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Prepared Remarks By Bernanke, Fuld And Schapiro Contradict Those Of Anton Valukas In Tomorrow's Lehman Hearing

Tyler Durden's picture




 

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.

We are still waiting for the testimony from the biggest fall guy of them all, Tim Geithner.

 

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Mon, 04/19/2010 - 14:49 | 308344 Mitchman
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Dear Tyler:  It's "led" by incompetent idiots.  Not "lead" by incompetent idiots.

Mon, 04/19/2010 - 14:52 | 308352 hungrydweller
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Whatever.

Mon, 04/19/2010 - 14:53 | 308355 Orly
Orly's picture

Seriously?

/:

Mon, 04/19/2010 - 15:03 | 308383 Assetman
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How can you be too sure?

Mon, 04/19/2010 - 15:34 | 308434 Cheeky Bastard
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Mon, 04/19/2010 - 18:01 | 308690 Ripped Chunk
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Werner!  A comic genius (for a German)

Mon, 04/19/2010 - 19:10 | 308781 mudduck
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You think monacles will ever be "in" again?

Mon, 04/19/2010 - 21:41 | 308890 LeBalance
LeBalance's picture

lol: hopefully manacles will be in for GS soon.

Mon, 04/19/2010 - 19:13 | 308786 mudduck
mudduck's picture

Loyd Blankshooter and Ben BeWanke should have monacles.

Mon, 04/19/2010 - 14:50 | 308349 Hugh Janus
Hugh Janus's picture

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. 

Mon, 04/19/2010 - 14:56 | 308363 jeff montanye
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if she had just refused to answer or said she couldn't remember.  we should all remember that much.

Mon, 04/19/2010 - 14:59 | 308359 carbonmutant
carbonmutant's picture

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.

Mon, 04/19/2010 - 15:19 | 308410 Selah
Selah's picture

Toyota lawyers should take note!

Prius accidents were caused by the "excessive reliance" on brakes...

 

Mon, 04/19/2010 - 17:47 | 308674 potatomafia
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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.

Mon, 04/19/2010 - 21:11 | 308869 Mitchman
Mitchman's picture

Beautiful!  I say "Selah" to that!

Mon, 04/19/2010 - 14:57 | 308365 ArkansasAngie
ArkansasAngie's picture

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

 

Mon, 04/19/2010 - 15:03 | 308384 doublethink
doublethink's picture

 

Kabuki reverts to Noh.

 

Mon, 04/19/2010 - 15:06 | 308388 Amsterdammer
Amsterdammer's picture

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 !

 

Mon, 04/19/2010 - 15:13 | 308399 cougar_w
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Shorter Bernanke: I was too busy elsewhere debasing the dollar to notice any of this at the time.

Mon, 04/19/2010 - 15:24 | 308416 carbonmutant
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"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.

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