Every Sherlock Holmes fan is familiar with "Silver Blaze," the case of the stolen race horse. Holmes solved the case by noting "the curious incident of the dog in the night-time."
"The dog did nothing in the night-time," Inspector Gregory replied. To which Holmes said, "That was the curious incident."
Indeed, sometimes incidents that don't happen are among the most interesting. Here's one that I've noticed -- or rather, I should say, that an intrepid reader has pointed out to me: American International Group
Why isn't Milberg Weiss barking? Where on earth is Bill Lerach?
I take a very dim view of the vast majority of securities class action cases. I see most of them as cookie-cutter filings that are little more than fishing expeditions. Last year, NovaStar Financial
What's interesting is the difference in response. NovaStar's market capitalization dropped by some $300 million that day, and the dinner bell went off. AIG sheds $60 billion, and we can hear the crickets chirping. A look at the list of suits at any one of the big class action firms tells the story: The reaction to NovaStar seems to be the norm; a drop in stock price is sufficient data to warrant a lawsuit on behalf of shareholders. Now we have a case where wrongdoing has not only been alleged by the New York Attorney General's office, but also admitted to by AIG -- a crisis that has dragged on for more than a month involving enough money to make your average plaintiff's lawyer push his own mother under a bus -- and nothing?
Why no lawsuits? Why would minnows like Axonyx
I wish I had an answer here. The question to me is fascinating enough.
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