Obviously the people @ Calpers that were supposed to know finance and had a responsibility to the union to protect the union's money failed in their job, I wonder if the union will terminate their employment and litigate for the return of their compensation. The bigger shoe that I am waiting on is the home owners that lost home value because of the banks and investment banks...this might prove the nail in the coffin of some of these "too big to fail" corporations if some big class action law firms decided to take them on.
I'm pretty sure you can't sue a ratings agency. I was reading that changes are being made re rating agencys, duh it'd be easy, let them be sued. Reform will muck it up.
Sully Sullenberg the guy who landed the plane in the Hudson, is suing the bank because his ca home lost value. I think he's suing the appraisers and the banks for lending more money than it's worth.
I hope the best for him, but the point I was thinking about is the people that own their homes outright or that are not behind in their payments but have lost value because of the actions of the "too big to fail" crooks! In my neighborhood, we are fortunate that only about 12% of the homes are unoccupied and owned by banks, but even with this % that is about 400% above normal. This huge amount of inventory has depressed home prices quite a bit. I would not hesitate in including myself in a class action if some eager law firms took them on!