This page has been archived and commenting is disabled.
The Lehman Probe: In Preparation For Today's Star-Studded Congressional Line Up
Today at 11am Barney Frank's Financial Services Committee will begin what will be arguably the most exhilarating live grilling in 2010, with a truly star-studded line up. We expect nothing actionable to come out of this, but with flagrantly conflicting statements between the complicit parties of the SEC and the FRBNY on one hand, and the suspiciously honest Lehman examiner on the other, the show should be a memorable one. Throw in the original whistleblower Matthew Lee, who will be testifying in the same panel as Dick Fuld and William Black, and this could be one of the best hearings in a while. At the very least, it will provide some entertainment for the morts who will once again get the false impression that corrupt Congress cares about their interests. You can watch the hearing live and commercial free here or on C-Span.
Here is the full line up as well as each person's testimony.
Witness List & Prepared Testimony:
Panel One:
- The Honorable Anna Eshoo, Member of Congress
- The Honorable Ed Perlmutter, Member of Congress
Panel Two:
- The Honorable Timothy F. Geithner, Secretary, U.S. Department of the Treasury
- The Honorable Ben S. Bernanke, Chairman, Board of Governors of the Federal Reserve System
- The Honorable Mary L. Schapiro, Chairman, U.S. Securities and Exchange Commission
Panel Three:
- Mr. Anton R. Valukas, Partner, Jenner & Block LLP, Court Appointed Examiner
Panel Four:
- Mr. Richard S. Fuld, Jr., former Chairman and Chief Executive Officer, Lehman Brothers
- Mr. Thomas Cruikshank, former member of the Board of Directors and chair of Lehman Brothers’ Audit Committee
- Mr. William K. Black, Associate Professor of Economics and Law, University of Missouri-Kansas City School of Law
- Mr. Matthew Lee, former Senior Vice President, Lehman Brothers
»
- 5781 reads
- Printer-friendly version
- Send to friend
- advertisements -
Every time I see "Honorable" in front of these people's names it reminds me of Inigo Montoya's famous words - "You keep using that word. I do not think it means what you think it means."
I know Dan has to keep fresh information flowing in order to continue driving traffic to Zero Hedge, but at some point it all becomes very mundane.
Bucky Fuller said it best, and I quote: "You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete."
ZH has made its mark by exposing the existing reality. Not surprisingly, it seems that every hour of every day there is a revelation of some new outrage, some new assault on liberty, some new affront to basic constitutional provisions. No shit! It's like complaining about lions eating zebras - it's what the power-elite do.
It's time to focus our energies on building a new model. Actually, we don't really have to build a new model at all, since a paradigm shift is going to occur regardless of anyones particular desires. What is this new model going to look like? Well, that's pretty easy - it will simply be the opposite of what exists today.
So, I would suggest one should begin to consider the various functions observed today in current society, and plan on responding to an entirely different set of circumstances. At some point, this new model will become the norm, and the old model will become a faint memory of some incredibly corrupt, decadent system.
Here's a starter list:
See the pattern? Here's the big secret: the "new" model is actually a very ancient model. In fact, it's the way humanity has lived for millions/thousands of years before the miracle of fossil fuels was discovered a short 150 years or so ago. If something this obvious is staring you in the face, how can you not profit?
Feel free to add to the list; here's another example:
Now, what does this mean beyond those storing gold & lead for their own personal safety & survival? What does it mean on a macro scale when an economy transitions from one form of exchange to another? What new/old products & services (re-)emerge in this type of environment?
Entitlement mentality -> "I am responsible.."
ps: Decades ago, there used to be a magazine..
"Mother Earth News.."
As a store of value sure.
For bartering, fail.
Feel free to inquire why your bar of gold isnt as good as my coins or other means of exchange (daughter with a working womb, etc)
You're describing China to a "T".
Today vs. 150 years ago:
Hospitals/nursing homes -> Death and decay
Cars -> Shoes
Suburban -> Agrarian
Welfare -> Charity, if you were fortunate
Deficit Spending -> Finance domestically or default
Democracy -> Survival
Debt -> Subsistence
Imports -> Avoid Starvation
Your arguments are invalid unless you wish to kill off 90% of the world's population.
farming for your family and town -> paying farmers not to grow
charity and church groups helping the poor -> welfare state where 49% subsidizes 51%
homeschooling/school at church -> government schools held hostage by teachers unions with a progressive agenda
do i need to go on?
Unlike a trippy hippy, I'm not arguing or advocating. Rather, as an enterprising anarcho-capitalist, I'm merely pointing out the obvious.
Here's a mild thought exercise: do doctors argue or advocate that patients should age & suffer ill health? Of course not; they simply let nature do its dirty work. Many people have a false image that doctors make their money from helping those who are basically healthy. Nothing could be further from the truth - doctors make really big money administering to the elderly & soon to die. Essentially they are just front-running the morticians.
Likewise a true entrepreneur should be able to evaluate the situation we have unfolding and make certain, unemotional bets as to the inevitable courses of action. Step back and determine what is as opposed to what you believe is desirous or what should be.
Water and farmable land ? Ok.
The rest is day to day partner.
Do you have any idea where this country is headed socially and economically? Drive or fly to Detroit, head downtown, and take 7 Mile west all the way to the 'burbs. Let me know what occupies your thoughts while driving 7 Mile. Are you busy fabricating business plans, or trying to stay the hell alive?
^^
This is the reason there isn't armed revolution yet. People see this as the alternative and want to keep the current system alive, no matter how corrupt.
Its the same concept behind things like airport screening, automotive safety rules, lots of police standing on a corner, etc. Its all about the illusion of safety. Take that away and people behave irrationally, they behave in survival mode. Make it look like everything is fine and the powers that be are looking after you and people will believe it because they feel safe.
Yeah, right on. I grew up in Motor City. It's simply a has been at this point. Went back to visit a few months back and WOW! I was in shocked.The Democrupts really can see their progressive model of city life they envision. I actually started grieving once on I-75 out of town. Well, keep those entitlement programs going to help kill free enterprise from working. Drove my Chevy to the levy but the levy was dry...the day the city died.
I'll try one more time: it doesn't matter what we want and/or desire. What matters is reality. The reality is that we are living a false illusion, one that is being propped up and maintained at any cost, including shredding basic constitutional provisions, so as to avoid the final reckoning.
Here's an interesting anecdote: Ferfal noted that one of the first things to emerge were black/gray markets operating in previous retail and/or form warehouse space. Well, guess what? Fairly recently, it seems all over SoCal, 'bandit' grocery outlets are operating in former retail outlets; essentially they are indoor swap meets.
Sometimes I wonder if they are even paying rent. I mean, if a mall is BK and the ownership is hard to track down, how hard would it be to change some locks & print up a false lease agreement? There's one place a few miles from us that doesn't even have a cash register.
But that doesn't deter customers who know what they are looking at - it's the same exact produce as at any major super-market, yet the price is discounted by up to 75%. (For example, monster artichokes that regularly sell for $3 are available for $1.) Hell, I wonder if they're total fly-by-month operations that are planning on stiffing their suppliers.
Anyway, take note of what is going down. Here's a few more bullets:
I think you get the picture. Now, how does one harness this power and turn it into a new political movement that will overturn the old order? Kunstler has ID'd what is going to occur, but I don't think he likes the answer.
Nice job B9K9, no matter how it turns out....
Some Drs. suck as much money as they can out of the insured/covered with unnecessary care and tests with little regard to the health of the patient. This is more common than you think and why you should avoid having a physical done.
Drs generally don't get paid when they treat dying people (dead people don't need to pay their bills), that's why you pay for hospice care instead. Hospice care is not profitable. Oncology is not a profitable profession either.
420 or 16:20 for the rest of the world.
see you up on the hill, 5400ft above sea level.
expected turnout 15,000 deep†
Happy 4/20 day, VB.
Love your blog. Check it a couple times a day. ;-)
Should have been just "The Honorable William K. Black".
The rest should be called "The Asshole......"
+1000
I am selfishly high-jacking this comment thread to point out some excellent writing by Chris Hedges:
"Noam Chomsky...reminds us that genuine intellectual inquiry is always subversive. It challenges cultural and political assumptions. It critiques structures. It is relentlessly self-critical. It implodes the self-indulgent myths and stereotypes we use to elevate ourselves and ignore our complicity in acts of violence and oppression. And it makes the powerful, as well as their liberal apologists, deeply uncomfortable."
http://www.truthdig.com/report/item/noam_chomsky_has_never_seen_anything...
I am Chumbawamba.
Shame Chomsky is shunned by every major media outlet.
Not in Europe. Here he is widely read and respected and is oftentimes a guest on many many televisions and pens columns for some of the more respected European newspapers. There was, a couple of years ago, a real Chomsky mania here in Europe and his books were always on the bestsellers list. It was just in the eve of the Iraq War and the first two years of the same when he was an international star. French audience is more familiar with him than the rest of the Europe since his discourse about power with Foucault was widely publicized at the time it was broadcast and many turned on their TV sets to watch the clash of the two titans which were Chomsky and Foucault. Also he is well liked here since he doesn't take the usual dogmatic approach towards philosophy most North American scholars do [the analytical one] but mixes various methodologies to reach his conclusion. What i want to say is that he is shunned only in the USA, and not in Europe. The same goes for William Engdhal who is, probably, one of the most brilliant modern historians and geopolitical writers.
USA is saying "Fuck you" to its own intellect by shunning such intellectuals and promoting some pieces of brainless pop-intellectual shit like most mainstream "commentators" you see daily all over the news.
Too bad Chomsky was such a puss when it came to speaking up about what really happened on 911. After that, I realized he's just another empty agitator.
I COMPLETELY AGREE. However, someone must have put a gun to his head, and said "Debunk this!"
9/11 was so obviously orchistrated and perpitrated by NOT some drunken Saudi's that even Chomsky's hampster knew what happened. I still await the day Chomsky says, "OK, I have to say, I wrote all of those comments about 9/11 because Cheney threatened my life." Think about it, Chompsky debunks 9/11, then all the psuedo-intellectual neo-liberals would have also. Chomsky was the Coup de Gras; without him the scheme falls apart. I am sure his life and those of his families were threatened. But I do not know how he lives with himself.
It is 9/11 alone that puts Webster Griffin Tarpley head and shoulders above Chomsky. Sorry Noam, you blew your chance at perfection. But buddy, I do not blame you. Those Neo-Cons are some sick bastards.
Clint..:
There are different ways to be a puss. I always thought that, in the 80s at least, when the FAA was gutted, the airlines should not have been as deregulated as they were. I will say (sarcastically); "My reasoning was very complex." An airplane doesn't coast to a stop if the engines quit. A lot of people die. There had been hijackings. The Isralies had hardened their cockpits at the time and since. Today they also interview the unknown passangers; whether they did then, I don't know.
The aircrew would need to be trained in the use of CS spray for would-be hijackers. And because I did R & D on the dissemination of CS during the early 60's when Castro was viewed as a threat and Vietnam was beginning to "heat up", I was dosed a few times and can assure all readers that anyone dosed with CS will only do nothing other than try to get fresh air. If the aircrew had been equipped with CS, there would have been no 9/11. CN, the common tear gas of the day was obnoxious but not disabling. With CS, willpower alone cannot clear your eyes to see to shoot (for several minutes at least).
One problem with its use would likely have been potential for lawsuits. Enterprising good citizens could have taken advantage of any exposure although, so far as I can tell, there has been no serious effect in the 47 years since.
Thanks for being selfish Chumb, interesting article.
Chomsky's writing is great. It's just a shame his economics are absolute shit. Like most leftists he's exceedingly good at making observations, but his economic framework is dubious at best.
Nothing will happen. This country, I used love so much, is becoming China and Russia. Admistration, congress are bribed, media is controlled, economic data is controled, market is controled. 'patriotic" is the excuse for everything. Everything is a show to trick the audience. The result of the propaganda and manipulation is that a few ruling class become felthy rich! Who cares! For those who have too much integrity to join them, or for those who is too dumb, you are all doomed to become slaves.
Agreed, only a fool would actually believe that truth, honesty and legal action with CRIMINAL CHARGES would ever happen. Besides, i bet they all have land/home, like the Bush family, in a non-extradition country.
Please don't sully China and Russia by comparing them to the US.
I am Chumbawamba.
In China and Russia, it was a situation of man oppressing man. Here, it's exactly the opposite, you see.
What do you mean become slaves? Too late, check your wallet, you see those green pieces of paper? See what I mean?
serfdom:
One thing you can do is write your Congressional Representatives. You have at two Senators and at least one Representative.
Levin is one of mine and I do write. The letter may only become a check mark on a tally sheet but it is what I can do.
The stars are for the comments, not Congress! or Criminals!
Ruth, you motherfucker, nice to see you baby !!
Always good to see you, we miss you in chat! Sending love and health your way!
http://www.cellquest.com/
http://www.google.com/search?hl=en&source=hp&q=cellquest+++moffitt&aq=f&aqi=&aql=&oq=&gs_rfai=
For the love of cells;)
duplicate post.
ALSO available at:
www.c-span.org/flvPop.aspx?src=cspan3&live=C&pop=Y&remote=N
William Black has been at the forefront of castigating these scoundrels and knaves and showing them up as the hypocrites and thieves that they are. Unless he is cut off like Sylvain Raynes was on CNBC, his piece of the action should make for entertaining watching. And he is on the same panel as Fuld! Or is that Fold?
How long has Black been at this? Decades.
I respect his work and find his interviews always informative, but the guy's really not changing much.
He doesn't have the authority to do anything. During the S&L scandal he did have authority, and he delivered.
The fact that he has no power tell you all you need to know about the entirely f***ed up situation.
Anyone want to comment as to why the hell no one in the DOJ is talking about RICO? Is the DOJ really that incompetent, or is it just bought off?
Black can do a great rant. Very entertaining - if that is all we expect from these things. I would frankly much prefer the congresscritters do more homework, ask specific questions like in a court of law and keep at it until they get a satisfactory answer.
Anyone else sick and tired of listening to Republican CON-gressmen lecture us about feckless regulators? Anyone got a sharp stick handy?
I'm sick and tired of listening to the captured political class.
Knock yourself out with the partisan diversionary tactics.
There is only one party.
And don't be fooled by this jive feigned attack on GS.
Nothing will change near term.
I'll wait for the movie version which will assuredly be less fictional, will exclude Barney fucking Frank, and other so-called financial committee hacks, incompetents, and clueless showoffs.
Hey, that's Honorable Barney Wank to you buddy.
"Muh wah bluh wuh mah luuuuuh."
"Thank you Mr. Chairman...."
Black is one of the few that understand these problems and has answers. Look at what he endured during his investigations during the S&L scandal and yet he was unrelenting. If they ever give him the authority to actually do something, he will not disappoint. He can't be bought, decieved, or thwarted. He is a patriot.
OMG, "Foam on the Runway"? Different fast cars crashing? Go Timmay Go! Who Wrote His Story Today?
Dos and donts - checklist for congresscritters:
DO - Rant all you want, eloquently if possible about the shortcomings of the "system" or "processes".
DO NOT - Ever, ever speak poorly of ANY particular individuals - especially the witnesses who have bbeen kind enough to take time off their busy schedules.
Proceed.
Mary Schapiro is the most zealous enforcer of these three. Is that a sad commentary?
Everybody is hardworking and dedicated - only concerned aboyt serving their country and with not a concern about their own money. being american means never having to say sorry. Iam OK your OK ( unless of course you are foreign).
Therefore all problems only occur because of a lack of "tools" or "procedures"
Lets just pass a bill that outlaws interest rates being set by drunken clowns.
All these morons basically admitting they are incompetent and useless in a crisis. Two years later and they are still babbling and accomplishing nothing except the raping of the U.S.. Fucking treason!
ooo Panel Four....William Black with 3 Lehmans...yumm
"YOU DANCE WELL"
No, you don't... Look doucheclown, answer a question for once!!!
Honerable, my ars.
Yup- once you corrupt the money and corrupt the language - no amount of "regulations" is gonna fix anything.
Look forward to some Lehman Lunch Eating by Black.
Oh Ya. Can't wait.
Ben Bernanke's first words - "The Federal Reserve was not Lehman’s supervisor. Lehman was exempt from supervision by the Federal Reserve..."
It's not our fault! There's nothing we could have done!
"It's not my fault. I didn't do it." Is that a direct quote from Bernanke or Bart Simpson?
The quality of the debate is piss poor as usual, the opportunity is long gone for constructive change.
The auto pilot is set at 15,000 feet and yet we have to cross the Andes
The passengers know this inconvenient truth yet they still believe their pilots are professional and must know what he is doing
Its over, although some survivors still may have a chance to live if they can overcome their aversion to human flesh.
Bon appetit
Only the rich and powerful will survive, and they are already starting to look at those who appear "tasty".
Geithner looks like a nice snack, but Goldman filets with a Bernanke sauce appears to be on the Democrats' menu if they hope to stay alive through the winter.
A 2007 vintage Bush's Fault would be a nice 'wine' with that meal...
Wow, Barney Frank is a tool....
Barney is disappointed by the partisan tone in the hearings...LOL
Then he points out that Cox was a republican appointed by Bush. I think he just likes saying Cox.
hahaha... good one :-)
I'll bet that's not all he likes!
Frank, shut the fuck up, you're wasting valuable oxygen and methane gases are escaping from your mouth. Whatever you do don't light a match.
Goldman used their ex-employee political appointments that did sit in positions of power to crush Lehman, a long time rival and competitor.
In the most simple of terms, Goldman did have their market share grown thru Government intervention. Ex-Goldman employee’s did close down Lehman and then did extend Hundreds of Billions in the form of a Bailout. Ex-Goldman employee’s did extend a 0% Fed Window to borrow from.
Lehman’s Credit Default Swaps where never paid from A.I.G.?!?!?!?!? When Goldman’s Swaps were covered at PAR! By A.I.G.?!?!?!?!?
Fucking Plainly… Goldman’s insurance kicked in… Goldman’s insurance claims where paid by A.I.G. at PAR! And Lehman was told to pound sand, take a walk and / or fuck off… Lehman’s insurance was not ever going to kick in, ever.
I am not Pro-Lehman, but anyone who does not see that Lehman was killed off Ex-Goldman Employee’s has to be deaf, dumb and blind.
Yup...
Is Barney Frank the most annoying chairman ever? He just WANTS me to loathe him...
Ok now we are getting somewhere, then Barney"gentlemans time is expired" what a ridiculous charade. Another waste of taxpayers money.
it's so painfully obvious that Frank doesn't want any new information coming to light... what a sham
yes Judy - its so nice that you choose your words carefully so as to not hurt any feelings and such. Its OK if you dont have any neurons firing at all - remember Iam OK Your OK. As long as we are all polite and get along.
OMG, "Foam on the Runway"? Different fast cars crashing? Go Timmay Go! Who Wrote His Story Today?
Yes, there are "rules of law" for ordinary people and rule of conduct for the banksters.
Banksters will only make changes if it enhances their self serving interest.
Mary: Folks are starting to ask questions about this Repo stuff you all are doing. I'll send my assistant over to learn more.
Bankster: No problem Mary we'll be happy to educate your underling.
Mary: Thank you so so much. Folks are claiming you all are doing window dressing at quarter end - not true is it?
Bankster: Mar Mary - how long have known each other - would we do anything like that?
Mary: No no of course not. Sorry I did'nt mean to hurt your feelings.
Bankster: No offense taken Mary. We are friends remember?
Everytime they get to interesting questions/answers big purple dinosaur Barney moves on. Frustrating!
How ironic, the very same people that are complicit in the financial crisis are coming up with remedies and fixing the system. Unfucking believable.
Thats has been a big part of the problem all along. And is a sure sign you are dealing with the government...
duplicate post
Anyone notice Geithner's watch?
Not very financier imo. What is that a Seiko?
LOL good sir...lol!
LOL
Heheh..."M"ickey "M"ouse watch. haha!
There is so much corruption in that room its oozing out into the hallways.
Under the 5 minute rule NO MEMBER WILL EVER CRACK ANY WITNESS. This hearing is a joke. Its unfortunate, but the only way to get at what happened with Lehman, and what it means for the future of financial regulation, would be for one side of the aisle, probably the Republicans, to give-up their time and allow one Member to continue to pound on a witness and/or theme.
In the current format any witness who gets in trouble...like Schapiro covering for the terrible oversight at SEC or Geithner covering for the terrible work he did at the New York Fed, or Bernanke covering for the DC Fed, all they have to do is speak slowly and deliberately under the guise of being thorough in their response...which is normally a bunch of mumbo-jumbo or "it wasn't us, it was the other regulator" crap.
Even under the current rule a smart Member would do what a lawyer would do in a depo and force these liars into simple "yes" and "no" responses. Readers here could have posted the kinds of yes/no questions we would love to see these witnesses answer!
Oh......you want the truth???
Better switch the channel to South Park.
Frank, the banking queen:
http://www.youtube.com/watch?v=7oqD5z96HEg
"I have absolutely no recollection whatsoever of hearing anything about Repo 105 transactions while I was CEO of Lehman," Fuld said in the prepared remarks for the House Financial Services Committee.
http://wallstreetandtech.com/asset-management/showArticle.jhtml?articleID=224400851&cid=nl_wallstreettech_daily
How much money was being loaned over-night? The leader of the company was un-aware of loans of what size? really? seriously? and they did not take him away in handcuffs? for pergury?
I am un-aware of any loans made on behalf of the Banks to any of my holdings and it is ok for the Banks to allow for signature(s) other than mine? to the tune of Billions? and this is still ok, on WallStreet? and the Dumbass American Tax Payer is to, too dumbed down to know any better? It is ok that the leader(s) of Wall Street are allowed to NOT! know about Multiples of Billions of dollars in Loans? This is common paractice and the behavior is ok by the Fed? SEC?
Lehman was crushed by Goldman! and Lehman's leader did NOT! know about Billion Dollar Loans? and thats ok, no worries... as you were everyone, nothing to see here.
I have a question " Could our monetary system and congress be run by chimpanzees, and could we pay them in bananas?" This could restore confidence and cut our budget.
I share your concern. Indeed a monetary system as well as a congress is important to our American economy. I also agree that chimpanzee's are a vital and endangered compnenent.
The Federal Reserve is not directly involved in the regulation of banannas, but oversees all fuits and vegetables, so there is no doubt that there is global confidence in our markets and management.
TIME'S UP! next question...
am I in the twilight zone?
on Tue, 04/20/2010 - 12:18
#309533
I have a question " Could our monetary system and congress be run by chimpanzees, and could we pay them in bananas?" This could restore confidence and cut our budget.
Rick64,
The system would be more honest, the system would be more considerate of the people and the system would be rigged (by Banana's) in a more affordable way. The Lobby, that is funded with American Tax Payer Dollars by the TBTF's… to the detriment of the American Tax Payer is out of control. The British where more fair in their Taxation Without Representation than what the American Tax Payer now suffers, due to the Lobby’s ability to insure an open trough for the Piggy’s too gorge themselves at. (Piggy’s =’s AAA Rated Banks, with their bailouts, 0% Fed Window and Collateral Arbitrage that is all squarely aimed at the American Tax Payer or that the American tax payer bares the brunt of paying for.)
JW
This is common knowledge on ZH. Not that it doesn't deserve repeating, but would hope that you know that I am not ignorant of these facts. I guess your point was that even this ridiculous system I propose offers better options than the one we currently have.
I'm sure the Geithner, Bernanke and the other uber lords actually write the questions for some of these congress phonies.
i used to sit behind these guys. Some Member/Senators are intellectually curious and ask, or plan to ask, excellent questions. Others completely rely on their staffs and who knows where those questions come from.
Hmm. Please help me. SDhould I go out eating and drinking this PM here in Italy (and watch Inter vs. Barcelona at an Irish pub), or should I try to watch the "hearings".
Appreciate receiving your advice.
Man, get drunk, and then watch Bill Black hand everyone their asses!
no celebrate 420, do. wondering if europe indulges.
off to the hill.
That'll do.
Unfortunately for DoChen, it is massively hard to acquire DoJa in Italia.
Good Lord! How could you ask such a question??? Lets rephrase the question:
Shall I go out and have a great time in Italy or sit and watch perpetual fraud, becoming extremely agitated in the process and completely powerless to do anything....
Does that help???
I thought it was a trick question.
It's a wonderfull discussion.
If I was a bankster, I would not give a hoot about the old and the new proposed regulations.
I would just make sure that the regulator would never get the budgets necessary to do their jobs.
24 people to regulate multi-national financial firms is a joke.
jal
i think we need Jack Bauer for one more season to go after the banksters. maybe one of them takes out Kim Bauer for her terrible haircut and jack gets revenge and uncovers the Creature from Jekyll Island
A search of William Black's statement to Congress for the word "fraud" reveals than 100 matches. A search of Dick Fuld's statement - not found. This should be fun...
I have not seen him in the last few weeks, so what is the over/under on his beard being outrageous? Personally I am hoping for his beard being dreaded.
Double post; and I will double down on his beard being outrageous. Maybe with a parrot on his shoulder? Out pirate the pirates Bill!
Well, this is why I am not a gambling man.
Gold bitches!
Bill Black, I want to have yo baby!
Bernanke is done. Black is sealing his fate.......
Quiet your gavel!!!!!!!!!! I fuckin' hate Congress!
Ha he trimmed it.
Great testimony by Anton Valukas.
I've been reading William Black's stuff - the next session could be fun!
DavidC
His name is Dick Fuld....his parents must have wanted him to suffer.
How about a little reality courtesy of the Honorable William Black.
it helps having some music on in the background while watching this:
http://origin-community.ministryofsound.com/radio/radioplayer/default.aspx
"Lehman's story is largely a story of fraud".
Great soundbite for the evening news from Bill!
I don't anyone really cares what Trickie Dickie Fuld has to say - everyone in America knows he's as guilty as hell.
Could Matthew Lee have sounded any worse, and will Dick Fuld please make a friggin point, what a joke this all is.
Matthew Lee=not a hardened criminal like Dick Fuld, hence the nerves
I'm guessing Fuld's bizarre obsfucation regarding the 'why did Lehman fail' question is to avoid inadvertently providing evidence for a civil or criminal suit.
True and True. Just fun to provide a little running commentary since this is the topic de'Jour. Good times
Did someone say Hayek?
Fuld you got rolled by Royce!
Yeah a Congressman up for re-election who read a book review.
Whatever gets the masses to wake up, I am fine with.
But your comment is well noted.
Sounds like Mr. Royce gets it...that was interesting.
Mr Fuld is NOT availing himself very well here.
DavidC
I wonder if he spends much time on the $60m Yacht that Wachovia gave him?
It seemed as If Fuld is on drugs, lame and out of touch with reality. Black got the barest moment in the light. If they really wanted to know more they should have asked more of Black than the Fuld idiot.
I wonder if William Blacks elbows have actually rubbed up against the two on either side of him?
I notice that he is not getting a whole lot of follow on questions at this point.
Adjourned. Bill turns to his left and hands out his card to the only honest SOB at the table beside himself.
Not that this contains much not already known, but Matt Taibbi has a new(ish) piece that was interesting mainly for its... pessimistic acceptance of the status quo? Resignation over the state of affairs?
Looting Main Street: How the nation's biggest banks are ripping off American cities with the same predatory deals that brought down Greece
http://www.rollingstone.com/politics/news/;kw=[3351,53763]#
There is an excellent video interview with Matt on Max Keiser on this: Here is a link: http://www.swarmusa.com/vb4/entry.php/42-Matt-Taibbi-with-Max-Keiser-–-The-Crimes-of-Jefferson-County
"We were risk averse...I know, walked right into that one." -DickFold
BAHAHAHAHA!
One of the great understated comedy performances of the 21st century.
"Not that I am aware of....not that I recall....not that I am aware of...not that I recall...." This is absolutely, texpat!
And what the hell did DickFold do all day? Watch 'Mercan Idull reruns in his pajamas? Someone get him together with Richard Holbrooke for a pillow fight!
some woman: "Have you ever shorted any companies yourself that you were selling to the public?"
Dick: "i myself?"
woman: "your company"
What a moronic question on her behalf. I know theyre trying to get this guy into a trap but they need people asking at least HALF-DECENT questions...
Agreed... but did you hear his answer?
To DickFold:
Fuck yo couch!:
http://www.youtube.com/watch?v=8kEryR5wj9o