Lawyesr Gone Wild and the Board of Directors was Where Exactly?

[David Farber <dave () farber net>]

Begin forwarded message:

From: ann marie plubell <amplubell () yahoo com>
Date: March 17, 2009 5:33:59 PM EDT
To: dave () farber net
Subject: Lawyesr Gone Wild and the Board of Directors was Where Exactly?

Dave,

I am stunned and thrown back into a reverie about my chosen profession.

“Outside counsel has advised that these are legal, binding obligations  
of AIG, and there are serious legal, as well as business, consequences  
for not paying.” (Source Liddy letter to Geitner, March 14, 2009)

Could it be a firm as excellent as Weil Gotshal rendered this advice? 
http://www.weil.com/news/newsdetail.aspx?news=37241

It seems odd that they would fall prey to a textbook-worthy example of  
lawyering based on what the client says is the desired outcome versus  
desired lawyering which identifies the options and leaves business  
judgment (in the AIG case-to determine whether to pay or to challenge  
payment) to the individuals tasked with exercising that judgment-the  
board of directors-the record of that decision properly documented in  
the minutes of a special meeting to consider the matter. Where the  
hell was the Board at any point in this sorry saga anyway?

There is no contract that cannot be renegotiated or the grounds of  
making it subject to challenge.  Contracts 101.

Ann Marie

Ann Marie Plubell JD, LLM, MBA
The Plubell Firm LLC "East-West Business Bridge"
3429 Quebec Street NW, Washington, DC 20016 USA
202-537-1982 US   Beijing mobile (011-86) 13651149091
ann.marie () erols com  www.plubellfirm.com
http://www.linkedin.com/pub/b/375/b65


From: David Farber <dave () farber net>
To: ip <ip () v2 listbox com>
Sent: Tuesday, March 17, 2009 3:35:15 PM
Subject: [IP] Re: Sen. Charles Grassley suggested AIG executives  
should take a Japanese approach



Begin forwarded message:

From: "David S. Isenberg (isen)" <isen () isen com>
Date: March 17, 2009 1:42:44 PM EDT
To: David Farber <dave () farber net>, rjr () rjriley com
Subject: Re: [IP] Sen. Charles Grassley suggested  AIG executives  
should take a Japanese approach

Ronald,

The point is acknowledgement of the misdeed by the
actor, and only secondarily punishment. Significantly,
it is self-punishment.

In contrast, we have these guys who actually believe
that because a contract exists, they deserve rewards
regardless of what they've done.

What Grassley seems to want to change is the actors'
states of self-awareness.

David I
------------------
203-661-4798 (main number, follows me everywhere)
888-isen.com (toll free)
508-548-5924 (Woods Hole)
AIM, Skype, Y!IM: david_isenberg
http://isen.com/blog
http://freedom-to-connect.net
------------------

On Mar 17, 2009, at 10:12 AM, David Farber wrote:

>
>
> Begin forwarded message:
>
> From: "Ronald J Riley \(RJR Com\)" <rjr () rjriley com>
> Date: March 17, 2009 10:09:15 AM EDT
> To: <dave () farber net>
> Subject: Sen. Charles Grassley suggested  AIG executives should  
take a Japanese approach
>
>
>
> IOWA CITY, Iowa - Iowa Sen. Charles Grassley suggested on Monday  
that AIG executives should take a Japanese approach toward accepting  
responsibility for the collapse of the insurance giant by resigning or  
killing themselves.
>
> More: http://www.msnbc.msn.com/id/29733519/
>
> Or how about we bring back old fashioned tar and feathering J
>
> Ronald J Riley
>
> Archives
>





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