Lawsuits of the filthy rich with comment from a rich man

I noticed this opinion in the Times. It’s by a very, very successful, i.e., rich man, Steven Rattner (“May 28 (Bloomberg) — Steven Rattner, the Obama administration adviser trying to orchestrate a rescue of the U.S. auto industry, has a net worth of at least $188 million and held shares in an investment fund run by the majority owner of Chrysler LLC, according to his financial-disclosure statement.”)

Mr. Rattner, bless him, is not happy about, as he puts it, Megarich Plaintiffs, Legally Adrift – NYTimes.com.

Here’s an idea of what he’s getting at:

SO this is the thanks that Uncle Sam gets.

Six years after a forceful rescue of the financial system (and, derivatively, the economy) by two presidents and the Federal Reserve, a megarich individual and a battalion of investment funds are claiming unfair treatment and trying to extract billions in undeserved riches.

Call it by its proper name: extortion.

The weapon of choice is litigation — expensive, time-consuming court battles that have chewed through millions of dollars of taxpayer money in fees and countless hours of government officials’ time.

I’m glad Mr. Rattner said it because he really does understand macroeconomics.

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