Johnson & Johnson's Desperate Attempt To Escape DEADLY Product Liability

Johnson & Johnson has already been with judgements from juries totaling into the billions after it was determined that their talcum powder products were causing cancer. The company has failed twice by trying to file for bankruptcy and then being denied, but they think they might have a solution to that problem. Mike Papantonio & Farron Cousins discuss more.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

Johnson & Johnson has already been hit with judgements from juries totaling into the billions after it was determined that their talcum powder products were causing cancer, death. The companies failed twice by trying to file for bankruptcy and then being denied. But they think, well, let's try it again. They're gonna file in Texas now. We got a better shot in Texas. I've got Ring of Fire's Farron Cousins with me to talk about what's happening. You know, we've done this story so many times, but I can't even, I wish I could get people to understand how ugly this is. A $500 billion company that has resulted, their product has killed thousands of people all over this country and will continue to kill thousands of people, women, with cervical cancer, all types of female cancer from baby powder that they knew was gonna kill. They knew way ahead of time how dangerous this was. But you know what? They can't give up. This is the third time they've tried. File bankruptcy. Let all of them continue dying. And we're a $500 billion company that's gonna get away with it, right?

Yeah. A company that pulls in billions of dollars a year in profit, not just revenue, but profit. Twice in New Jersey they go to the judge and say, hey judge, we're getting our butts kicked in court. Look at all this liability we have. Uh, we're bankrupt. And both times the courts eventually said, no, you're not. You're not gonna do this. We're not playing this game. You're gonna pay out these claimants. So Johnson & Johnson, I'm actually surprised it took them this many tries to do this, but they're gonna do what so many other corporations have done. And they said, you know what? Let's go to Texas. And it's so common that it does have a name. It is called the Texas Two Step. Because Texas Law allows you to go down there, spin off a new company that doesn't even exist other than on paper. And then you transfer all of your liabilities, which means all those lawsuits to this new company, but you don't transfer any money. So then you say, oh my God, look, this new company over here, they've got so much liability and no income. Judge, clearly we're bankrupt. And it works. It works for them.

Well, we faced it with DuPont, the cases I've tried, we dealt with it. But they understand, try to slow 'em down. Now, this is what we call the ghoul defense in this business, which I've been doing for 40 plus years. The ghoul defense is when you know women are gonna die. Okay. So you delay, you delay, and you delay because oddly enough, the value of a case at death is less than the value of the living patient. And so the ghoul defense is what they're doing here. They've delayed 15 years now, just everything they can do. We know we killed these people. We knew, we had every reason to know it. The documents were overwhelming, showing us that these people were gonna die from our product, but we didn't wanna interfere with brand loyalty. You understand that's what it was about?

Yeah.

They didn't wanna interfere with brand loyalty rather and replace the product that had asbestos in it with corn starch. That's all they had to do. But they said, oh, we can't take a chance on changing the formula here. It'll affect brand loyalty. That's the way these people think. People are gonna pass up on this article. They're gonna see, Johnson, oh, just another bankruptcy. This is a company that they just turn democracy up on its head. Let's make as much money as we can and then let's, it's okay if we kill people.