An Inside Look of the Lehman Brothers Collapse
On today’s edition of Coffee and Markets, Brad Jackson and Ben Domenech are joined by Francis Cianfrocca to discuss the SEC’s Investigation of Lehman’s 2008 collapse, the failure to find criminal negligence and why Repo 105 was a key focus of the investigation.
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How to lie (and play the victim!) like Lehman’s $500M CEO Dick Fuld, for fun and profit
Lie. Always lie. Tell a bigger lie. Play the victim. But never, ever admit any wrongdoing. That’s for suckers, pal. It’s working for Lehman Brothers CEO Dick Fuld, the captain of the financial Titanic (the world’s largest bankruptcy) who didn’t exactly go down with the ship. He collected over $500 million in the 2000s for driving Lehman into bankruptcy, but he’ll tell you that he | Read More »
DOW 11,000: Is the stock market being manipulated? (again?)
MSM: “The stock market is above Dow 11,000! The recession’s over! The economy’s back! Barack Obama is a genius! Happy days are here again!” Is this more MSM spin? Is this also market manipulation? I had a sense that the spin was starting just a few days ago with: FRIDAY STUPID: “Why So Glum? Numbers Point to a Recovery” by NYT’s Floyd Norris. The cover | Read More »
Dodd’s financial regulations allow Fed to regulate any large company in America; Bank of America does Lehman-like accounting
Chris Dodd might be a lame duck and completely unethical, but he’s surely doing God’s work in re-writing our nation’s financial regulations and ramming it through Congress. Today’s Wall Street Journal article by Gregory Zerzan (“Mr. Zerzan was Deputy Assistant Secretary and Acting Assistant Secretary of the United States Treasury in the Administration of President George W. Bush”) is chilling and a must-read: OPINION: EXTRA | Read More »
LEHMAN SCANDAL: Fire Timmy Geithner now!
A new report on the fall of Lehman Brothers strongly indicates that Tim Geithner at the NY Fed knew exactly what was happening. If any legislator is reading this, Geithner’s resignation must be demanded immediately. In February 2008, my investment advisor told me to buy preferred stock in Lehman Brothers. I was told that an independent rating agency (Fitch) had rated this stock A+. Within | Read More »
With the McCain Campaign: The Final Push
My last chapter in the campaign ended with our successful convention in St. Paul, MN. Both John McCain and Sarah Palin excited people across the country, and we came roaring into the general elections. Due to the enthusiastic crowds that Sarah was attracting, John and Sarah did a lot of campaigning together as a team. It was working, and John’s message and character, as well | Read More »
Derivatives and human hubris.
Learning of the kinds of exotic instruments used by Wall Street in the years before the crash can be a mind-boggling experience. First, of course, because of the complexity of these things; but also because of the staggering sums of “paper wealth” they produced. AIG and other firms sold credit default swaps in such massive numbers that there was at one point insurance on over | Read More »
Socialism Creeping In
There is much that has me concerned with Federal plan to help fix the credit mess that we find ourselves in. The $700,000,000,000 price tag for this made my eyes pop. Then, George Will expressed, there is a concern about proper oversight – should one person have this much control over this much money – elected or not? Lawrence Kudlow said in his op/ed on | Read More »
So what economic philosophy is it, Senator Obama?
In the wake of Lehman’s bankruptcy and the sell off at Wallstreet today Senator Barack Obama tried to link the situation to John McCain. Obama said that he did not directly fault Senator McCain for the economic problems facing the nation, but he did blame McCain’s economic philosophy. Such a statement not only begs the question what the junior senator from Illinois meant, but it | Read More »
There is a McCain commercial in this.
John McCain and Sarah Palin need not wait until they are sworn in to begin ridding our national political scene of hypocrites. They can begin right here, right now. Over at TNR, my friend Soren Dayton argues that the Lehman Brothers story will dominate the news this week, forcing Obama to talk specifics rather than push his ephemeral “change” message. Also, he posits, if McCain | Read More »
Song of the Day
Ladies and gentlemen, I hereby submit the Song of the Day for Monday, September 15, 2008 is… “Dead Man’s Party” by Oingo Boingo(originally The Mystic Knights of the Oingo Boingo) From Boingo at the Ritz, 1985: CHORUSI was struck by lightingWalkin’ down the streetI was hit by something last night in my sleepIt’s a dead man’s partyWho could ask for moreEverybody’s comin’, leave your body | Read More »
Let’s Try This Another Way: The Bleeding Begins
As I described here, this is the weekend that the Treasury and the Federal Reserve decided to stop bailing everyone out. Secretary Paulson has been hinting for weeks now that we have to let capitalism work the way God intended it to. Which means: if you screw up, you die. This is what we free-market conservatives have been saying we wanted all along, folks. We’ll | Read More »
Turmoil on Wall Street: A News Roundup
Ladies and Gentlemen, I’ve been faithfully chronicling the global credit and financial crises for you since the first cracks started appearing in early summer of last year. Tonight, with the almost-certain collapse of the investment bank Lehman Brothers, the crisis moves into a new and possibly very dangerous phase. I’m going to keep you up-to-date on the key developments over the next few days, or | Read More »
Stand By For The Next Federal Bailout
It’s been widely reported that Timothy Geithner (the President of the New York Fed) summoned a group of Wall St. and banking CEOs to a pow-wow in lower Manhattan on Friday evening, with Treasury Secretary Paulson in attendance. The subject: Lehman Brothers, the 158-year-old investment bank which is in dire need of new capital, partly because of losses in its large portfolio of commercial (not | Read More »