Recently, I listened to The King of Torts by John Grisham. Most of his novels are about the law, and this is one of the best; his characterizations are amazing. Look it up on audible.com and listen to the first chapter, and you will see (or hear) what I am talking about.
And while I’m at it, let me make a pitch for Audible Books. I gobble up a lot of books, and for me listening and reading is more pleasant then reading alone. And if I can afford them anybody can afford them. A hundred bucks a year is not much.
This book about a young, struggling public defender in DC who has a lucky break and strikes it rich in the mass torts business. Some guy, who he finds out later is a crook, hooks him up with a pharmacutical company who desperately wants to hush up some of their operations. He ends up making 110 million. And then it really gets crazy.
Grisham is hard on the mass torts business: huge class-actions suits, where the lawers make obscene profits, and the customers get screwed. In some of his other books, he shows how honest lawyers can earn their contingency fees, so I think he has a balanced approach, overall.
It’s easy to get people worked up about this kind of thievery, but this is nothing compared to what goes on the corporate world every day. Corporate lawyers are busy concocting legal (or semi-legal) ways to cheat the public—and the public, in general, doesn’t seem to care.
But if you are one of those that do care, I propose a simple solution: outlawing outrageous incomes. The IRS is very good at sniffing out this kind of crime. I know, I know, this should be taken care of by the income tax—but as you know, the rich have shot it full of so many loopholes it is useless. I doubt if this can be changed, but we ought to at least give it a try.
Anybody that makes over a million bucks a year is a crook. Nobody’s expertise is worth this much. But I am willing to be flexible; if this limit will make the sky fall in, I am willing to settle for 10 million.
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