The headline reads "AIG Chairman Attributes Loss Spike to Tort Costs", and its a Dow Jones Article from Tuesday February 4, 2003. The huge insurer American International Group Inc. issued a financial release and of all things, AIG's chairman Hank Greenberg tries to blame "an out-of-control legal system and rising litigation costs." Mr. Greenberg ignores the fact that AIG's minor troubles relate to BAD INVESTMENTS and directors and officers insurance (See e.g. ENRON, WORLDCOM, ARTHUR ANDERSON, ETC.).
Greenberg also ignores the ridiculous sums of money he and his cronies have taken out of AIG in the form of compensation including stock options. See for example Motley Fool's "How Much Do AIG Execs Make?" or Business Week's "In the Shadow of AIG". According to Forbes magazine, Greenberg had income and stock options worth $ 90,000,000.00. See, Maurice R Greenberg
Worse than this though, he is #47 of Forbes 400 Richest Americans List with a TOTAL NET WORTH OF $ 3,900,000,000.00 That's Three-Billion-Nine-Hundred-Million Dollars.
I dare anyone to find me a personal injury lawyer in Wisconsin worth 1% of that. In fact, I would be shocked if the total net worth of all personal injury lawyers in Wisconsin combined added up to 1% of that. Greed that's all this tort deform garbage is about, CEOs donating huge sums of money to influence politicians so that the CEOs can make even more. That's all this Greenberg character wants is more money, more thant the $ 3,900,000,000.00 (Three-Billion-Nine-Hundred-Million Dollars) he all ready has. They'll try to make it about Wisconsin personal injury attorneys and personal injury attorneys elsewhere, but the fact is for EVERY $ 1 they cap damages two-thirds of that goes to you, the injured clients. You're the ones with permanent injuries, disfigurement and disabilities who can not work and who have enormous medical bills and rather than allow 12 voters to decide what's fair Mr. Greenburg would rather the politicians he influences decide this. That way the money goes from your family to Mr. Greenberg's!