Anyone catch the 60 minutes piece on Lehman?

Discussion in 'Wall St. News' started by Max E. Pad, Apr 23, 2012.

  1. Not much new here, but even with the simple information from this video, it is simply mind boggling that none of these guys have done the perp walk yet. I wonder if a few token heads are going to roll right before election season here to make it look like Obama is actually making attempt at prosecuting some of these guys.



    One other thing i found funny about the video is that Dick Fuld is apparently running a business consulting firm now.

    I wonder what some of his lessons are called....

    "How to blow up a 100 year old bank and bring the entire world down with you."
    "Creative accounting 101, how to mark your assets value up by 1000%, and avoid jail time"
    "The joys of 50-1 leverage in a housing bubble"
    "The pain of 50-1 Leverage on a 2% pullback"

    Feel sorry for the poor bastards who hire him for advice..... Though its pretty tough to say "Well i didnt see that one coming" if your business goes under shortly after seeking his advice....

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  2. I recall Fidelity Investment's Financial Statements available online at the time stated Lehman was levered 20+:1.

    Apparently now it was actually 44:1. Maybe by the end it was, but 20 was as unacceptably high as the final whimper at 44:1 that no amount of trading could ever overcome.
     
  3. It's the Golden Rule at work once again...whoever has the gold makes the rules. :D
     
  4. pupu

    pupu

    Crooks got away under the (porn jacking) SEC cover fire and the whistler blower got nailed (again).

    System works solid, as always
     
  5. Bob111

    Bob111

    ------------Not much new here, but even with the simple information from this video, it is simply mind boggling that none of these guys have done the perp walk yet. I wonder if a few token heads are going to roll right before election season here to make it look like Obama is actually making attempt at prosecuting some of these guys.-------

    what surprise me in US that no one ever got killed after event like this one. i'm pretty sure, if some seriously pissed off folks,who lost everything, did shoot couple bankers from WS\Lehman-next time those mofo's would think twice before they f**d with customers..people in US have no balls..
     
  6. Bob111

    Bob111

  7. Kel108

    Kel108

  8. Greed. It brings down every trader, big or small.
     
  9. lwlee

    lwlee

    You can point fingers at all the culpable suspects who should have been prosecuted but in hindsight, even the Bernanke has said, they should have save Lehman. Letting Lehman fall made things worse.
     
  10. Fantastic clip. Thanks for posting it.

    Listening and thinking about the troubling implications behind this video, I can't help but ponder the future (my own in particular).

    If legal systems, accounting systems, financial regulation, the FED, the government, and all the other protections either fail to act, act in concert, or are not really independently balanced behind the scenes, then some questions come to my mind.

    Is this simply a modern version of an endgame scenario for the world's society? That is, is this merely what Rome would look like before their own army marched against their own city?

    What societal institution or group is left to protect citizens and investors? What hope is left to fix or reverse this kind of financial misbehavior?
     
    #10     Apr 24, 2012