Wall St. Bankers Are Stealing Lawsuit Settlements From Asbestos Victims

Wall Street bankers have started buying up asbestos lawsuit liabilities from companies, and they are using the massive pools of cash that has been set aside for victims to make a fortune for themselves. And this is just the tip of the iceberg on how corporations are trying to pocket the monetary damages that are owed to the victims of corporate malfeasance. Mike Papantonio & Farron Cousins discuss more.

Order a copy of Mike Papantonio's new book at

Subscribe to stay connected to our stories

Support us by becoming a member on YouTube

Or Support us on Patreon

Buy Ring of Fire merch

Find us on social media!

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

Wall Street bankers have started buying up asbestos lawsuit liabilities from companies, and they're using the massive pools of cash that have been set aside for victims to make a fortune for themselves. And this is just the tip of the iceberg now, how corporations are trying to pocket the monetary damages that are supposed to go to people who are dying from disease. This is called, the broad idea, this is called the ghoul process. The ghoul process is Wall Street comes in and buys the paper. They buy a company that's what we call a spinoff company. The company puts all of their assets into the spinoff company. Right. Wall Street buys the spinoff company, and they, with that spinoff company, they buy all the cash that the primary companies put into the spinoff company. They buy all that money. Then the way they make their money, and the way they make it into a profit center is they don't pay claims. Now, what they really do in the asbestos case is they wait for people to die. Okay. We know that if you've got a hundred cases, the statistics are gonna be that 20 of them are going to die within a certain period of time. If they die, the case is worth about a quarter of what it would've been had they lived. So Wall Street takes that money, puts in their pocket, they invest and they make money. This is a disgusting story. Again, nobody's telling the story. Nobody's telling this story in corporate media.

Yeah. And so what we have here, like you explained, they spin off and say, okay, all our liabilities are over here, but also because we have to put the money here, especially with asbestos, there's the law that says you have to have the money. The big pot of billions of dollars is sitting in this company. We'll pay it when we get to it. And typically they're more inclined to settle. Right. Let's get these gone. Let's get everybody processed through. But Wall Street says, we don't have that problem. We don't have to get rid of these people. We will get rid of settlements, even if somebody has a crystal clear case of mesothelioma from asbestos exposure, what we will do is we will file appeals. We will file motion after motion.

Till they die.

After motion. And they will drag it out as long as humanly possible because one, they know that not only will the person die, but two, that person may not have the financial resources to keep having their lawyer respond to filings and work on a case for 10 years.

Well, what I do love about this, this is the hidden part of this message, that if you don't do this for a living, you don't catch it. It opens up the door to go after Wall Street in a really big way. And that's what you're gonna see us do. I started my career trying asbestos cases, and the documents in those cases are so overwhelming. I mean, they have documents that say basically these guys make a good living with asbestos. It's okay if they die with asbestos. An actual document.

Yep.

You've got documents that says, keep this covered up as long as possible, as long as we can squeeze a profit out of this product, keep it as a cover. And this is, we're talking about 50 years ago,

Some of the documents over a hundred years ago.

Oh, yeah.

I mean, it's crazy.

They're called the Sumner Simpson documents. When you'd try the case, the jury would sit there and go, people actually wrote this. People actually, they actually sounded like they were the scientists from a Nazi prison camp where they used to do experiments. That's how bad they were. And so now Wall Street's involved, and I love, I love that now they are a target. These big funds coming in, man, you can mix it up with them, take shots at them and this could be a very, very big problem for these folks.