THE DOT - if this turns orange or red be alert

Saturday, March 13, 2010

The Lehman fraud takes form and shape - must see video

We knew all along that Fuld and his boys and girls (CFO) committed fraud but now we have the prove how they did it some concrete techniques Rope 105. The even more dramatic thing is that Geithner as FED president knew (should have known) as does Bernanke or Paulson that accounting was flawed.
Its about time that FBI takes over and no more pathetic Senate or Congress hearings - its about time that that consequences shall be drawn and Obama needs to be on top of this thing or he should resign from office.
The fact that they let lehman go bankrupt is one thing ( borderline crime) but they should have known it far before and act upon it is an unforgivable and not disputable crime.

Excerpt

Ratigan And Spitzer Discuss Repo 105, Conclude "Civil Cases Will Be Brought"


Yesterday we predicted that Repo 105 would be the media buzzword for the next days and weeks. We were right. Dylan Ratigan and Eliot Spitzer digest the Lehman examiner report, and simplify it enough so that Joe Sixpack can grasp the nuances. It is, in our opinion, now beyond a reasonable doubt that Lehman's CFO should all stand in a court of law for securities fraud violations, despite Erin Callan's and Dick Fuld's protestations that all they did was in Lehman's best interest. We do not doubt that; however we are currently poring through the Q&A's of the four most recent Lehman conference call Q&As with analysts... Something tells us quite a few smoking guns will emerge. Lehman has become merely the latest example of all that is broken with today's crony capitalist system. Before that it was Goldman and swap gate; before that it was Goldman and AIG-gate; before that it was Goldman and SLP-gate, and on, and on. The evident conclusion is that the core driver of modern capitalist society is fraud at its very core, and nothing short of a massive revolutionary overhaul of the political system, which is the number one defender of the status quo courtesy of very lucrative bribes and kickbacks originating from the same rotten Wall Street that day after day is uncovered to be nothing but a sham filled with toxic assets, used to collateralize an ever growing wall of liquidity (think you Bernanke). Anyway, back to Dylan, who, in traditional fashion, is painstakingly diplomatic "This report comes just short of suggesting this is by no means an accident but instead one of the greatest crimes ever perpetrated by a group of people, and enabled by the US government." And Spitzer concludes: "there is no doubt civil cases will be brought. We had a failure of CEO, the CFO, the accountants, and indeed the regulators, the Fed and the Treasury, that were inside these banks, and the question has to be asked: where were they."

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1 comment:

Kevin John said...

""This report comes just short of suggesting this is by no means an accident.."

Says it all in a nutshell.
Excellent blogsite Getagrip. I have marked you. The thing that annoys the hell out of me are news reports that suggest Bernanke/Guithner et al "made mistakes", as if the highest paid and highest echelons of financial government can possibly be 'surprised' after the sheep they clusterfucked don't necessarily want to snuggel up to them at night.
There is a reason why this is happening, I hope it's more than simple greed to rule the world.

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