ALEC Politicians Spin Special "Interest" Bill to Protect Corporate Wrongdoers as "Job Creation"

[Donnachaidh]

http://www.commondreams.org/view/2011/10/15-4

For years, the American Legislative Exchange Council (ALEC), has been itching to protect big corporations from high interest rates charged in cases where corporations have killed or injured Americans. Now, Wisconsin politicians serving on key ALEC task forces are pushing a bill embracing this idea as part of ALEC alumnus Scott Walker's latest effort to force the ALEC agenda into law based on claims that doing so will help "job creators."
Citizens Pay 12% but Companies that Injure or Kill Pay 4.25%

The bill, introduced by Wisconsin State Senator Rich Zipperer of Pewaukee and Representative Paul Farrow, also of Pewaukee, would reduce the interest rate on court-ordered payments for Wisconsin residents who have convinced a jury and a judge that a corporation injured them, killed their loved ones, or violated consumer protections guaranteed by law. Under current law, in almost all types of civil lawsuits, Wisconsin requires the losing party to pay 12% interest on the judgment, until the amount owed is paid in full or unless overturned on appeal.

But ALEC politicians Zipperer and Farrow want to slash the interest rate charged (to about 4.25%) -- but only in cases involving personal injury and consumer claims. By definition these are cases in which virtually the only time there will be a financial judgment is when a Wisconsin resident proves in court that the defendant company violated his or her rights. But when a corporation, such as a bank or leasing company, sues a citizen and wins, the Wisconsin citizen still has to pay interest at 12% until the bill is paid in full.

How does this aid job creation?

"Lowering the price of breaking the law doesn't target job creation or economic development," says Laura Dresser an economist from the Center on Wisconsin Strategy. To put it less academically, "the only jobs it creates are for undertakers," said Democratic Rep. Brett Hulsey at a press conference about the so-called job creation bill package. To call legislation that rewards adjudicated corporate wrongdoers "job creation" is simply spin.

More at the link --

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