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Charges Against Former Lehman Execs Imminent?
Are Dick Fuld's days in non-captivity numbered? After the Repo 105 criminal disclosure came and went, most have forgotten about the last ditch attempt by Lehman to misrepresent its balance sheet (with or without the complicity of E&Y) as it was collapsing into insolvency. That may soon be ending. Charlie Gasparino, via Dow Jones, has the (fluid) scoop.
The U.S. Securities and Exchange Commission is close to charging some former Lehman Brothers executives, partially related to a capital raise in March 2008, Fox Business Network's Charlie Gasparino reported Monday, citing sources and analysis. It is not clear which former executives will be charged, but Gasparino said the SEC has been focusing on former chief financial officer Erin Callan, former president Joseph Gregory, and former chief executive Richard Fuld.
Gasparino said the charges could come as soon as this week, although he cautioned that it was not certain, and that he expects the situation to be resolved soon.
And if some of the charges do indeed focus on Repo 105-like malfeasance (which they most certainly should), we can't wait for various Attorneys General to go after all those other banks which vewy vewy quietwy admitted they have also used such potentially criminal window dressing practices, as "immaterial" as they may have been - and yes, it is conventional knowledge that in the days of Bernanke Central Planning, LP, all transactions below $1.000 quadrillion round down to zero...
And some more details:
About the charges being brought against Lehman Brothers:
“Sources close to the Lehman Brother’s investigation are telling Fox Business Network SEC charges against Lehman executives appear imminent. If you look at the amount of money being taken out of the Lehman estate to pay for the legal fees of Erin Callan, former CFO; Ian Lowitt, the other former CFO; Joe Gregory, the former president; and Dick Fuld, the former CEO; all people that are broadly known as targets or people of material interest by the SEC.”
On why it is apparent that these charges are coming:
“It has ramped up dramatically over the last three months. For the first year and a half since this became a matter of interest for the SEC, they spent about 35 million dollars in attorney fees. In the last two and half months they have spent 35 million. So this case, according to sources and that sort of analysis; everybody is in agreement this case is coming to a head.”
On who the charges are directed towards:
“I can tell you who they are focusing on, clearly its Erin Callan because of that capital raise. Clearly its Joe Gregory her boss who was the day to day executive, and Dick Fuld because he is the CEO. And there are others involved but we don’t know who else they are going to target in this case if and when they bring it because a lot of times these guys make deals.”
On what the charges focus on:
“At least part of it is focused on the March 2008 capital raise where they went out and did a preferred deal. Erin Callan made some very positive bullish statements about Lehman. About how the nature of its finances would mean that it did not need more capital and three months later Lehman Brothers needed more capital and then came the decline of the firm.”
On what Lehman Brother’s has to say about the imminent charges:
“We called each have every one of the lawyers for the people I mentioned and they have no comment.”
On when the charges will be brought forth:
“We understand this thing is imminent. The rumor mill is that it could come as early as this week.”
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Quick, Dick, get to the choppah.
http://www.thecanadianencyclopedia.com/index.cfm?PgNm=TCE&Params=M1ARTM0...
Christmas time is coming, the value of soap-on-a-rope can not be underestimated in prison.
Client # Repo 105 ;-)
Can someone wake me when the Hindenburg Omen strikes? I'm still waiting for the Death cross. In the mean time, I'm gonna take a nap. This market is as interesting as watching my Grandma knit Christmas booties
Wake me when the word "indictment" is used, please.
I don't know. Maybe NOW the perp walks will start. Someone has to be the fall guy. Little late, though.
deleted
Trillions in fabricated "profits" through the invention of uncollaterized debt instruments. A generations worth of other peoples money destroyed, and we still haven't arrested anyone for criminal acts.
But hey, when the criminals are wearing badges and sit in Federal agencies, what can you expect?
Just in time for elections!
My thoughts exactly.
+1, Obama can blab about how tough he is on wall st, going after the people who brought the financial system to the brink of collapse, and on Nov 5 the SEC can settle these charges out of court with the parties neither admitting or denying guilt.
....right you are. November 5 brings the baby fines and wrist slaps. Taking this Lehman mess to trial would expose many, many co-conspirators. I'll speculate the defense has already tipped that wild card already.
+100
Move along..., nothing to see here.
Is anyone ELSE going down?
NO MORE sacrificial lambs!
+1!
Dick Fuld AKA the Gorilla will be trying to drag Tim Geithner down with his house...like the last scene in 'Trading Places' where the real Gorilla gets a new GF. Thank you Senator Al Franken.
Oh Charlie relax. The SEC is only looking at ERIN Callan or ERIN Andrews.
You make that call pal.......should be an easy one.
God bless Tony Valukas.
Wee, Another Dog and Pony show for the Sheeple. That's showing those big bad banks.
"For the first year and a half since this became a matter of interest for the SEC, they spent about 35 million dollars in attorney fees."
35? Am i missing something, who is proping the price? even if 100 layers are working on the case, i still don't buy it 35 mil, unless some1 gets serious money into the pockets.
It's government, so that figure isn't real.
It's probably like $2 million to the attorneys and $33 million in handouts to their "constituents", otherwise known as ye olde personal savings account.
I know attorneys that can bill 90 hours in one day. The live in an alternate time/space dimension.
It would be nice if Fuld and the boys know where all the bodies are buried, and who buried them... plea bargains are such great equalizers... and oh look, the financials are weakening.
Schadenfreude, bitchez
Eye candy isn't anymore.... Besides, Jed Rakoff will just say the courts have no jurisdiction...
They are all guilty as sin. Tangelo, the orange man, franklin raines, fucktards all.
So I'm the schmuck?
Yes, Dick. Someone has to be.
Erin's Wikipedia bio has been deleted.
You know this shit pisses people off?
Madoff was arrested Dec. 2008 and March 2009 found guilty. I said back then, that Madoff was peanuts compared to whats been going on. This is just crumbs tossed to the masses to show their incompetent asses are doing something. Next we'll hear, "oops we've got this statute of limitations has passed, so our hands are tied.
Bernie would be a free man if he had kept his mouth shut. The only reason he got popped is he told the world he was a ponzi.
The end is near. Member Banks are being accepted as of course having all the money ( to cover their solvency needs; nothin for you) but the next bubble will complete the game begun with outsourcing begun in 1981-ish
http://www.ritholtz.com/blog/2010/08/coming-soon-bank-ceo-perp-walks-jail-time/
speaking of perp walks. . .
Now if we could just talk a bit about Tim Geithner and there's some unfinished business with that crook Henry Paulson . . . if those perps were to walk I'd believe again.
"Charges Against Former Lehman Execs Imminent?"
My Magic Fuckin' 8 Ball Tells Me:
Sensational charges announced just prior to the election!!!
Will empty suit Holder and the DOJ forget to introduce the incriminating emails and deliberately tank the case just like the Bear Stearns execs trial?
Stay tuned: Same Bat time. Same Bat channel...
For more fictional Kabuki Theater for the masses. The only question is which bitch is wearing the dress this time?
Holder or Fuld?
You forgot same Bat Shit.
More Lehman juice to get you riled up.
http://economicsofcontempt.blogspot.com/2010/08/feds-backup-plans-for-lehman.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+economicsofcontempt+%28Economics+of+Contempt%29
problems at Lehman well known in June 2008. So much for the whocouldanode defense these Wall Street thieves trot out.
Charging Lowitt would be rough justice, IMO, like charging the deckchair attendant on the titanic.
DICK THE GORILLA
http://williambanzai7.blogspot.com/2010/06/best-of-wall-street-breeds-di...
The SEC is about to charge someone? Did they lose the internet connection to the tranny porn and actually have to do some work for once?
Well, after the latest episode of "S.E.C." about their pursuit of GS this could have one of the two outcomes:
1. Lehman will get a 'Tsk! Tsk! Now you behave, boy!' small fine.
2. Lehman execs could become the soon-to-be-mutilated dimebag hooker upon which the SEC heaps all it's pent up angst.
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