Monthly Archives: September 2011

The New York Mets: Losers on the Field, Winners in the Owner’s Box

By Steven Berk on September 28th, 2011 Posted in Consumer Protection, In the Courts

While they may not be popping champagne in the Mets’ clubhouse this afternoon, another non-playoff season (5th in a row??) but they almost certainly are in the owner’s box.

Payback Begets Payback: The SEC Strikes Back at Standard & Poor’s

By Steven Berk on September 27th, 2011 Posted in Banks and Financial Services

Fast forward four years to today and S&P’s misguided effort to get it “right” by downgrading US debt. S&P’s was alone and wrong to do so. Its sudden lurch to “overprotective, overcautious rating agency” was a cue followed by no one; yet it led to the worst single-day Dow Jones drop since 2008. (And trust me, with an election year nearly upon us, we haven’t heard the last of this historic downgrade.)

The Strange Case of Allen Stanford: Is Amnesia Contagious?

By Steven Berk on September 22nd, 2011 Posted in Banks and Financial Services

This is a tough one to be sure. The law favors the banks but we applaud the DOJ for trying. It strains credulity that a sophisticated banker wouldn’t know what was going on with the flamboyant Stanford. If banks are held accountable, the Stanfords of the world won’t exist, or at least cannot flourish. As… Continue Reading

The Case of David Becker Sends a Chilling Breeze Off the Potomac

By Steven Berk on September 21st, 2011 Posted in Consumer Protection

What is the Inspector General of the SEC thinking? Recommending David Becker be investigated by the DOJ for fraud? Not only is the recommendation absurd under the publicly disclosed facts, but it sends a deep chilling effect across Washington and among those who might consider pursuing a position in public service. I don’t know David… Continue Reading

Honda Civic and Honda Civic Hybrid: Sun Visor Class Action Settlement

By Steven Berk on September 20th, 2011 Posted in Consumer Protection

Berk Law is pleased to announce final approval of a settlement on behalf of over 2 million Honda Civic and Honda Civic Hybrid owners. The settlement regards claims that sun visors on many Honda Civics and Honda Civic Hybrids were defective, causing them to fail and impair both their functionality and the driver’s ability to drive safely.

Quick Links: A UBS Employee Proves What We Should Have Known for Years, Europe’s Top Banking Nations Lead the Charge on Financial Regulation, and Elizabeth Warren Runs for Senate

By Steven Berk on September 16th, 2011 Posted in Consumer Protection

Today, TCO brings back Quick Links, which keeps our readers updated in the world of consumers. UBS, one of the largest banks in the world, had one of its employees arrested for allegedly losing over $2 billion, which would essentially eliminate the company’s quarterly profits. The New York TImes’ DealBook asks the question we all should:… Continue Reading

Medical Supplements and Pascal’s Wager: Why Millions of Americans Waste Money on the Smoke-and-Mirrors Industry

By Steven Berk on September 15th, 2011 Posted in Consumer Protection

For $28 billion, what do Americans really receive when they buy one dietary supplement or another? In most cases the results are negligible and potentially harmful. So why do so many people buy into this craze of taking a myriad of supplements that too often have replaced eating well and exercising often?

Sadly But Expectedly the Volcker Rule is Delayed by Greedy Bankers

By Steven Berk on September 13th, 2011 Posted in Banks and Financial Services

After the 2008 financial meltdown, former Federal Reserve Chairman and legend Paul Volcker gave the country simple advice: let banks do what they do best–or at least what the public expects them to do–bank. That is, make loans to support long term growth and prosperity.

Big Banks Have a Heart and Waive Fees for Victims of Hurricane Irene

By Steven Berk on September 7th, 2011 Posted in Banks and Financial Services

Although this act of empathy (and good business sense) is appreciated, it is all too rare from America’s major banks. We may hope this starts a new trend of socially conscious banking. Perhaps responsible lending, less risky investment products, full disclosure of risk and a preference for long-term investment in local businesses over short-term financial trades will prevail.