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Ratigan And Spitzer Discuss Repo 105, Conclude "Civil Cases Will Be Brought"

Tyler Durden's picture





 

Yesterday we predicted that Repo 105 would be the media buzzword for the next days and weeks. We were right. Dylan Ratigan and Eliot Spitzer digest the Lehman examiner report, and simplify it enough so that Joe Sixpack can grasp the nuances. It is, in our opinion, now beyond a reasonable doubt that Lehman's CFO should all stand in a court of law for securities fraud violations, despite Erin Callan's and Dick Fuld's protestations that all they did was in Lehman's best interest. We do not doubt that; however we are currently poring through the Q&A's of the four most recent Lehman conference call Q&As with analysts... Something tells us quite a few smoking guns will emerge. Lehman has become merely the latest example of all that is broken with today's crony capitalist system. Before that it was Goldman and swap gate; before that it was Goldman and AIG-gate; before that it was Goldman and SLP-gate, and on, and on. The evident conclusion is that the core driver of modern capitalist society is fraud at its very core, and nothing short of a massive revolutionary overhaul of the political system, which is the number one defender of the status quo courtesy of very lucrative bribes and kickbacks originating from the same rotten Wall Street that day after day is uncovered to be nothing but a sham filled with toxic assets, used to collateralize an ever growing wall of liquidity (think you Bernanke). Anyway, back to Dylan, who, in traditional fashion, is painstakingly diplomatic "This report comes just short of suggesting this is by no means an accident but instead one of the greatest crimes ever perpetrated by a group of people, and enabled by the US government." And Spitzer concludes: "there is no doubt civil cases will be brought. We had a failure of CEO, the CFO, the accountants, and indeed the regulators, the Fed and the Treasury, that were inside these banks, and the question has to be asked: where were they."

 

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Fri, 03/12/2010 - 21:37 | Link to Comment Anonymous
Fri, 03/12/2010 - 22:15 | Link to Comment Gold...Bitches
Gold...Bitches's picture

oh yes i do.

Sat, 03/13/2010 - 07:58 | Link to Comment Anonymous
Sat, 03/13/2010 - 20:23 | Link to Comment Anonymous
Fri, 03/12/2010 - 21:42 | Link to Comment WaterWings
WaterWings's picture

Story of the month on a Friday night dump?

Sat, 03/13/2010 - 14:46 | Link to Comment doublethink
doublethink's picture

 

Friday news dump continues....

 

But as Lehman executives tried to keep the floundering bank afloat in 2008, they used these troubled investments to raise quick cash that helped mask the extent of the firm’s troubles. And they did it with the help of the Federal Reserve Bank of New York.

 

http://www.nytimes.com/2010/03/13/business/13freedom.html?hpw

Sun, 03/14/2010 - 18:41 | Link to Comment CombustibleAssets
CombustibleAssets's picture

Hey, as long as the White House can keep the MSM off the story there is "no problemo".  But people who know want to talk.

Fri, 03/12/2010 - 21:43 | Link to Comment Papasmurf
Papasmurf's picture

If the courts won't enforce law and order, the people will have to take matters into their own hands. 

Sat, 03/13/2010 - 17:26 | Link to Comment Al Gorerhythm
Al Gorerhythm's picture

Cut the beast's throat. Remove cash from all banks and eliminate debt. Withhold tax. Simple and nonviolent, (until they make it so). Joe Stack shouldn't have been unsupported before he flew into the IRS building. He shouldn't be left holding the can now. Don't threaten them with sanctions, do it. I start Monday.

Fri, 03/12/2010 - 21:50 | Link to Comment Catullus
Catullus's picture

Round up the usual suspects.

Fri, 03/12/2010 - 22:59 | Link to Comment Reflexivity
Reflexivity's picture

Flip 'em.  Flip 'em for real.

Sat, 03/13/2010 - 00:59 | Link to Comment Rick Blaine
Rick Blaine's picture

Actually, that quote should be attributed to Captain Renault...

Trust me.  I know.

Sat, 03/13/2010 - 04:14 | Link to Comment KevinB
KevinB's picture

Cap'n Renault on Wall Street:

"I'm shocked, shocked, to find gambling going on here".

Sat, 03/13/2010 - 20:59 | Link to Comment Reflexivity
Fri, 03/12/2010 - 21:52 | Link to Comment virgilcaine
virgilcaine's picture

zero confidence in our us structure from dc-nyc.

Fri, 03/12/2010 - 21:57 | Link to Comment Anonymous
Sun, 03/14/2010 - 11:54 | Link to Comment torabora
torabora's picture

 "Ernst & Young senior vice president of improper accounting"

   That's good, ....real good.

Fri, 03/12/2010 - 22:00 | Link to Comment Anonymous
Fri, 03/12/2010 - 22:00 | Link to Comment rapier
rapier's picture

The Street knew the score. Paulson did and he admits it. It is the same old same old transaction which dominates among our elites and the media who serve them.

 

Lehman lied in its filings. Institutional buyers of their debt, equities and products know they were lying.  LH knew those partners, and clients knew LH was lying, but of course they lied anyway.

Over and over and over again this is how the system works.  Let's go to the tape.

http://www.youtube.com/watch?v=9JkcHW_w114

 

The congressman thought he really had these guys. He knew they were lying and we knew they were lying. They knew we knew they were lying. Case closed.  Well no, because nothing happened.  They even made a movie about it and everyone was  troubled and that's the end of it.  The thing is everyone knows the CEO's lied. Everyone has told a lie on the job pretty much. Telling the customer what has to be said. Everyone understands this stuff. Everyone understands you can't hold anyone accountable for this stuff. It is the way the world works.

 

Yes to a certain extent it always has but the scale is different now. Mostly I think because so much power in concentrated in corporations and within corporations more than anyplace this complex transaction of the truth is an absolute necessity.

The congressman really thought he had them. Sort of like Michael Lewis thought Liars Poker would be a cautionary tale that would change things. No, he started getting calls, 'how do I get on board?'.

 

Fri, 03/12/2010 - 22:15 | Link to Comment hidflect
hidflect's picture

Feckless... That's how I'd describe the sentiment of people in power today. "Hey, I blew up the company? Yeah, better land a new gig before it goes public." No conscience, no remorse. Just bucks.

Fri, 03/12/2010 - 22:11 | Link to Comment financial illiterate
financial illiterate's picture

I am constantly amazed, not so much by the web of corruption that is constantly revealed hehere but that it never seems to make the media (I'm in Australia). I read a story like this and the I go look at our broadsheet (Murdoch) websites. Nothing, not a thing. Just more stories on how great everything is and how Real Estate is different in Aus, it will never go down. Never ever. I feel like I'm taking crazy pills.

Fri, 03/12/2010 - 22:28 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

"I feel like I'm taking crazy pills."

It's important for you to understand that what you're feeling is actually a good sign, an indication that you're breaking from the group think hive mentality and are beginning to think for yourself. You have been conditioned for so long to avoid this at all costs that it feels unnatural and unnerving. You're breaking away from the collective and it's frightening because all your life you're been taught to take your emotional cues from the collective and to never fully think for yourself. And never ever go against the hive, the consensus.

Every time you begin to think you're alone, that you're in the Twilight Zone, understand that you're shaking off the zombie programming and you're leaving the hive. When someone has been in the hive as long as we have, it's nearly impossible to even conceive of anything other than the hive. Very few people are able to break through the painful initial cognitive dissonance this separation creates and most scurry back to the hive. Expect this pain to continue but each time you break through a barrier, the pain level you experience will be less and less.

For those still clinging to the hive, as this mess begins to really fall apart, the control system will exert more and more control over the hive, causing all kinds of distress as the hive mentality tells everyone to ignore the survival instinct while the inner self screams at them to save themselves. It will be very messy but not for you. Courage is all it takes from here because you're on the right path.

Fri, 03/12/2010 - 22:58 | Link to Comment financial illiterate
financial illiterate's picture

Cheers for the reply, The Crazy Pills things is from Zoolander (one of my fave movies for quotes). TBH I've been a Rock & Roll musician most of my life, breaking away from the hive happened long ago. I suppose what I'm realising is that main stream media actually has almost no bearing or relation to reality at all. I knew it was crap, just didn't get how completely it's devoted to the status quo.

Sat, 03/13/2010 - 21:37 | Link to Comment Anonymous
Sun, 03/14/2010 - 18:19 | Link to Comment CombustibleAssets
CombustibleAssets's picture

" I suppose what I'm realising is that main stream media actually has almost no bearing or relation to reality at all."

I believe that's a signature characteristic of Socialist media.

Fri, 03/12/2010 - 22:59 | Link to Comment Anonymous
Fri, 03/12/2010 - 23:01 | Link to Comment louisash
louisash's picture

Welcome to the real world, Neo.

Fri, 03/12/2010 - 23:20 | Link to Comment Reflexivity
Reflexivity's picture

Dick Fuld is now with 'Matrix' Advisors.

Fri, 03/12/2010 - 22:14 | Link to Comment alien-IQ
alien-IQ's picture

great post. great interview. and once again...Zero Hedge ahead of the curb. Good work here gang!

Sat, 03/13/2010 - 14:06 | Link to Comment Anonymous
Sat, 03/13/2010 - 22:39 | Link to Comment JohnG
JohnG's picture

Fuck you.  Send me an address and you'll get a big jar of vaseline.  Fuck you.

Fri, 03/12/2010 - 22:16 | Link to Comment Anonymous
Sat, 03/13/2010 - 11:32 | Link to Comment Crab Cake
Crab Cake's picture

The end of a noose.

Fri, 03/12/2010 - 22:20 | Link to Comment dumpster
dumpster's picture

the powers that be just show the film of the grassy knoll,,, horse heads in bed suggestions ,,, the low down on sleazy politicians held high over their sainted merkin bed room manner.

a corrupt to the core judiciary, a political process based on the illicit voting booth. 

the will to change will be the cycles of time , and natural result of fraud, willful destruction of whole levels of society. 

the US dream will fade into the dust of  forgotten civilizations.. others will take its place .

an ax has to be placed at the roots . the leaves the branches cropped will make a feel good moment . 

a dieing ember, the flood is on its way.   lessons will only be taught by the experience of broken wealth, high and mighty pomp reduced to the ashes of bitter taste..

 

History is a task master , forgotten lessons soon to be heaped on the backs of the privileged.  the mills of the gods grind slowly but they grind exceedingly well .  

 

 

Fri, 03/12/2010 - 22:18 | Link to Comment Rick64
Rick64's picture

How about some fines that equal their bonuses for those yrs. that they participated in this fraud, and jail sentences equal to our Federal deficit.

Fri, 03/12/2010 - 22:23 | Link to Comment Anonymous
Fri, 03/12/2010 - 22:35 | Link to Comment virgilcaine
virgilcaine's picture

Einhorn knew it was rotten to the core. This puts Fuld up there with Madoff in the

Largest Theft Ever Dept.  500 Million. 

 

Fri, 03/12/2010 - 23:40 | Link to Comment berlinjames02
berlinjames02's picture

Here's a GREAT video of Einhorn teaching the Squawk idiots about the accounting problems at Lehman in June 2008. The point he talks about... accounting numbers changing AFTER the quarter ended. Seriously, is revaluing $1B two weeks after the quarter ends that big of a deal?? 

My favorite part is the clip from Fast Money where David Trone of Fox Pitt, Kelton says "David [Einhorn] is looking at data from an inexperienced viewpoint. He doesn't understand investment banks". Also, notice that Merrill 'upgraded' the stock around the same time as the clip.

Here's 12 minutes 31 seconds of Einhorn glory:
http://www.cnbc.com/id/15840232?video=762094306&play=1

Fri, 03/12/2010 - 22:33 | Link to Comment Anonymous
Fri, 03/12/2010 - 22:34 | Link to Comment Bob
Bob's picture

Whaddya know, MSNBC at it again.

Fri, 03/12/2010 - 22:47 | Link to Comment Kevekev
Kevekev's picture

Who else uses ernst and young?

Sat, 03/13/2010 - 00:28 | Link to Comment bugs_
bugs_'s picture

You better believe that is being looked at.

E&Y is gone like arthur anderson.  This kills them.

Fri, 03/12/2010 - 23:52 | Link to Comment Cistercian
Cistercian's picture

 Fraud?Well duh.And the backing of the .Gov?Well duh again.

 REVOLUTION NOW!

 You know, before it's too late and all that stuff.

 On a depressingly related note...anyone read the torture article in salon?The one that spells out the "approved" techniques to be used?It was disgusting.It was so bad I actually wept.These people are the same scum that currently treat the markets, indeed the whole world, as their plaything.Enough is enough already.At exactly what point on our descent into the dystopian nightmare do we say STOP?

 We must vote out every incumbent.We must run good people to serve.We must begin RIGHT NOW.

 

 Or the Jefferson option will be the only one left.And that would be a shame.

 

 I know this for certain...regimes like we currently have FAIL.Always.It is just a matter of time.

 

Sat, 03/13/2010 - 11:39 | Link to Comment Crab Cake
Crab Cake's picture

"Or the Jefferson option will be the only one left.And that would be a shame."

You are a fool if you believe there is another option. 

"The tree of Liberty needs to be watered from time to time with the blood of patriots and tyrants." - Thomas Jefferson

Death to the criminals, the banksters, the aristocrats, and the oligarchs.

There will be no peaceful transformation, I'm now convinced.  The time has come to make them fear the good honest people of this nation. 

Sat, 03/13/2010 - 12:58 | Link to Comment Cistercian
Cistercian's picture

 I agree, and I would speak like you if I was not afraid of a surprise free vacation to Uzbekistan.

 They par boil in oil there.

 The torture reference I made should be sufficient for most to deduce that our .gov is illegal,illegitimate, and ready for "reform".

 

Sat, 03/13/2010 - 15:33 | Link to Comment WaterWings
WaterWings's picture

No kidding. Lubyanka = Langley

Fri, 03/12/2010 - 22:55 | Link to Comment williambanzai7
Sat, 03/13/2010 - 05:44 | Link to Comment Anonymous
Fri, 03/12/2010 - 23:24 | Link to Comment Veritas
Veritas's picture

Close to 20 years ago, I sat next to Rudy Giuliani at a traders conference,and asked why white collar criminals didnt receive harsher sentences like organized crime members ,as well as being incarcerated in tougher prisons. If you recall,Boesky was put in a minimum security prison in California,with tennis courts,oh yeah,before he plead guilty he transferred 100m dollars to his wife! Giuliani claimed the sentences were in fact harsh,and they werent habitual criminals like organized crime members ! I explained how Boesky,Bill Keating and the other criminals from the S&L scandal did more harm to me and others than John Gotti could ever do..Here we are in 2010 and these scumbags have f**ked us again,and no one will go to jail.Our government should use the RICO act ,as they do with the Mafia,to teach these assholes a lesson.Of course,Mafia kingpins dont have high price lobbyists or Congressmen in their pockets(except Vito Corleone) like the bankers do.

Sat, 03/13/2010 - 02:04 | Link to Comment zhandax
zhandax's picture

Correction; our government should be RICO'ed alongside these highly functional sociopaths for aiding, abetting, and skimming off the anticipated proceeds.

Fri, 03/12/2010 - 23:29 | Link to Comment Anonymous
Sun, 03/14/2010 - 07:38 | Link to Comment ToNYC
ToNYC's picture

Sounds fair..clawback Fuld's 500 million or enjoy a life sentence in federal lockup.

Fri, 03/12/2010 - 23:35 | Link to Comment Anonymous
Fri, 03/12/2010 - 23:37 | Link to Comment Anonymous
Fri, 03/12/2010 - 23:39 | Link to Comment Anonymous
Fri, 03/12/2010 - 23:43 | Link to Comment Anonymous
Fri, 03/12/2010 - 23:50 | Link to Comment Anonymous
Sat, 03/13/2010 - 22:46 | Link to Comment JohnG
JohnG's picture

Put them in the stocks (i.e. arm and headholes), and let the fuckers die.

I lost 6 figures thanks to these asswipes.

Sun, 03/14/2010 - 07:42 | Link to Comment ToNYC
ToNYC's picture

You killed you. You believed these lies, Fuld ran whores, blew bubbles, and harvested the fruits of the fraud.You were partners in the crime, expecting real money from fakes. But then I saw them from the inside.

Fri, 03/12/2010 - 23:54 | Link to Comment chindit13
chindit13's picture

Two things immediately come to mind:

1) there is no stronger argument for allowing shorting, particularly in the financials, than the document surrounding the LEH debacle.  Many an inconvenient truth is laid bare via this legitimate means of trading.

2)  "regulators, the Fed, Treasury...where were they?"

NO!!!!!  Wrong Question!

The question is: where ARE they?

Geithner, Bernanke, Schapiro

And the obvious follow-up...where should they be?

Sat, 03/13/2010 - 00:28 | Link to Comment Anonymous
Sat, 03/13/2010 - 15:58 | Link to Comment Al Gorerhythm
Al Gorerhythm's picture

Ohhh come oooonnnn! where are you going to find an uncompromised Fed Court judge?~~

Sat, 03/13/2010 - 11:41 | Link to Comment Crab Cake
Crab Cake's picture

Geithner, Bernanke, and Shapiro are criminals.  They are enemies of the People.  If you stand with the criminals, you are one, simple as that.

Fri, 03/12/2010 - 23:59 | Link to Comment Anonymous
Sat, 03/13/2010 - 00:05 | Link to Comment doublethink
doublethink's picture

 

To the economist embezzlement is the most interesting of crimes. Alone among the various forms of larceny it has a time parameter. Weeks, months, or years may elapse between the commission of the crime and its discovery. (This is a period, incidentally, when the embezzler has his gain and the man who has been embezzled, oddly enough, feels no loss. There is a net increase in psychic wealth.) At any given time there exists an inventory of undiscovered embezzlement in - or more precisely not in - the country's business and banks. This inventory - it should be called the bezzle. It also varies in size with the business cycle.   --John Maynard Keynes


Sat, 03/13/2010 - 00:15 | Link to Comment Anonymous
Sat, 03/13/2010 - 00:19 | Link to Comment Anonymous
Sat, 03/13/2010 - 00:19 | Link to Comment DavosSherman
DavosSherman's picture

There won't be any criminal charges.

Sat, 03/13/2010 - 00:26 | Link to Comment chindit13
chindit13's picture

I am coming around to the view that frontier justice has its time and place, particularly when the established system has failed society.  It's either that, or toss the passport and go somewhere...anywhere....else.  Perhaps nowhere is better, but the disappointment at the sham the US has become demands either fight or flight.  No more middle ground.  No more wait and hope for the best.  Either we remake the country, or destroy it.  Status quo does not work anymore.

Sat, 03/13/2010 - 00:37 | Link to Comment trillionaire
trillionaire's picture

Dear president Obama.  When will you do one good thing for this country?  I voted for you not because you were any better than the other choice but because I wanted to end the racism I endured from black people in the US.  You won and I got exactly what I expected from you, ever since you were elected I have not been harassed by an Afircan American when I tell them "no" while begging for money or trying to sell me drugs.  (this is not a racist statment, people of all colors beg of me and try to sell me drugs)  So you've got a couple years left, what will you do with them?  Going after the bad guys in this story would be a nice start.  After the mid-term elections please do one honest "in good faith" thing for this country or you will just go down in history as "Berak Obama." (that was not a mis-spelling)

Sat, 03/13/2010 - 00:39 | Link to Comment Anonymous
Sat, 03/13/2010 - 00:48 | Link to Comment irieblue
irieblue's picture

Looks like Wall Streets most powerful woman Erin Callan couldn't handle a Dick Fuld wad of cash and now it's not going to be a happy ending.

Sat, 03/13/2010 - 01:21 | Link to Comment JohnKing
JohnKing's picture

Fraud is the new smart. Well, maybe not so new but these guys are making Enron look like pikers.

 

Obama doesn't think anyone is smart enough to notice. See ya in O-12 Barry!

 

 

Sat, 03/13/2010 - 05:31 | Link to Comment SRV - ES339
SRV - ES339's picture

Now there's an informed conclusion... the bankers have been raping and pillaging for at least 200 years, and your answer is to replace Obama?

I know, we'll get Palin in there... "you betcha," she be fixin' this mess in no time at all.

Take the bag off Glenn... we know you're in there!

Sat, 03/13/2010 - 08:47 | Link to Comment JohnKing
JohnKing's picture

Raping and pillaging the citizens of the US is a bi-partisan effort as both parties are corrupt to the core. When it comes to emptying the treasury into the pockets of a chosen few, there is no such thing as gridlock. And no, replacing Obama won't fix anything but keeping him won't either.

Sat, 03/13/2010 - 11:50 | Link to Comment Anonymous
Sat, 03/13/2010 - 13:02 | Link to Comment JohnKing
JohnKing's picture

I am sorry to have blasphemed your god. I will now do my penance and say 3 "nancy pelosi's". Forgive me Obama, for I have sinned.

Sat, 03/13/2010 - 14:30 | Link to Comment Anonymous
Sat, 03/13/2010 - 16:02 | Link to Comment JohnKing
JohnKing's picture

It's US vs.THEM, no right or left wing to it. Apparently you are still sipping that kool-aid, the sooner you get off that junk, the better.

 

Obama is just another sell-out freak, so is Palin, McCain, Romney, that's THEM.

Sat, 03/13/2010 - 01:37 | Link to Comment laughing_swordfish
laughing_swordfish's picture

What I can't understand is:

Enron = Jeffrey Skilling, Andrew Fastow, many others jailed for their crimes. Reason now apparent: faied to buy off the right regulators and congresscritters.

And Dickie Fuld and Erin Callan walking around loose?

Not to mention Turbo Timmy, Helicopter Boy, Bawny Fwank, Angelo "Vito Corleone" Mozillo, Hanky Paulson, and the Greatest Criminal of All, Lord "God's Work" Blankfiend.

If the government won't act - we can.

Martial Law - suspend the Constution and the Bill Of Rights.

Million Man March - to 85 Broad. Take custody of the guilty.

Sentence - "people's justice".

Guillotines, Trees, and Boiled Rope.

Sat, 03/13/2010 - 01:50 | Link to Comment Anonymous
Sat, 03/13/2010 - 02:14 | Link to Comment zhandax
zhandax's picture

Boiled Rope

What's wrong with polypropylene?

Sat, 03/13/2010 - 12:02 | Link to Comment Anonymous
Sat, 03/13/2010 - 15:04 | Link to Comment sharonsj
sharonsj's picture

I've been thinking revolution for some time.  I realized parts of this country were close to exploding when I, a liberal Democrat, was enraged enough to dream about burning down Wall Street and marching on Washington.  But too many Americas are just plain wusses.  Where were the protests when the Supreme Court put Bush in office?  Have you seen continuing protests against the undeclared wars bankrupting us?  There's a lot of web chatter about revolution, but I'm still waiting for the screaming mobs.

Sat, 03/13/2010 - 12:11 | Link to Comment Anonymous
Sat, 03/13/2010 - 04:07 | Link to Comment Anonymous
Sat, 03/13/2010 - 06:00 | Link to Comment bingaling
bingaling's picture

Let's get this straight  . Nobody went to jail then and nobody is going to jail now . Don't expect anything to come of this except maybe raise your blood pressure and maybe a little political grandstanding by those who have a thirst for power or a payoff. If the past two years have taught me anything it has taught me this ; There IS NO enforcement of rules and regulations made to protect people from financial catastrophe or being ripped off and this is fully backed by Federal Reserve Notes and everything that comes with it .Corporatism has won . Capitalism has lost .

Sun, 03/14/2010 - 07:45 | Link to Comment ToNYC
ToNYC's picture

Without enough people going to jail, the fix is in. Crimes open the discovery process and banks cannot go there.

Sat, 03/13/2010 - 06:43 | Link to Comment Anonymous
Sat, 03/13/2010 - 07:34 | Link to Comment fallst
fallst's picture

Yeah, Mr. Fuld's helicopter constantly flying direct to Deal, NJ Country Club....Crook!...But now we find out the Fed was a counterparty in a similar concoction. Hiding losses. THIS IS FRAUD ON AN INSTITUTIONAL LEVEL. Fraud has been institutionalized...

http://www.nytimes.com/2010/03/13/business/13freedom.html

 

We don't really give a shit, except when you bring down the entire economy, then we have to get involved, and wall street reform is the first and foremost mandate of the Hope and Change Guy. STEP UP TO THE PLATE, SIR! You will still make more than SlickWilly on the speaking engagements, don't worry.

 

Sat, 03/13/2010 - 07:05 | Link to Comment Anonymous
Sat, 03/13/2010 - 14:15 | Link to Comment Anonymous
Sat, 03/13/2010 - 08:58 | Link to Comment Anonymous
Sat, 03/13/2010 - 12:38 | Link to Comment Anonymous
Sat, 03/13/2010 - 14:02 | Link to Comment Anonymous
Sat, 03/13/2010 - 14:12 | Link to Comment Anonymous
Sat, 03/13/2010 - 18:39 | Link to Comment Trifecta Man
Trifecta Man's picture

The sun does not rise.  The earth rotates.

Sun, 03/14/2010 - 08:03 | Link to Comment ToNYC
ToNYC's picture

Thank you Copernicus, it's been awhile since we heard from you. Keep your lamps trimmed and burning; meanwhile the lights don't get turned off, the switches open.

Sat, 03/13/2010 - 14:16 | Link to Comment polizeros
polizeros's picture

"evident conclusion is that the core driver of modern capitalist society is fraud at its very core, and nothing short of a massive revolutionary overhaul of the political system"

You're sounding positively Marxist. Heh.

Sat, 03/13/2010 - 16:14 | Link to Comment Al Gorerhythm
Al Gorerhythm's picture

Sounds patriotic to me.

Sat, 03/13/2010 - 14:20 | Link to Comment Hulk
Hulk's picture

Larry McDonald, on a interview by Bob brinker a few weeks ago,
told Bob that the Feds were preparing
indictments against Fuld and other top
Lehman Brass and that this would be headline news soon in the WSJ.
But listening to his voice , it struck me
that it was merely wishful thinking on his part...

Sat, 03/13/2010 - 14:56 | Link to Comment bingaling
bingaling's picture

You know why right? The more I scan the web and read up on this the more it is likely LEH was not the only one doing this and that this accounting is occuring today in many banks. A prime example would be over at MarketTicker Here is a quote "My property foreclosed in and had written a $200,000 HELOC, which was drawn down. The first lender foreclosed and is holding the property in inventory (it is not listed.) reported the account as charged off in my credit report, but has a notation that "debtor has an arrangement to make partial payments." I have not even spoken with ." Karl Denniger goes on to explain why a bank would do such a thing ,I quote "loans are being manipulated so that they can be considered performing assets on these bank balance sheets." Copy and paste to full article here : http://market-ticker.denninger.net/ So the real question is will the markets punish Banks who are doing this today ? Looking at the past week I dont think so .Extend and pretend is here to stay .

Sat, 03/13/2010 - 15:17 | Link to Comment Anonymous
Sat, 03/13/2010 - 15:43 | Link to Comment Anonymous
Sat, 03/13/2010 - 15:52 | Link to Comment Anonymous
Sat, 03/13/2010 - 16:57 | Link to Comment laughing_swordfish
laughing_swordfish's picture

Glad to see the response.

IMHO Lehman was NOT the only den of thieves doing "Repo 105" types of transactions. Any competent investigation will show that they were ALL in on the scam.

Declare Martial Law - now. Suspend the Constitution and Bill of Rights long enough to exempt "Corporate Financial Crimes" from constitutional protection. "Artificial Persons" (i.e. Corporations) should be denied the protections normally afforded an accused. The same exemption should also apply to the officers of said entities.

Next - move the detentions and trials to Guantanamo. Put the "accused" in the open-air dog cages at Camp X-Ray. Instead of normal Bureau of Prisons guards, use soliders and marines, hand-picked from families suffering from economic collapse. When it comes to questioning, waterboarding, rubber hoses, and "telephone calls" (hand-cranked field telephone generator applied to the genitals), should be the order of the day.

The "Show Trials" can also be held in Cuba - eliminates problems with security. Sentences? "People's Justice" - hangings, firing squads, or beheadings in front of stadium crowds, broadcast live on national TV.

People - start drawing up the "lists" now. Get ready to march. New York and 85 Broad first. Next - blockade and amphibious invasion of The Hamptons. Round 'em all up. Then on to DC for the rest of the guilty. And if any escape to Argentina or Paraguay, we can always do what Israel did in 1960 with Eichmann.

And I wouldn't worry about the Armed Forces. Most of them are with us already - in fact, I expect many unit commanders to come over voluntarily to our side and bring their aircraft, ships, arms and equipment with them.

We will, however, need a temporary Governor or Leader to preside over the reconstruction and reconstitution of the nation, pending an eventual return to civilian rule.

Where is Douglas MacArthur when you need him?

 

KrvtKpt. laughing swordfish

aka Robespierre

Sat, 03/13/2010 - 18:34 | Link to Comment Hulk
Hulk's picture

Send them to Cuba, then put their names on a no fly list, and let Castro preside
over the trial! I'd watch that!
Look, I have no idea on how to break through the massive level of corruption
we are currently experiencing . None
As I have stated before ,after a financial collapse I would not be surprised to see a military coup
We potentially have a very bloody future
here in the US and everyone around the world will be quite surprised to find out
just how violent us sheeple can be when
finally woken out of our stupor

Side question:
How do you gals/guys explain this mess to your significant others???
Do you find they are interested or concerned??? Just curious

Sat, 03/13/2010 - 19:19 | Link to Comment Rick64
Rick64's picture

How do you gals/guys explain this mess to your significant others???
Do you find they are interested or concerned??? Just curious

She looks at me like I'm talking about Quantum Physics.

Sat, 03/13/2010 - 20:10 | Link to Comment Anonymous
Sun, 03/14/2010 - 08:13 | Link to Comment ToNYC
ToNYC's picture

Wouldn't it have been easier to let out some shorts and with the profits throw a "ain't-I-swell" party for your lame buds?

Waiting for buses that never come negates your otherwise worthy efforts. Blaming people drowning in fear and self-loathing is unbecoming to a gentleman.

Sat, 03/13/2010 - 20:22 | Link to Comment Anonymous
Sat, 03/13/2010 - 23:15 | Link to Comment TomJoad
TomJoad's picture

My wife; "Why can't you just stop doing this to yourself?" 

Sun, 03/14/2010 - 14:33 | Link to Comment Hulk
Hulk's picture

Its a delemma which makes dealing with
this crisis a bit harder.
My college age kids understand we are in
a pickel, which helps

Sun, 03/14/2010 - 00:14 | Link to Comment polizeros
polizeros's picture

More and more, I think people are concerned. They just don't know what to do. Yet. Also, most people just want to live their lives without getting embroiled in politics and turmoil.

But that can change too.

ZH has done quite a lot to get the issues out there. All we can do is keep keeping on.

Sun, 03/14/2010 - 00:49 | Link to Comment Anonymous
Sun, 03/14/2010 - 03:54 | Link to Comment chindit13
chindit13's picture

You are a bit nasty, and will probably get yourself flagged, but I find myself increasingly in agreement with what you write.  From a tiny acorn.....

Let me see...we took men with beards from Afghanistan, held them a Gitmo for years, and when we finally got around to looking into their particular case, we found that some were taxi drivers who had beards because the Taliban hassled them if they shaved.

If we can proudly engage in this behavior against people who did nothing, surely we can send Timmy and Ben and Dick Fuld and Angelo Mozilo and Dick Cheney down to Gitmo to try to get some answers out of them.  If any of them turns out to be as guiltless as an Afghan taxi driver, no harm done, right?  And if they are guilty...

What's good for the goose.....

Sat, 03/13/2010 - 22:00 | Link to Comment Bob
Bob's picture

" . . the regulators, the Fed and the Treasury, that were inside these banks, and the question has to be asked: where were they."

Does Spitzer not answer his own question perfectly well there?

Sun, 03/14/2010 - 09:06 | Link to Comment Anonymous
Sun, 03/14/2010 - 10:06 | Link to Comment Madcow
Madcow's picture

"Economic Recovery Plan" = continued relaxation of the definition of securities fraud

Sun, 03/14/2010 - 18:33 | Link to Comment CombustibleAssets
CombustibleAssets's picture

OK, so Lehman was allowed to go bankrupt to avoid a federal bank fraud investigation. And to use it as an example of what would happen to the rest of the system if Paulson and Bernanke didn't get their bailout money for Goldman's underwriter....

And everybody gets protected if they keep their mouths shut.

I wonder how many foreign counterparties had to be paid off?? Probably why auditing the FED is a National Security Issue.

Sun, 03/14/2010 - 21:03 | Link to Comment Anonymous
Thu, 04/15/2010 - 08:48 | Link to Comment mark456
mark456's picture

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