He worried that deposit insurance would "make the United States government liable for the mistakes and errors of individual banks, and put a premium on unsound banking in the future".
But twice in the past three decades, a New York federal appeals court has protected another way of holding prosecutors liable for their errors: The wrongfully convicted have been allowed to sue both cities and counties, which usually control the budgets of — and issue paychecks for — district attorneys' offices, which otherwise operate in state court.
In Dewey, certain assessments had been levied against the owner of property abutting a street paved by the city; a state trial court ordered that the property be forfeited when the assessments were not paid, and in addition, held the plaintiff in error personally liable for the amount by which the assessments exceeded the value of the lots.
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Once the new auditors sign financial statements, they can be found liable for past errors if they build on the past in that way.
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In the ordinary case of advice to clients, if an attorney acts in good faith and in the honest belief that his advice is well founded and in the just interests of his client, he cannot be held liable for error in judgment.
If the Haji-Ioannous were negligent they would be personally liable for the $1 billion claims; if it was the crew's human error, the family's liability was limited to $200 million, all paid for by insurance.
The Securities and Exchange Commission already approves nationally recognized statistical ratings organizations and is contemplating tightening oversight and regulation further — maybe even making the likes of Moody's, Standard & Poor's and Fitch Ratings financially liable for rating errors.
