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

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Fri, 03/12/2010 - 21:37 | 263938 Anonymous
Anonymous's picture

Got Gold?

Fri, 03/12/2010 - 22:15 | 263976 Gold...Bitches
Gold...Bitches's picture

oh yes i do.

Sat, 03/13/2010 - 07:58 | 264194 Anonymous
Anonymous's picture

ditto and in bunches bitches

Sat, 03/13/2010 - 20:23 | 264665 Anonymous
Anonymous's picture

The only things that matter now are Beans, Bibles, Bullion, and Bullets..........

Fri, 03/12/2010 - 21:42 | 263942 WaterWings
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Story of the month on a Friday night dump?

Sat, 03/13/2010 - 14:46 | 264410 doublethink
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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 | 265259 CombustibleAssets
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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 | 263945 Papasmurf
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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 | 264538 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 | 263953 Catullus
Catullus's picture

Round up the usual suspects.

Fri, 03/12/2010 - 22:59 | 264030 Reflexivity
Reflexivity's picture

Flip 'em.  Flip 'em for real.

Sat, 03/13/2010 - 00:59 | 264124 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 | 264165 KevinB
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Cap'n Renault on Wall Street:

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

Fri, 03/12/2010 - 21:52 | 263955 virgilcaine
virgilcaine's picture

zero confidence in our us structure from dc-nyc.

Fri, 03/12/2010 - 21:57 | 263959 Anonymous
Anonymous's picture

ZH:

Get This:

Mintz said it's significant that Ernst & Young, according to the examiner, failed to inform the audit committee of Lehman's board of directors of allegations by an Ernst & Young senior vice president of improper accounting at a meeting on June 13, 2008.

"Ernst & Young took no steps to question or challenge the non-disclosure by Lehman of its use of $50 billion of temporary, off-balance sheet transactions," the report says.

In a statement, Ernst & Young says that Lehman thoroughly investigated the executive's allegations. In July 2008, Lehman's management reported to the audit committee "and concluded the allegations were unfounded," E&Y spokesman Charlie Perkins said in a statement. "We never concluded our review of the matter, because Lehman went into bankruptcy before we completed our audit."
----------------------------------------------------------

So the wolf was guarding the hen house and playing carry trade with their balance sheet. The rating agencies should get grilled on this as well.

http://www.google.com/hostednews/ap/article/ALeqM5jn6oYY5vQrqyRETPEBObj9...

Sun, 03/14/2010 - 11:54 | 265026 torabora
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 "Ernst & Young senior vice president of improper accounting"

   That's good, ....real good.

Fri, 03/12/2010 - 22:00 | 263962 Anonymous
Anonymous's picture

I just got physically ill listening to this, Turbotax Timmy, Helicopter Ben and more than likely the criminals involved in this are going free! This is the most outrageous and egregious crime against the US taxpayer, besides the 1913 Fed Reserve Act.

Fri, 03/12/2010 - 22:00 | 263963 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 | 263974 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 | 263970 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 | 263991 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 | 264027 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 | 264700 Anonymous
Anonymous's picture

Yes, unless you go along with the incessant babbling from this internet addicted, drug-addled, whacked-out, hypocritical, broken-record, airhead “truther“ and his ilk, then you’ve been ‘brainwashed‘, ‘zombified‘, and YOU’RE not an ‘original thinker’. (Talk about “through the looking glass”…)
Cyber-Dr. Phil’s like Cognitive Douchebag, who fantasize about being the queen bee of their own imaginary little hive and who engage in pathetic personal politicking to recruit their drones, are a dime a dozen.

To anyone over the age of 14, it is hardly a fucking revelation that the media is incompetent and full of shit; that politicians are corrupt, incompetent and full of shit; and that Wall Street is corrupt, incompetent and full of shit. Duh.

Sun, 03/14/2010 - 18:19 | 265240 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 | 264028 Anonymous
Anonymous's picture

Or to put it more succinctly:
"Welcome to the real world, Neo."

Fri, 03/12/2010 - 23:01 | 264031 louisash
louisash's picture

Welcome to the real world, Neo.

Fri, 03/12/2010 - 23:20 | 264046 Reflexivity
Reflexivity's picture

Dick Fuld is now with 'Matrix' Advisors.

Fri, 03/12/2010 - 22:14 | 263973 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 | 264386 Anonymous
Anonymous's picture

Somebody has their panties in a knot today--
Give us your address, and we will send you a Cost Co sized jar of Midol.

Sat, 03/13/2010 - 22:39 | 264725 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 | 263979 Anonymous
Anonymous's picture

The homicidal maniac also said, "It was in my best interest".

Christ . . . where does it all end?

Sat, 03/13/2010 - 11:32 | 264305 Crab Cake
Crab Cake's picture

The end of a noose.

Fri, 03/12/2010 - 22:20 | 263980 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 | 263981 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 | 263984 Anonymous
Anonymous's picture

Prediction: No one involved does a minute of jail time.

At most, a slap-on-the-wrist fine.

Fri, 03/12/2010 - 22:35 | 263988 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 | 264069 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 | 264003 Anonymous
Anonymous's picture

Attention Chris Whalen: I caught your comment on public radio. Thanks for being a truth-teller.

Fri, 03/12/2010 - 22:34 | 264006 Bob
Bob's picture

Whaddya know, MSNBC at it again.

Fri, 03/12/2010 - 22:47 | 264016 Kevekev
Kevekev's picture

Who else uses ernst and young?

Sat, 03/13/2010 - 00:28 | 264107 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 | 264020 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 | 264307 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 | 264352 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 | 264434 WaterWings
WaterWings's picture

No kidding. Lubyanka = Langley

Fri, 03/12/2010 - 22:55 | 264023 williambanzai7
Sat, 03/13/2010 - 05:44 | 264176 Anonymous
Anonymous's picture

Nice

Fri, 03/12/2010 - 23:24 | 264055 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 | 264144 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.

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