Those struggling to find a job take note. The recents string of law suits filed against major banks by the Federal Housing Finance Agency confirms that the litigation services market will lead us to economic recovery.
By the time the parties have counter-claimed, cross-claimed and largely disappeared, taxpayers on both sides of the pond may of course syphon some damages out of the giant round-robbin. But it's when you add in the legal and other professional/support time, software and cloud-computing capacity, stationery, coffee, taxis, restaurants and takeaway food that you know we're into some serious redistribution of wealth. Then there are the spin-offs: all the discretionary spending of everyone involved, on holidays, cars, boats, pub lunches and ice creams for the kids - all trickling through into the real economy.
I reckon there's a good five years left in it yet, by which time the same machine will be chewing hungrily into the next mess.
Litigation is the future.
Joking aside, anyone who thinks that being a securities litigator might be a bit dull should watch how much fun Senator Carl Levin had cross-examining Dan "Shitty Deal" Sparks of Goldman Sachs on their Timberwolf CDO deal:
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