Opinion

Stories I’d like to see

Football’s costs, SEC v. Cohen and the Whale’s tale

Steven Brill
Aug 20, 2013 00:25 UTC

The NFL’s looming court tests

As the 2013 National Football League season begins, it’s time for an update on the liability suits the league is facing from what the website Deadspin reported last April were “more than 4,000 former players” who claim to have suffered on-the-job brain damage. The same Deadspin report noted that helmet-maker Riddell is also a defendant in the suits and that in April a Colorado high school student won a $3.1 million judgment against Ridell after he was brain damaged and partially paralyzed following a concussion suffered in a 2008 practice drill.

In June of 2012, Forbes ran a story headlined, “NFL Faces Tobacco-Like Damages Reaching Billions Of Dollars In Concussion Litigation,” and in December, the New York Times reported another wrinkle — that the NFL and its teams are fighting in court with 32 different insurance companies over whether their policies cover the league’s and the teams’ liability and legal costs.

“The N.F.L., which generates about $9 billion a year, may be equipped to handle these legal challenges,” the Times wrote. “But colleges, high schools and club teams may be forced to consider severe measures in the face of liability issues, like raising fees to offset higher premiums; capping potential damages; and requiring players to sign away their right to sue coaches and schools. Some schools and leagues may even shut down teams because the expense and legal risk are too high.”

Although that all seems pretty ominous, I haven’t seen much lately about all of this legal warfare except for a story last month in USA Today with this intriguing headline about how the threat has spread to the nation’s colleges and universities: “Does NCAA face more concussion liability than NFL?”

Are juggernauts like the NFL and the National Collegiate Athletic Association, not to mention the helmet-maker and the nation’s high schools, really facing tobacco or asbestos-sized liability doomsdays? And what are they doing about it?

Steve Cohen’s frustrated PR machine; unlikely lobbyists; and the $600 million train station

Steven Brill
Apr 2, 2013 11:30 UTC

1. Inside Steven Cohen’s frustrated PR machine:

Steven Cohen, the billionaire who is widely reported to be the ultimate target of prosecutors investigating insider trading at his hedge fund, has to be either crazy-reckless or supremely confident of his innocence. Either way, the master-of-the-universe buying spree he went on last week must make him the ultimate nightmare for the savvy financial PR firm that represents him, Sard Verbinnen &Co.

On the heels of a proposed $616 million insider trading civil settlement with the SEC – which a federal judge last week said he was skeptical about approving because Cohen’s firm admitted no wrong-doing, and which prosecutors have taken pains to point out does not end their criminal investigation – Cohen made headlines last Monday by buying a Picasso for $155 million. The next day he got still more ink, this time for snagging a place in the Hamptons for $60 million down the road from an estate he already owns there.

That’s hardly the kind of keep-your-head-down behavior one might expect from someone trying to hold prosecutors at bay and soften public calls for his beheading. When a longtime top deputy was marched out of his Park Avenue coop early Friday morning after being arrested by the FBI, the bulls-eye on Cohen became that much more obvious and made his over-the-top buying spree that much more bizarre.

A working legislature, post informant life and Wal-Mart’s guns

Steven Brill
Jan 15, 2013 04:30 UTC

A legislature that works:

Maybe it’s because I live in New York and have to read all the time about what may be the world’s two most dysfunctional legislative bodies – in Albany and Washington. But I wish a reporter for a national news organization would try to find the country’s best state legislature. A place where Democrats and Republicans actually work together. A place where money isn’t everything, and where everything isn’t done at the 11th hour, or later, followed by an orgy of self-congratulation.

We’ve got 50 states. They can’t all be governed by lawmakers who embarrass their constituents. Which ones function well, and why? What conflict-of-interest, campaign-spending or other rules do they have that help keep things in line? What makes them different, and how can we export their success to the rest of our capitals?

The afterlife of a Wall Street rat:

“Mr. Wang’s lawyer said his client is ‘isolated and broke’ following his cooperation.”

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