Steve Jacobs wrote:
> Oh well, when our society sees more wisdom in paying Colby Bryant
> $135,000,000.00 dollars over seven years for tossing a ball in a hoop,
> while the teachers of our children -- those we will rely upon for
> innovation, support, and leadership in the future -- are generally
> underpaid, then nothing like this surprises me. And I don't ever want
> to hear a word about all of this being the fault of lawyers; no lawyer
> held a gun to the head of any juror. The people themselves are to
> blame. Amazing!
Speaking personally, nobody has ever held a gun to my head. But
I have been personally threatened by a dangerous weapon in the
form of a lawsuit. I suspect that far more injustice is perpetrated
in our society by those who wield lawyers than by those who wield
guns.
Perhaps. I'd have to agree that that 74 year old lady, with her lawyer, just did it.
Of course, you can't blame an inanimate gun for the actions
of whoever wields it, ...
I couldn't agree more; I'm an avid pro-gun, 2nd amendment advocate.
... but lawyers are generally not inanimate and
must accept some of the blame for allowing themselves to be used
as tools by those who manipulate the legal system. To say "the
jury did it, the people themselves are to blame" is to ignore the
intense pleadings of the lawyers that the injustices suffered by
their clients DEMAND astronomical compensation.
But the lawyer(s) for the other side is/are normally just as zealous pleading for justice for his/her client. The two competing sides ought to ... to use a VP term ... "in the long term", balance out, and the actual evidence and law ought to determine the outcome. However, we have in this country, in my opinion, too many irrational, emotional people, who don't understand economics at all, and are anxious to award a windfall to plaintiffs whether they actual deserve them or not, because they just think that the big companies can afford it, and it would be nice for the poor old lady to become rich. They are usually ignorant of the fact that, except for punitive damages, most damages are usually paid by an insurance company, which means that the insurance premiums for the regular guy on the street go up slightly every time that crap happens, and the retirement accounts which have invested in stock shares in that insurance company receive a little less retirement income.. Hell, I've seen reports of bus accidents where pedestrians and bystanders have clambered onto the bus after an accident that they weren't even involved in, just to seize the opportunity to share in what they hope will be windfall awards.
But I have a solution, although Rasti$ will accuse me of being a communist: all _PUNITIVE_ damages should go into a fund to help educate our children. That way the defendants are _still_ being punished, the plaintiff still gets just compensation in the form of compensatory damages without an unjustifiable windfall, and then _society_ -- which is paying the tab indirectly for such damages anyway -- benefits, and we don't need to worry about anyone trying to turn the U.S. into a communist nation by taking money from overpaid celebrities for the benefit of the masses. And for those of you who think teachers are overpaid, an alternative would be to take those huge _punitive_ damages and put them into Social Security, which probably needs every cent it can get. The point I'm making is that the whole purpose of punitive damages is to punish the plaintiff for a wrongdoing, and the money needn't go to the plaintiff to accomplish that purpose. There's a lot of middle ground here, too; for instance, perhaps our states could consider giving half of punitives to the plaintiff, or 25%, or 10%, etc. But when someone gets lung cancer and is awarded a couple of hundred million in damages (and obviously that isn't shared by everyone who is hurt by tobacco, nor is there enough money in the world to give a like award to each of them) ... then just who in the hell do we think they are? Colby Bryant? 
snipped a bunch of horrible, mean things said about lawyers that are causing me to pout 
Okay, Steve, but what is the long-term variance on those damages if we use min risk of ruin strategy? 
Cheers.
Bill Velek
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On Tuesday 20 July 2004 11:33 pm, Bill Velek wrote: