It is not for the victims of asbestos diseases, but for the lawyer's self-interest that asbestos litigation occurs, and the self-interest of Mr. Warren Buffett's Berkshire Hathaway's group of Insurance companies that are responsible for asbestos liabilities.
The asbestos litigation industry is a multibillion dollar industry that spends more on advertising than Coca-Cola. Asbestos litigation provides substantial- steady income to asbestos litigation firms and their litigators as long as payments are made to the victims.
We know Mr. Buffett as the Oracle of Omaha, a highly praised investor and a seemingly a nice guy who plays a Ukulele and sings at the conventions of the companies he owns.
Mr. Buffett has proven to make the right investments at the right time, because he sees the future and has the cash to buy it. With cash and enough time, time being the key word, you can make yourself one of the wealthiest men in the world, as Mr. Buffet.
Mr. Buffett's, Berkshire Hathaway, has recently purchased a litany of insurance companies that are directly responsible for asbestos and/or hazardous/toxic liabilities, which Mr. Buffett agreed to take on with this purchase.
So why would the world's wisest investor buy such portentous liability?
The answer: along with that liability comes tons of billions in cash, known as the float, which is invested at great returns, as long as Mr. Buffett's Berkshire Hathaway insurance companies can deny, delay or not pay plaintiffs' (victims) claims. The float is money held by the insurance companies to pay the victims of asbestos and/or hazardous/toxic diseases.
Asbestos and /or hazardous/toxic diseases are a death sentence. In litigation, the defending law firms are always looking for angels to hold off payments, pay as little as possible or nothing at all to the plaintiffs, which buys time.
It is estimated by A.M. Best, an insurance company rating firm, that asbestos claim losses will surge to $121 billion dollars with no end in sight.
A.M. Best also estimates insurers are incurring $2 billion in asbestos claims each year, as well as paying out $2.5 billion to victims each year.
According to Ajit Jain Berkshire Hathaway's insurance companies paid out $1.4billion dollars in asbestos and /or hazardous/toxic claims last year. Do the math: that leaves Berkshire, according to A.M. Best, $1.1 billion to invest while fending off the losses of $2 billion a year being held in the float and invested while the cases are being detained or slowly litigated.
Also, Berkshire Hathaway's insurance company corporate-maneuvers left litigators puzzled, not knowing who to sue, payments are not being made to the plaintiffs while Berkshire's defense litigator's buy time to allow the float money to make required target profits, instead of paying the victims.
According to the Fox Business News, 'Berkshire said its insurance and other revenue jumped 14% to $35.92 billion.
Mr. Buffett quote: 'We simply attempt to be fearful when others are greedy and greedy only when others are fearful'.
If you are dying from asbestos or hazardous/toxic diseases, you will certainly be fearful of dying, but more so for the future of your loved ones.
Fear and/or desire are the greatest motivators. If you fear you will die broke from asbestos or a hazardous/toxic disease, leaving your family with nothing, you will quickly have the desire, for peace of mind before dying, to settle for a lesser amount that may be paid sometime in the future to your loved ones.
But if the Berkshire Hathaway insurance companies outright refuse to pay, because Berkshire Hathaway has to make its targeted bottom-line profits ----- what are your choices? - suffer more and die broke!
In life our true character shows through at one point or another. If we are lucky to live long enough, we will have enough time to adjust flaws in our character for the better.
Mr. Buffet is running out of time, but the aforementioned proves his strong ties to the belief of Gordon Gekko: Greed is good.
I would make a suggestion that Mr. Buffett please put a good portion of the money he makes from the float in scientific and medical research that cure diseases caused by asbestos and other hazardous/toxic substances and invest in environmental technologies that permanently remove asbestos and other hazardous/toxic substances from our environment in order to save lives.
Instead of the beliefs of Gordon Gekko, I recommend Mr. Buffet follow the beliefs of Oscar Schindler, 'To save one life is to save the world'.