Naked Capitalism | Paul Jackson Declares “Mission Accomplished”

Paul Jackson Declares “Mission Accomplished”

Paul Jackson has posted on a decision by an Alabama trial court involving the so-called New York trust theory that we have discussed at some length on this blog. Given how banks have been taking it on the chin ever since the robo-signing scandal broke, I suppose I’d be inclined to gloat a little, as Jackson does, in response to a verdict in favor of a bank; bank PR has been a particularly tough assignment these past few months.

But Jackson tries to treat this particular lower court decision as an important precedent, when this is anything but. In addition, Jackson evidently is not familiar the normal process of getting new legal arguments accepted in court, or of how decisions in one court are viewed in another. Finally, as I will touch on here and discuss at greater length next week, there are good reasons why it is unlikely courts in other states (or even Federal bankruptcy courts in Alabama) will look to this decision as a precedent.

Because Alabama is widely known to have an anti-consumer state court, a decision in favor of the borrower would be seen as far more surprising, hence noteworthy, than a decision in favor of the bank. Alabama used to be a state where juries in class action suits would give mind-numbing awards to plaintiffs. As a consequence, big corporations have labored mightily and successfully in repopulating the judiciary with more pro-business jurists. I’m told it has the most costly Supreme Court elections in the US. If nothing else, they are considerably more expensive to win than the gubernatorial election.

Check out the rest here…


4 Responses to “Naked Capitalism | Paul Jackson Declares “Mission Accomplished””
  1. l vent says:

    Time to take the protests to Rome. To the SOVEREIGN Vatican right to St. Peters where the papal Caeser dwells. Th U.N holds all land in America in fee simple and who is the U.N.? The SMOM VATICAN. That is who is behind the HOLOCAUST OF AMERICA. Let’s all do our homework. You cannot kill the snake by cutting off the tail. NO ONE IN WASHINGTON IS LISTENING TO US.

  2. John says:

    I’m in Alabama and I have confidence in my fellow citizens on a jury.

  3. The process of “repopulating the judiciary with more pro-business jurists has two problems:
    1) They are anti-people, not pro-business jurists, and
    2) They are dogma dispensers, not judges.
    This second item is the real problem. Those sitting in judges’ positions need to actually be judges.

    The more “judges” produce dogma, and the less they produce actual justice, the more people lose respect for the law. This results in law and order, “lawnorder” as Herb Caen a columnist for The San Fracisco Chronicle used to put it, breaking down: “Why should I obey the law? Our politicians do not obey the law. The rich folks get off scott-free for every horrible thing they do wrong. Why should I behave any differently?

  4. MAGGIE DA QUEEN says:


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