2009 – the year of the lawyers

The S.E.C. did not punish the malpractices in the U.S. financial industry but was very active to fight foreign companies e.g. Siemens competing with U.S. companies e.g. General Electric for large government controlled investements in the energy and communication sector. Which is traditionally is industry segment where corruption is a common WW marketing instrument. Now Siemens is about to settle the case with S.E.C. for an expected amount of 1 B $. Interesting enough Siemens had to spend also approximately 1 B$ for the lawyers (mostly U.S. based law firms) handling the case.   There seems to exist almost a secret cartel with S.E.C. and various U.S. law firms working together to cash in money from government and companies much like the rating agencies have worked with the banking industry in the past. The financial crisis will create a huge market for lawyers because almost every contract requires special handling according to U.S. law.  Most contracts in the current global financial crash are based on Anglo-Saxon law and produced by lawyers or lawsters in analogy to the word bankster derived from the word gangster.  Thus the WW banking crisis will be followed by a WW law crisis – in god we trust no longer! People outside USA should be very carefull about closing contracts according to US law in the future.