Here Comes Lehmangate: Bankrupt Lehman Estate Gets Sellers Remorse; Are Criminal Charges Forthcoming?

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Tue, 09/15/2009 - 15:38 | 70095 Bubby BankenStein
Bubby BankenStein's picture

Off topic:


There was a historic rally Saturday September 12 in Washington DC.
Yes this was another Tea Party, but was more than a collection of fringe activists:
Despite mainstream media attempts to characterize turnout as in the thousands, a spokesman for the National Park Service, Dan Bana, is quoted as saying "It is a record.... We believe it is the largest event held in Washington, D.C., ever."
It is estimated that from 1.2 to 2 million participants were there in Washington by way of their own time and money.
Here is video coverage of this event provided by C-SPAN,  A must watch!


Tue, 09/15/2009 - 16:14 | 70152 Anonymous
Anonymous's picture

"estimated that from 1.2 to 2 million participants"

You'll obviously believe anything, Bubby. A perfect Tea Bagger.

Tue, 09/15/2009 - 19:29 | 70481 Anonymous
Anonymous's picture

Anon 70152 its obvious you're drinking obama's cum!

Tue, 09/15/2009 - 16:17 | 70162 Anonymous
Anonymous's picture

"It is estimated that from 1.2 to 2 million participants were there in Washington by way of their own time and money."

Don't believe the hype, it's a sequel.


70,000 max.

The photo posted as "proof" of the 1-2 million was an photo from a rally in the 90's. How do we know? A building that was build early in the 2000's was missing from the photo.

And if you're going to go and protest about getting the Government out of your life, don't take public transport to get there and don't protest on taxpayer funded property. Go hire a (non taxpayer funded - if there are any) stadium off a sports franchise.

Tue, 09/15/2009 - 17:26 | 70303 clotario
clotario's picture

The photo I saw claiming "thousands" were protesting actually showed a crowd about ten people deep.


...and how much did the insurance industry pay to get them there?

Tue, 09/15/2009 - 20:57 | 70559 Bubby BankenStein
Bubby BankenStein's picture

70152 & 70162:

So what if 10,000 or 2,000,000 people were there.  They exercised their right to free assembly.

70162 - Most of the people at the Tea Party are taxpayers who have every right to use public space in a legal manner as has been done.

Do you get the message, or are you sitting on an Acorn waiting for something to happen?

Wed, 09/16/2009 - 00:13 | 70750 Anonymous
Anonymous's picture

Anon, we have already paid for the public services that you have listed. I just want people that are failures to crash and try again. Will the taxpayers get rescued from the bankers ignorance and greed?

Tue, 09/15/2009 - 19:02 | 70449 AN0NYM0US
AN0NYM0US's picture

the official USA today Crowd estimating tool for Washington DC



Wed, 09/16/2009 - 00:14 | 70752 Anonymous
Anonymous's picture

"During an interview with Atlanta tea party organizers Jenny Beth and Lee Martin on Fox & Friends, Gretchen Carlson did not point out that Jenny Beth Martin has been a paid Republican consultant."

Wed, 09/16/2009 - 06:44 | 70871 Anonymous
Anonymous's picture

I used to be a big supporter of the tea party movement, but recent events have shown it clearly to be a front for corporate/republican interests. Nothing can be heard from them when corporate interests are being taken care of (financial reform, carbon tax give away) but then they have a mass rally to protest the very program that would be of the most benefit to the tax payer, but the least benefit to the insurance industry. I don't believe most of the marchers realize they are being manipulated, but I think most people don't.

I wonder where they are on Audit the Fed, etc.

It is a shame because ths nation really calls out for an organization like the tea party which should represnt the idea that we are taxed and have no say in policy compared to corporate interests. Of course they would get no funding

Tue, 09/15/2009 - 15:39 | 70097 Project Mayhem
Project Mayhem's picture

haha wtf

Tue, 09/15/2009 - 15:41 | 70099 buzzsaw99
buzzsaw99's picture

The bonuses will be enormous!

Tue, 09/15/2009 - 15:48 | 70103 cougar_w
cougar_w's picture

This whole business was an example of picking the meat off the carcass. Anyone thinks these sorts of things proceed either in the open, or in a controlled manner, is not paying attention.

To complicate things, the managers overseeing the dismemberment of their own enterprise in turn expect a new job with the profiteers whom they assisted, not coincidentally managing the pot of money they helped loot.

And if not themselves (as that might lead to criminal indictments later) then certainly their buddies, who in turn will scratch their back in return of a favor at a later time, winkwink.

This is how the rich loot not only a single company that lands on the rocks, but an entire economy. They just do what comes naturally to them and don't stop to worry about either the legal ramifications nor the ethical implications, because they are both immune and blind to both.

It's just money. Just move the money around some more. Keep that money moving.


Tue, 09/15/2009 - 15:49 | 70106 agrotera
agrotera's picture

This is the exact equal and opposite of the BAC/MER transaction where the deal extracted money from the buyer for the bought...and somewhere in the very middle there might have been justice.  But, from the start, the Lehman collapse didn't have to happen...hank held up their request for bank holding status and ben refused them the 6billion bridge loan---oh, it's hank and ben again, what do you know?

If these injustices dont get righted, we can be assurred of our country's banana republic status.

Tue, 09/15/2009 - 15:59 | 70119 cougar_w
cougar_w's picture

As I recall the explanation at the time, Lehman was destroyed by the other banks as punishment for earlier acts not becoming of an oligarch, having to do with their non-playing-by-the-rules regarding LTCM back in 1998. It's an interesting idea that appeals to my sense that Machiavellian intrigue at this level operates over decades.

Tue, 09/15/2009 - 17:32 | 70314 Hephasteus
Hephasteus's picture

It does. When the 2nd czar of russia helped the US they got put on the central bank payback list that took decades to take off.

Wed, 09/16/2009 - 00:19 | 70759 Anonymous
Anonymous's picture

I thought it was BSC that didn't play along in '98.

Wed, 09/16/2009 - 02:52 | 70837 theadr
theadr's picture

Kinda like Sadaam w/ the Dick & Don Show.

Tue, 09/15/2009 - 15:53 | 70110 Anonymous
Anonymous's picture

"Distortion of Book value"

Isn't this the American way -!?!
The mantra of todays CFA's? ?!?

Love, American Style
Hank "Get er done!" Paulson

Tue, 09/15/2009 - 15:54 | 70111 Anonymous
Anonymous's picture

Wait till the papers are filed on the amazing clusterfuck that is AIG....

Talk about distorting the value of the books!

Tue, 09/15/2009 - 15:56 | 70112 Cognitive Dissonance
Cognitive Dissonance's picture

The mind is overwhelmed by the level of thieving to date. No need for masks or guns because the powers-that-be are on the take.

Silly me, I thought this only happened during Al Capone's rein in Chicago.

Tue, 09/15/2009 - 16:08 | 70133 cougar_w
cougar_w's picture

Latter-day mobsters have relearned the fine art of operations "sub rosa". Though I wonder if as the wheels come off they'll revert to their less refined methods. After all, carefully playing one's cards close to the vest is less an issue if you can just kill everyone else at the table and gather up their chips.

A sudden increase in "suicides" might be expected, though disappearances would work as well. And the sharks cruising off New York harbor won't complain.

Tue, 09/15/2009 - 16:57 | 70253 agrotera
agrotera's picture

The privately held Federal Reserve corp, and their ownership of half of the Dow, provides them with the money to buy all elected officials and thus, laws are made to support the criminal activities that have been going on for many years...but the breakdown of Glass-Stegall, the packaging and selling of fraudulently rubberstamped AAA garbage, and the final insult, telling the country that we have to save the blackholebanks because they are "toobigtofail" was a flat out bank heist beyond anything Al Capone had going.

Tue, 09/15/2009 - 15:56 | 70113 deadhead
deadhead's picture

"Just don't take the RACERS!"


Tue, 09/15/2009 - 18:02 | 70366 Uros Slokar
Uros Slokar's picture

HAHAHAHAHAHA. Seriously, that one sentence tells you all that needs to be known about the reality of how the world operates. It'd be absolutely hilarious if it didn't make me want to poke my eye out.

Tue, 09/15/2009 - 15:57 | 70116 Anonymous
Anonymous's picture

can somebody expand to me on the allegations that the "chosen to survive" banks were allowed to dump swaps on Bear Stearns that were paid at 100 percent therefore dumping the stock price to the shareholders. I remember reading it here but have not been able to reacquire the document. wouldn't that also dictate a lawsuit?

Tue, 09/15/2009 - 16:02 | 70124 Cursive
Cursive's picture

Ahem.  Perhaps a case of seller's remorse?  LEH shareholders ought to sue the Federal Reserve.  LEH wasn't worth anything, just got put down before Helicopter Ben starting raining the Benjis.

Tue, 09/15/2009 - 16:06 | 70131 Anonymous
Anonymous's picture

The cockroaches are scrambling now.

Tue, 09/15/2009 - 16:17 | 70161 cougar_w
cougar_w's picture

Yeah... but why? Doesn't this sort of thing endanger all of them, in the end? Why don't the oligarchs just resolve this behind closed doors to every one's mutual gain? It's not as if any regulators or shareholders will either notice or care.

Makes me think the powerful are flexing their influence and making an end-run. Aiming to gobble up one another until but a few are left standing, the banking equivalent of the imperialist era of the 1800s. I doubt very much that we'll be able to operate very freely in a world controlled by just 3 banks and no independent governments, one bank of which is likely to be Goldman Sachs.


Tue, 09/15/2009 - 16:31 | 70196 Anonymous
Anonymous's picture

You act like this doesn't already exist... like we can freely operate in the world as it is... If you somehow manage to get out from under your debt, you'll be greeted by a front runned market or a gun wielding government demanding tax revenues... fucked either way.

Tue, 09/15/2009 - 16:09 | 70135 Careless Whisper
Careless Whisper's picture


WTF is that all about?

Tue, 09/15/2009 - 16:18 | 70165 cougar_w
cougar_w's picture

If we told you that, we'd have to kill you.

Tue, 09/15/2009 - 16:19 | 70169 HEHEHE
HEHEHE's picture

I demand the SEC investigate and impose a stiff fine! 

Tue, 09/15/2009 - 16:21 | 70173 Anonymous
Anonymous's picture

Wasn't the Lehman_Barclays deal the "Deal of the Century"?

Read it here:

Tue, 09/15/2009 - 16:23 | 70177 Hoi Polloi
Hoi Polloi's picture

Wasn't the Lehman-Barclays deal the "Deal of the Century"?


Read it here:

Tue, 09/15/2009 - 16:24 | 70182 MinnesotaNice
MinnesotaNice's picture

Can we have Judge Rakoff put on the case... please...

Tue, 09/15/2009 - 18:15 | 70386 Uros Slokar
Uros Slokar's picture

Sadly, the entirety of the Honest Branch of the US judiciary is currently all filled up dealing with a little SEC case, in which the wrongdoer is none other than the SEC. YAYYYY America!!!

Tue, 09/15/2009 - 19:10 | 70461 MinnesotaNice
MinnesotaNice's picture

Yeah... thanks for pointing that out... it is futile... there is only one Judge Rakoff... and a whole lotta wrongdoing going on around here... kind of like a western movie where the lone law man has to take on every bad guy in the country.

Tue, 09/15/2009 - 20:03 | 70514 Uros Slokar
Uros Slokar's picture

I gotta believe there is a "Deep Throat" out there somewhere who is going to help bring it all down. But it will also probably involve more than one good man - here's hoping Rakoff gets a little help. And let's also hope he manages to avoid the Suicide Flu that's been going around of late.

Tue, 09/15/2009 - 21:07 | 70566 HEHEHE
HEHEHE's picture

I guess Rakoff doesn't care about making it to the Second Circuit;)

Tue, 09/15/2009 - 16:42 | 70218 Anonymous
Anonymous's picture

Blockbuster to shut close to 1000 stores. The green shoots not helping them ?

Tue, 09/15/2009 - 17:12 | 70283 John Self
John Self's picture

To be fair the the greenshootsters, I don't recall any of them ever saying that it would save an obsolete business model.

Wed, 09/16/2009 - 03:01 | 70841 theadr
theadr's picture

Like brick and mortar banking?

Tue, 09/15/2009 - 16:49 | 70232 AR
AR's picture

Accolades to Tyler and staff. This is superb reporting and disclosure. We truly compliment ZH's intensity toward the truth, not only in this Lehman/Barclay matter, but all topics reported and discussed. Please keep up the great work. We know work like this can be exhausting, though rewarding.

Tue, 09/15/2009 - 18:10 | 70246 computertrades
computertrades's picture

I hope charges are pressed soon.

good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions

Tue, 09/15/2009 - 17:03 | 70268 Silver Bullet
Silver Bullet's picture

How great would it be to see Madoff, Fuld, Diamond, Lewis and Cox all share the same cell block?

Wed, 09/16/2009 - 02:58 | 70839 theadr
theadr's picture

So they can plan their next heist?

Tue, 09/15/2009 - 17:14 | 70282 John Self
John Self's picture

But meanwhile, the quick trigger on the Lehman sale has already been cited as precedent for approving the Chrysler [ironically, represented by Jones Day] and GM debacles.  Now after the fact... hey, who would have thought something could go awry when you sell hundreds of billions of dollars on 24 hours of negotiations and no notice to interested parties?

Tue, 09/15/2009 - 21:47 | 70611 t0gn (not verified)
t0gn's picture

The photo posted as "proof" of the 1-2 million was an photo from a rally in the 90's. How do we know? A building that was build early in the 2000's was missing from the photo.

good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions

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