, a top forensic CPA, former President of the State Bar of Texas, and a number of great lawyers. Its purpose is to protect the physical and economic interests of Texas.

Is this purely a political ploy by Radnofsky? Before you answer that, I would ask how many other credible challenges and complaints have you seen against an industry that was at the center of the economic storm which brought our nation to its knees?

What’s that? I can’t hear you.

I thought so.

Pressure, appropriately applied, has a funny way of bringing out the truth. I say we give it a chance and hope the complaint drafted by Ms. Radnofsky gains more support.


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