The impact of the Ibanez decision cannot be understated. For far too long trial courts and even appellate courts across this country have ignored the sloppy or fraudulent practices of the banks, sometimes excusing their conduct, other times explaining it away. The Ibanez decision made it clear….even banks that are too big too fail have a responsibility to keep basic records and their failure to do so cannot just be ignored.
This decision will reverberate across the country….just wait until the investors wake up to this decision on Monday….oh and what this I hear about these Wikileaks?
There has got to be a fundamental realignment in this country…the rule of law must begin to be re-established…..Ibanez pushes us in that direction.