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When An Asset Turns Toxic, Who You Gonna Sue?

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When An Asset Turns Toxic, Who You Gonna Sue?

Housing

When An Asset Turns Toxic, Who You Gonna Sue?

George Laufenberg, manager of the carpenters union fund that is suing over a toxic asset gone bad. (NPR/Caitlin Kenney) hide caption

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(NPR/Caitlin Kenney)

When An Asset Turns Toxic, Who You Gonna Sue?

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  • <iframe src="https://www.npr.org/player/embed/114620191/127415868" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">

A toxic asset — very much like our own Toxie — goes bad. And a New Jersey carpenters' union fund that bought a piece of the asset tries to figure out if there's someone to blame.

On today's Planet Money, we hear from a carpenter, a lawyer and a guy who owns a pub in London. Oddly enough, the pub owner could be the one bailing the carpenters out.

Download the podcast, or subscribe. Check out a graphic that tracks the carpenters' toxic asset. Music: Gorillaz' "Stylo." Find us: Twitter/ Facebook/ Flickr.