Friday, April 17, 2009

Doyle's Joint/Several Change and the Real World

Heard a story today which should put Doyle's "joint and several" policy change into perspective.

A fellow who has built a very good business in Wisconsin was approached to sell the business to an out-of-state competing firm. But he'd accumulated a large group of faithful and loyal employees--so he decided to sell the Company to them, instead.

He created an ESOP which purchased a brand-new building; in time, the building (and its contents) will be the property of his employees when he chooses to retire. That's what they earned for their loyalty (and contributions to the ESOP.)

Then Doyle got his marching orders from the PI attorneys and inserted a change in "joint/several" liability law into the budget.

When that happened, the businessman's lawyers called him and told him that he must sell the building in order to avoid losing it in a lawsuit.

That means that he has to tell his employees the news: their building will have to be sold because James Doyle, Governor of Wisconsin, had made it impossible for them to keep it.

That's "helping the little guy", Jimbo.

Hope you sleep well, Three-Card-Monte!

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