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The coming depression blog | July 25, 2017

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Lehman Brothers – A National Shame

We now know that when Wall Street rock n’ rolled and drove this nation to the edge of catastrophic economic disaster no one was looking out for you, for me, for pension funds, for America.

If you want to know the details of this outrage watch the 60 minutes report on Sunday April 22. It will make your skin crawl. it will make you want to vote for new people who are not leashed poodles of the Wall Street establishment. It will raise your blood pressure. It will also make you doubt that we are a democratic nation and that we are actually different from, say Albania or Mafia-run Russia.

Read this:

“It’s hard to overstate the enormity of the 2008 collapse of Lehman Brothers. It was the largest bankruptcy in history; 26,000 employees lost their jobs; millions of investors lost all or almost all of their money; and it triggered a chain reaction that produced the worst financial crisis and economic downturn in 70 years.

Yet four years later, no one at Lehman has been held responsible. Steve Kroft investigates the collapse of Lehman Brothers: what the SEC did and didn’t know about the firm’s finances, the role of a top accounting firm, and why no one at Lehman has been called to account.” From 60-Minutes CBS show.

The Case Against Lehman Brothers is a profound statement of avarice, greed, corruption, stupidity, arrogance, hubris, and probable criminality.

I have spoken to many, many people over the past three years. Most are not hardly aware of the atrocity that the plutocrats in New York visited upon our people and nation.

Read this and ask yourself what’s wrong with this picture. The federal bankruptcy court appointed Anton Valukas, a prominent Chicago lawyer and former United States attorney to conduct an investigation to determine what happened. Here is the lunch line: “Included in the nine-volume, 2,200-page report was the finding that there was enough evidence for a prosecutor to bring a case against top Lehman officials and one of the nation’s top accounting firms for misleading government regulators and investors. That was two years ago and there have been no prosecutions.”

No prosecutions?! What! Are you kidding me? So I guess three joints of weed get you jail time but crashing the world economy gets you … basically nothing?

Steffen Schmidt, Professor of Political Science

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