JP Morgan loses $1,500,000,000 due to mistakes by outside counsel
Dan Rather, by Ed Schilpul March 12, 2007
Dan Rather is still out there working hard.
Looks like some lawyers got some egg on their face.
Given that USD $1,500,000,000 was ‘lost’ due to this mistake, and given that JP Morgan and Simpson Thacher & Bartlett LLP are involved, I predict this won’t get worked out for a while.
I suspect the letters LLP at the end of the law firm’s name will be their three lucky stars that will keep them in existence.
When I used to watch television news, I would watch the CBS Eveninig News with Dan Rather.
I thought CBS was horrible to Rather when they fired him over a story he read on air. I doubt he personally verified everything he read on air, so to fire him for something that turned out to be incorrect was wrong.
The issue at hand was not important at all compared to the stature of Mr. Rather.
I would argue the stature of Rather surpasses by far the stature of the US President in charge when Rather was fired.
