Copyright 2010 j.mcguire P O Box 1352, Bedford, Texas 76095‐1352
“May They Never Meet” Must be a Motto of the Financial Institutions.
“They – The Primary Market & Secondary Market”
In the wee early hours of the morning the author was directed to an investor’s lawsuit against
Countrywide Financial.1 It is quoted in the article, “District judge Richard Berman in a written decision
Thursday granted a motion by Countrywide Financial to dismiss claims by a hedge fund that it
misrepresented the risk of certain mortgage portfolios.”; "[SRM] has failed to allege that the Defendants
made a material misstatement or omission … [and] failed to plead facts showing a primary violation of
the securities laws by the allegedly controlled persons," Berman wrote.”.
Not only do most primary market attorneys “Not Get It”, but it also appears that the secondary market
attorneys are trying to recover the losses for investors as a result of the banks actions “Do Not Get It”.
Even if a primary market attorney “Gets It” they most likely will meet with the same success as the
The authors sees this as the “Arrogant Hierarchy”, the primary market attorneys sit on a little throne,
the secondary market attorneys sit on a higher throne and the judges sit on an even higher throne while
the banks attorneys control the gavel.
In another dismissed suit against McGraw‐Hill Co.’s Standard & Poor’s and Moody’s Corp.2, the article
stated, “The likely reason to come from Judge Rakoff’s opinion will be important to many defendants in
financial crisis litigation,” said C‐Bass attorney Jamie Wareham of Paul Hastings Janofsky & Walker. “The
disclosures were adequate and the market knew of the risks associated with subprime products.”
“The Risks”, “The Risks”, “The Risks”, the Crying Motto of the Investors’ Attorneys.
The Wall Street law firms must look beyond what is staring them in the face and stop hollering, “The
Risk”, when in fact