U.S. Chamber Rejects Reality, Blames Lawsuits for Self-Inflicted Financial Meltdown

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U.S. Chamber Rejects Reality, Blames Lawsuits for Self-Inflicted Financial Meltdown 

For Immediate Release: October 24, 2008

Contact: Ray De Lorenzi
202.965.3500, ext. 8369

Washington, DC—U.S. Chamber now claims "lawsuit abuse" led to the current economic crisis, ignoring their own storied history of pushing less oversight, regulation and accountability on behalf of corporate wrongdoers.

In an e-mail blast sent yesterday, U.S. Chamber blamed a "broken" legal system as the cause of the financial downturn.  However, U.S. Chamber failed to address the massive contributions it receives from negligent corporations, including over $23 million from bailed-out insurer AIG, all used to destroy Sarbanes-Oxley, prevent corporate criminal prosecutions, and let capital markets run wild with no consequences or accountability. 

U.S. Chamber’s mass e-mail also did not reveal the corporations that paid its staggering $30 million lobbying expenses last quarter to push for passage of the financial rescue package.

"Stunts like this prove U.S. Chamber has lost all credibility.  They have made clear that their narrow agenda is designed to protect only negligent corporations, regardless of the consequences to small businesses, investors and American families," said American Association for Justice CEO Jon Haber.

AAJ released an issue brief this month on U.S. Chamber’s role in the current financial crisis and exposed payments from AIG to the Washington corporate lobby. 

Download and read Behind the Bailout: How U.S. Chamber Created the 2008 Financial Crisis »

U.S. Chamber's e-mail on the role of "lawsuit abuse" in the current economy can be found here.     

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