Saturday, October 31, 2009
WSJ criticizes "pay-to-play torts" and state pension funds
The Wall Street Journal, on Saturday Oct. 31, has an editorial that helps shed some light on what is wrong with our pension system. It is titled “Pay-to-Play Torts: pension middlemen get investigated; lawyers get a pass”, link here.
The editorial criticizes the practice of law firms making campaign contributions in order to get selected to represent state employee pension funds in widespread securities litigation.
The concern spreads beyond the financial stability of the pension “tsunami” often discussed here before. It goes to the way public policy is influenced by special interests, whose members often no longer have the legal freedom to speak just for themselves in public.