Thursday, March 11, 2010

Lehman Crooks Are More Equal ....

Sure enough. Lehman's Big Kahunas were cooking the books.

TurboTax Timmy, Ernst&Young, Bernanke, and the Bush SEC just kinda ignored it even though they KNEW ABOUT IT.

Not to worry. They still prosecute that sort of activity--if you're not a Big Kahuna, or E&Y, or the Chairman of the Fed, or the Sec/Treasury, or one of their pals.

Lehman employed off-balance sheet devices, known within Lehman as “Repo 105” and “Repo 108” transactions, to temporarily remove securities inventory from its balance sheet, usually for a period of seven to ten days, and to create a materially misleading picture of the firm’s financial condition in late 2007 and 2008

...the Examiner questioned Lehman executives and other witnesses about Lehman’s financial health and reporting, a recurrent theme in their responses was that Lehman gave full and complete financial information to Government agencies, and that the Government never raised significant objections or directed that Lehman take any corrective action.

Club Fed for you. Others, not so much.

HT: Ticker

More from Bloomberg here.

1 comment:

Deekaman said...

Bipartisan fraud. Nice.