Legal Experts Say Lehman Criminal Case Would Be Difficult

Discussion in 'Politics' started by finsuptx, Mar 12, 2010.

  1. finsuptx

    finsuptx New Member

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    Legal Experts Say Lehman Criminal Case Would Be Difficult - WSJ.com

    I find it incredibly hard to believe that executives can't be held accountable for steering the global economy to near collapse (we're not out of the woods yet). Through shady accounting practices (Ernst & Young) they played their ponzie scheme (a la Madoff) and they knew only too well their house of cards was due for a big wind, otherwise they wouldn't have shuffled things around to make things "look rosey" to regulators (sheisty bastards themselves).

    It is laughable to me the guy at the top can use the defense "well, I didn't know what was going on." Isn't that his job? Does he not receive a profane salary to run his company? It is a fact that these executives have to sign documents to regulatory authorities, and that alone makes them accountable if there are irregularities (read meltdown). Apparently they have no responsibility whatsoever than to collect their paycheck.

    Lehman, Ernst, and apparently JPMorgan-Chase and Citibank, were all in cahootz (especially in the final days) in a scrambled cover-up operation. Out the window with any "prove intent" argument. These people diliberately played fast and loose with investors' money hoping to stay one step ahead of the shell game, and their poor judgement has cost trillions, wreaked havoc on the global economy, ruined the lives of millions of people, and they are still using the exact same practices, even today. If that isn't intent, then what is?

    It's rather like a Manslaughter charge anyway, I feel. You may not have meant to kill him, but you did, and for that you must be punished. If CRIMINAL charges are not quickly, broadly, and relentlessly pursued immediately, then I would have to say the regulators, the Fed, and Treasury must have known about it too, and sat on their hands.

    But who am I kidding, and why am I even complaining. Justice can never be served in this case. They can't pick Humpty Dumpty up and put him back together again. They can't/won't replace the lost wealth, jobs, pride, and homes they callously robbed from so many innocent people.

    They knew what they were doing. They knew better than anyone what the consequences would be. They knew they had millions in the bank (offshore no doubt) to pay for an army of lawyers to defend them.

    Criminals.
     
  2. midlifebear

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    I agree completely and commiserate in your frustration. But you knew we were screwed when Reagan, under oath, was allowed to repeatedly get away with "I'm sorry, but I don't remember." Historically, other countries have pulled down and rebuilt their entire governments with populist revolutions for less atrocities. Sigh.
     
  3. D_Tully Tunnelrat

    D_Tully Tunnelrat New Member

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    Actually two former top Lehman managers today revealed today that they used "105 repos" to hide (off balance sheet) effectively $50B in overnight contracts from regulators. Dick Fuld, Lehman CEO, knew this as well. Everyone knew these were fraudulent transactions designed to make the investment bank's capital ratios conform to SEC rules. The house of cards collapsed when JP Morgan made a collateral call. This is what we get when our government selects regulators who are lawyers, rather than finance professionals. Private industry will run circles around them every time. Regulators need both knowledge, experience and legislation with enough teeth to keep corp. raiders from abusing the system. One can only hope the pendulum will start to swing back the other way... in the meantime, based upon today's evidence: prosecute, prosecute, prosecute.
     
  4. midlifebear

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    duc10023: Thanks for the good news!
     
  5. D_Tully Tunnelrat

    D_Tully Tunnelrat New Member

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    My pleasure to be the bearer of it.
     
  6. D_Gunther Snotpole

    D_Gunther Snotpole Account Disabled

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    Not that I disagree with your general point, but wasn't Reagan rather senile at the time?
    And obviously so?

     
  7. justasimpleguy

    justasimpleguy Active Member

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    It's from the WSJ. You think those guys want to see a bunch of bankers go down? Please. Anyone remember the savings and loan crisis? They busted boatloads of people. They're just not doing it this time because these guys are "too big to fail."

    We'll see about that. The AFL-CIO is organizing a series of public protests. Did you know the JP Morgan main office in Greece got bombed? This is only beginning.
     
  8. SilverTrain

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    Yestetday's REAGAN "I don't remember" = today's "t
    Too Bog To Fail

    history repeating.....
     
  9. finsuptx

    finsuptx New Member

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    I'm not entirely sure, but "too big to fail" sounds an awful lot like "monopoly" to me. The US gov't is the single largest employer in the country, and it fails, everyday. Miserably.
     
  10. D_Tully Tunnelrat

    D_Tully Tunnelrat New Member

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    It's also in the FT. The magnitude of the scam will taint E&Y who had to go all the way to the UK to get legal "approval" for their repo scam. How that works in American, I have no idea. When Wall St. turns upon themselves, as they are in this case, you know they are getting to the truth. Pity is we have not heard it about AIG, Citi, Morgan, etc. Now that Morganthau has retired who will pick up the toughest AG "law and order" mantle? Holder seems to be struggling at present.
     
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