New Report - Asbestos Bill is Windfall for Companies, Loss for Victims

[Guest guest]

Wed, 11 May 2005 14:07:45 -0400

" Congress Watchdog " <CONGRESSWATCHDOG

[CWATCHDOGCIVJUS] New Report - Asbestos Bill is Windfall for

Companies, Loss for Victims

 

 

PUBLIC CITIZEN PRESS RELEASE May 10, 2005

 

Major Lobbying Campaign Nets Small Group of Companies

Tens of Billions of Dollars from Senate's Asbestos Bill, Report Finds

 

Financial Investment Firms Spend Millions to Win Preferred Positions;

Jockeying for Advantage by Companies Will Sharply Limit Aid to Victims

 

WASHINGTON, D.C. - Under the guise of providing aid to victims of

asbestos-related illnesses, a small group of companies has lobbied for

and won relief from their liability worth tens of billions of dollars

in

the Senate's asbestos trust fund bill, according to a new Public

Citizen

report.

 

Their success in protecting their corporate interests, however, will

sharply reduce the funds under the legislation that will be available

to

asbestos victims, the report finds. Meanwhile, some of the nation's

largest financial investment firms have spent millions of dollars in

lobbying and campaign contributions to position themselves to score big

rewards should the legislation pass.

 

" The Senate legislation that began as a good-faith effort to help the

thousands of victims of asbestos has turned into a carnival of greed by

some of America's biggest corporate interests,' said Joan Claybrook,

president of Public Citizen.

 

The Public Citizen asbestos report is available online at

http://www.citizen.org/asbestos

 

The full press release is available at

http://www.citizen.org/pressroom/release.cfm?ID=1941

 

------------------------------