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Lehman Brothers: We Let Them Get Away With It

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Posted on Apr 23, 2012

“60 Minutes” digs into the collapse of Lehman Brothers, and more specifically the government’s decision not to prosecute the managers of the failed investment bank or its accounting firm. —PZS

Introduction from CBS News:

On September 15, 2008, Lehman Brothers, the fourth largest investment bank in the world, declared bankruptcy—sparking chaos in the financial markets and nearly bringing down the global economy. It was the largest bankruptcy in history—larger than General Motors, Washington Mutual, Enron and Worldcom combined. The federal bankruptcy court appointed Anton Valukas, a prominent Chicago lawyer and former United States attorney, to conduct an investigation to determine what happened.

Included in the nine-volume, 2,200-page report was the finding that there was enough evidence for a prosecutor to bring a case against top Lehman officials and one of the nation’s top accounting firms for misleading government regulators and investors. That was two years ago and there have been no prosecutions. Anton Valukas has never given an interview about his report until now.

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By Ed Romano, May 13, 2012 at 6:52 pm Link to this comment

“WE” let them, get away with it? Get real. As Tonto was reputed to have said to the Lone Ranger, when they were surrounded by hostile indians and the Ranger said,... looks like were in deep trouble here Kemo Sabe,....What do you mean WE white man ? ....“We” have nothing to say about anything of importance either in Washington or on Wall St.  because WE have no power whatsoever to determine anything at all in this one party country.Do you think, for example, that the military eating up 2.2 million dollars PER MINUTE is more than a little absurd ? Very well, what can “WE” do about it. Zilch, Nada. Not a thing, because he who has the biggest gun rules, and the rest of us ......we’re just the “WE”.

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By vector56, April 25, 2012 at 5:45 pm Link to this comment

I agree with Blueokie; not reelecting Obama would break the back of the Corporate Democrats and allow something “civil” to fill that vacuum.

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By Blueokie, April 24, 2012 at 7:24 pm Link to this comment

This is actually an indictment of Obamafraud and his joke of a DOJ.  He doesn’t believe in the rule of law for the financial and political elite, but he has the DOJ and Homeland Security coordinate cross country raids on Occupy encampments.  He protects those who order war crimes, and prosecutes those who expose them. 
He protects energy companies while they destroy the environment.  Yet there are those that consider his reelection as the lesser of two evils.  He is the more effective of the two evils.

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By Dildeaux, April 24, 2012 at 6:38 am Link to this comment
(Unregistered commenter)

We must look forward, not backward (only when the heist involves the well-healed and the politically-connected).

Catch a dude swiping a Twinkie at the local 7/11 and throw the damn book at him. No tolerance whatsoevah.

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By vector56, April 24, 2012 at 6:13 am Link to this comment

“We seem to be standing at a tipping point of being able to use capital for either self enslavement or enlightenment.  A battle between greed and grace.  “

Surfboy;

How does that “definition of insanity” thing go; repeating the same actions and expecting a different result? How many cliffs must “Capitalism” take us over before we decide to try something else?

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By Mark, April 23, 2012 at 7:01 pm Link to this comment
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According to reports at that time, Lloyd Blankfein, CEO of Goldman Sachs, participated in the meeting conducted by the Fed and Treasury when the government decided that, unlike Bear Stearns, there would be no bailout or intervention for Lehman.

Lehman would be allowed to fail.

No satisfactory explanation has ever been given for the inclusion of Blankfein.

With that decision, Goldman Sach’s longest standing competitor was removed from the market.

The commercial break right after the intro was for Goldman Sachs.

You gotta love the irony.

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By vector56, April 23, 2012 at 5:31 pm Link to this comment

Somebody Please correct me if I am wrong, but wasn’t
Lehman Brothers knee deep in the American Southern Slave Trading business originally?

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