more Lawyers waste more taxpayer money. Why no call to limit legal fees?

Feb 23, 2009 by

Fannie Mae will hire the law firm of Covington and Burlington to investigate its own lobbying. Putting aside the absurdity of investigating oneself I would like to focus on the cost of the investigation and on the broken skewed system of legal fees. 

Assuming $450-500 per hour billing- do you have any idea how much this will cost.  probably close to a million. It of course ends up costing the taxpayer. lawyers make money, Fannie makes money lawyers, taxpayers lose.  Why don’t they use government counsel which would be a fraction of the cost  -after all they use government money ? Better yet, why not a call to reduce the salaries of lawyers- does anyone honestly think they are worth $500 per hour ?  Why is there no call to not offer TARP funds unless legal fees are dramatically reduced?  I would like to know : how much were the legal fees for all the lawyers who did the Tarp documents and related TARP work for the banks. Where are the screams about that ?  Why don’t we stomp our feet and hiss  when a company pays legal bills  of $500- $1000 an hour. why dont we protest –  who is worth that much ? Where is the new reality for the lawyers? Can someone tell me ?

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