I saw a graphic that depicted the run on LEH. If similar to the case with BSC they were saying the truth. They had what seemed to be adequate capital in normal times. In the space of three days though there was a MASSIVE run on Lehman. That kind of possibility is what has caused everyone to reappraise the viability of the investment bank model and abandon it.
Fuld will be found guilty and ordered to pay 500 million + treble damages
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I saw a graphic that depicted the run on LEH. If similar to the case with BSC they were saying the truth. They had what seemed to be adequate capital in normal times. In the space of three days though there was a MASSIVE run on Lehman. That kind of possibility is what has caused everyone to reappraise the viability of the investment bank model and abandon it.
Won't happen.
He has too many powerful Democractic friends in congress. And I'm sure he holds the goods on them (such as Chris Dodd) so that if he gets heat, they'll deflect the attention, lest they draw attention to their own sweetheart deals they got through the CFC/Fannie/Freddie mortgage machine (which in turn funded contributions to Democrats' campaign funds....namely Obama's).
Correction: Obama may have raised more money from the companies' PACs and rank and file employees but McCain received more money from Fannie's and Freddie's directors, officers, and lobbyists than Obama. Looking at the two amounts, the amount from the directors, officers, and lobbyists is more than from the PACs and ordinary employees. Simply put McCain received more.
It would be VERY interesting to see WHO it was that took their massive amounts of money out of Lehmans. Was it Arab oil money ? Or some other political motive ?
Justice must be seen to be done though to restore a little confidence. Otherwise it looks like they are all slurping out of the same money trough ! along with their "bought" politicians.
LEH flat out lied in their March quarterly report by misrepresentin g the value of their SE Asia commitments by using accounting methods ,while legal, did not state the true value in spirit and knowledge of those assets/commitments.
Give the Justice dept. time....they will "get their man/woman"...they really are a smart bunch of cookies.
I have waiting for this and also the Country Wide fraud to be exposed. Dodds is not going to escape scrutiny either.
An email from from Richard Fuld Jr., Lehman Brothers Holdings Inc.'s chief executive to Lehman General Counsel Thomas Russo on April 12, 2008, shows why hedge funds are so worried. In the email, Mr. Fuld, summarizing the points from a dinner with Treasury Secretary Henry Paulson, said Mr. Paulson wants to "kill the bad HFnds + heavily regulate the rest."
A spokesman for Lehman declined to comment. The email was released by congressional investigators last week examining the reasons behind Lehman's collapse and bankruptcy filing.
A spokesman for Lehman declined to comment. The email was released by congressional investigators last week examining the reasons behind Lehman's collapse and bankruptcy filing.
Grand Jury convened on Fuld & Lehman:
http://www.elitetrader.com/vb/showthread.php?s=&threadid=141576
http://www.elitetrader.com/vb/showthread.php?s=&threadid=141576