Letter to the Editor: A Tribute to H. Adam Prussin
A TRIBUTE TO H. ADAM PRUSSIN | POMERANTZ MONITOR | MARCH/APRIL 2020
In February 2004: George W. Bush is President. Howard Dean, John Kerry, and Joe Lieberman are frontrunners in the Democratic primaries. A study reports that the 1918 flu virus that killed 20 million people may have had a unique bird-like protein and other similarities to the 2004 outbreak of bird flu in east Asia. The SEC adopts enhanced rules for mutual fund expenses and portfolio disclosures, part of the fall-out from the mutual fund late-trading scandal of 2003. Pomerantz drops the inaugural issue of The Pomerantz Monitor, with Partner H. Adam Prussin at the helm.
For over sixteen years, Adam’s Monitor has covered developments in securities litigation, corporate governance, and government policy, giving readers the backstory for and insight into complex and essential matters. In its first issue, the Monitor reported on California’s State Treasurer’s proposal that California’s two largest pension funds, CALPERS and CALSTRS, target $1 billion of their investment assets into “environmentally screened” funds, and another $500 million into corporations that nurture “clean” technologies. The Treasurer’s justification was that companies that are not focused on reducing pollution face the risk of huge clean up costs in the future. Opined Adam, “This strategy is viewed as an effort to exert market pressure to address global warming and other environmental concerns that have not been at the top of this administration’s regulatory agenda.” Our readers gained insight into the nexus of environmental stewardship and the market more than a year before the term “ESG investing” was coined.
Among other relevant matters, the inaugural issue provided insight into a controversial pension reform bill passed by the Senate in January 2004 allowing companies to reduce their contributions to employee pension plans by about $80 billion over the next two years. The bill was a response to concerns that, because of a three year long bear market, required funding obligations had sky-rocketed and companies were having difficulty keeping up.
As a seasoned, expert securities fraud litigator with hardwon successes under his belt, Adam approached each issue by suggesting salient topics for Pomerantz attorneys to cover. His editing process entailed an intentional backand- forth exchange, particularly with associates, utilizing pointed questions and strategic prodding through which Adam teased out each author’s best work. He trained a generation of young Pomerantz attorneys to write cogently and to transform arcane legalese into fresh, accessible narrative.
Did we mention Adam’s sense of humor? Whenever possible – and appropriate – he brought a playful sensibility to his musings on corporate malfeasance, official obstructionism and just plain ridiculousness. Sometimes the humor was in his headlines, as with a 2013 article he wrote that began:
As JPMorgan Chase struggled to put the finishing touches on its $13 billion settlement with the federal government over its misadventures in the mortgagebacked securities area, a major ingredient in the government’s success seems to have come from out of nowhere – or, more precisely, from the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (“FIRREA”). This provision, enacted in the wake of the savings and loan meltdown of the 80’s, has been pulled out of the mothballs to punish some of the misbehaving financial institutions that brought about the financial crisis of 2008. The article’s headline: “FIRREA: No, It’s Not a Disease, Unless You Are a Naughty Financial Institution.”
According to Managing Partner Jeremy Lieberman, “In many ways, the Monitor serves as the Firm’s voice for the 21st century, allowing us room to explore critical rulings, issues and developments that we believe are important for our clients to be aware of and better understand. Adam was key in elevating these conversations at every step and building a publication that we are all proud to share.”
After sixteen years at the helm of the Monitor, this is Adam’s last issue. The Monitor will sally forth, while Adam segues into a well-deserved retirement. We thank you,