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Prepared Remarks By Bernanke, Fuld And Schapiro Contradict Those Of Anton Valukas In Tomorrow's Lehman Hearing
In a nutshell, Bernanke says he was not supervising Lehman, Fuld was not aware of Repo 105, and the SEC had never heard of such a concept.The only person who is not lying, Anton Valukas says that he "found Lehman was significantly and persistently in excess of its own risk limits" and confirms that the SEC is nothing but a pathetic liar lead by incompetent idiots: "we found that the SEC was aware of these excesses and simply acquiesced" and "we believe it is clear that the SEC was Lehman's primary regulator." And just in case the FRBNY thinks it can avoid claims of potentially criminal negligence "
Valukas concludes: "there were "serious lapses" in SEC, federal reserve bank of New York working together to avert Lehman's failure." In other the CEO, the Regulators and the deranged money printer all wash their hands of the fraud that very well may have led to the biggest and most dramatic bankruptcy in history, despite that the independent third party arbiter finds them all guilty of gross incompetence and possibly collusion.
- Bernanke Testimony
- Fuld Testimony
- Valukas Testimony
- last and certainly least Schapiro Testimony
We are still waiting for the testimony from the biggest fall guy of them all, Tim Geithner.
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Dear Tyler: It's "led" by incompetent idiots. Not "lead" by incompetent idiots.
Whatever.
Seriously?
/:
How can you be too sure?
Werner! A comic genius (for a German)
You think monacles will ever be "in" again?
lol: hopefully manacles will be in for GS soon.
Loyd Blankshooter and Ben BeWanke should have monacles.
and to think that martha stewart spent some days in jail for the "serious" crime she committed and these guys are still running the world financial system.
if she had just refused to answer or said she couldn't remember. we should all remember that much.
It is interesting to note that Ms. Sapiro thinks that "Excessive reliance on credit ratings by investors " contributed to the failure of many major financial institutions.
This of course is not intended to reflect poorly on the NYFED's (cough Geithner cough) licensing of the monolines.
Toyota lawyers should take note!
Prius accidents were caused by the "excessive reliance" on brakes...
IALWAYSLOVEDTHATONE!!! Thanks, you got me to contribute my first reply on zerohedge.
Longtime reader, first time poster.
Many thanks to everyone that contributes here, contributors and commenters alike.
Beautiful! I say "Selah" to that!
And they caution tea partiers not to be mad. Don't make accusations against the government. Don't say big government is bad.
Personally I'm doing evrything I can to expand the pool of people who are aware of the RICO criminals in Washington and on Wall Street.
It is time for an independent special prosceutor. And ... by the way ... these guys need to get themselves an attorney I'll be ^%$#$% if I'm paying for their defense And their bonuses
Kabuki reverts to Noh.
One should remember that following the
Bear sterns episode the NYFED send down
its wizards to the Lehman offices, where they
camped for weeks and got blinded, imho, not
by SEC's orders. A lawsuit has also hit Ernst
& Young on the matter. That makes for a lot
of vlindness, Timmie the prescient will explain it all
pretty soon before he meets the shackles, on his
way to the can, where if one recall Bernie's problems, they
will most likely eat him !
Shorter Bernanke: I was too busy elsewhere debasing the dollar to notice any of this at the time.
"We found that the SEC was aware of these excesses and simply acquiesced. With no regulator in place that required Lehman to adhere to its risk limits ... ... Lehman’s risk limits became meaningless."
This sounds suspiciously like the way Bernanke is treating the spending habits of the current administration.