Tom Coburn: “Mr. Chairman, something I learned a long time ago from my father that I think would do us all well and that is his…”

“Mr. Chairman, something I learned a long time ago from my father that I think would do us all well and that is his definition of a good lawyer. And a good lawyer is somebody who solves problems rather than creates them. The legislation that we are considering has in fact addressed an issue before us that is causing and wreaking havoc with a large number of America's most consistent job-providing industries. I believe the American people are sick and tired of those who feed off of our system and weaken American competitiveness. They are sick of the unscrupulous few who make a mockery of our concept of justice by exploiting the legal system for their own personal gain. Mr. Chairman, a glitch in the Securities and Exchange Act of 1934, called rule 10 B-5, created a new group of parasites known as professional plaintiffs. These professional plaintiffs are recruited by those who figured out how to exploit our judicial system by filing frivolous lawsuits. Currently, exploitation of rule 10 B-5 allows these clever few to sue companies through the use of professional plaintiffs for fraud whenever the price of a stock drops.”