Ed Markey: “A English rule is built into this law which puts the burden on the loser in any lawsuit. It makes it almost onerously…”

“A English rule is built into this law which puts the burden on the loser in any lawsuit. It makes it almost onerously impossible for anyone to bring a lawsuit against a large financial institution in this country. It, second, imposes an I-forgot defense. That is, if any of the people who are engaging in any of this fraud say, ``Well, I forgot,'' then they are protected. Remember the old Saturday Night Live skit where Steve Martin would stand up at the end and say, ``Well, I've got a sure-fire, guaranteed defense.'' I say to my colleagues, ``Anytime you're stymied for an answer to any charge which is being made against you, just say, `I forgot,''' and that is our defense here today. Mr. Speaker, we are going to allow that as a defense in these important cases, and, third, we have the depleting requirements which require a specific pleading at the get-go of any of this legislation requiring any plaintiff to be Carnac in terms of their ability to know what was going on in the intent of the defendant's mind at that time, although they know with some certainty that some fraud has been perpetrated.”