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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forums60 Minutes exposes the lack of prosecutorial enthusiasm following the Lehman Bros. collapse - video
Last edited Mon Apr 23, 2012, 12:55 AM - Edit history (1)
The SEC may be undermanned, but the DOJ has tons of money as witnessed by the current medical marijuana busts in California and elsewhere.
The Examiner's Report to the Bankruptcy Court is 2,200 pages long comprising 9 volumes and it's chock full of actions that in any other business would have incurred the wrath of prosecutors everywhere.
Hello SEC? Hello DOJ?
The segment can be viewed here:
http://www.cbsnews.com/8301-18560_162-57417397/the-case-against-lehman-brothers/?tag=cbsContent;cbsCarousel
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.
The following script is from "The Case Against Lehman" which originally aired on April 22, 2012. Steve Kroft is the correspondent. James Jacoby and Michael Karzis, producers.
more at the link above
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Don't miss Steve Kroft's "Overtime" segment, also available at the link above.
BTW, since we have "drug forfeiture" laws, why can't we have similar laws that relate to banksters?
russspeakeasy
(6,539 posts)rock the boat. Afterall, where would they get their donations.
WillyT
(72,631 posts)There is a solution. We put people in charge who think the people on Wall Street are slugs who would wreck the economy if they can make money. There is no reason to respect Jamie Dimon or Lloyd Blankfein or any Wall Street trader or administrative assistant. We need regulators who will cow them into compliance with the law, using the powers they have, including personal liability and criminal charges.
From: http://www.democraticunderground.com/1002596920
sabrina 1
(62,325 posts)If we really have elected officials who believe a bunch of crooked Wall Street Gamblers are on their team, then there is really one solution and that is to find out why they are and start replacing them. I especially like the last part of that paragraph, which I highlighted.
Bozita
(26,955 posts)DeSwiss
(27,137 posts)Marr
(20,317 posts)Oh-- they aren't relevant here?
Then eh... YOU JUST WANT PRESIDENT PALIN ROMNEY!
Dragonfli
(10,622 posts)He can't tell his boss holder anything about where to direct his resources.
He can't fire him and replace him with somebody that would investigate them and how they stole our money, that would be rude.
He sure as hell can't replace any of his financial appointments with ones that don't do what the banks tell them either because someone on the internets said he couldn't.
There is nothing he can do but Hope the guilty bankers will be investigated and that his financial appointments Change their mind and decide to do what is good for the country rather than Wall st.
He promised hope and change, he never said the bankers wouldn't run things.
SunSeeker
(51,571 posts)He can have all the hookers he wants as long as he kicks bankster ass. I just don't think Holder has much of a fight in him. Sure, it's easy to go after sitting duck stoners. But banksters will fight back with legions of attorneys and start a paper war that will paralyze DOJ unless the Asst. U.S. Attorneys are really on top of their game. I think DOJ knows they don't have that level of talent and resources among their ranks. The only public lawyer that ever had the banksters quaking in their loafers was Spitzer. That's why they destroyed him.
sabrina 1
(62,325 posts)but respect anyone with money who 'looks respectable' and went to Harvard. As Willy's post above says, we need more people like Elliot Spitzer in office, people who are not charmed by criminals with big bank accounts, country estates all over the place, and several yachts.
SunSeeker
(51,571 posts)The medical marijuana folks have no money. It's easy to beat up on them in court and get a win under your belt. You get a good performance review and you're that much closer to retirement while keeping your blood pressure relatively low. The banksters, on the other hand, will make your life a living hell as an already overworked Asst. U.S. Attorney. The DOJ folks aren't charmed by the banksters, they're intimidated by them.
2pooped2pop
(5,420 posts)banned from Kos
(4,017 posts)Poor investors lost billions!
(of course, there was collateral damage downstream)
madokie
(51,076 posts)in the whole scheme of things. I'd like to know the number of suicides thats been because of the banking ripoffs. People loosing their homes is pretty stressful. In many cases its been shown that the banks didn't have rhyme or reason for the foreclosures they did
uponit7771
(90,347 posts)...them back...
Obama needs a congress that he can work with
just1voice
(1,362 posts)Sure looks like they're hiring to me:
http://www.justice.gov/careers/careers.html
just1voice
(1,362 posts)banned from Kos
(4,017 posts)stock. He was trying to get past a liquidity crisis and save Lehman.
Did he violate Sarbanes-Oxley? Sure he did.
Was he trying to rip people off? He was the largest shareholder. Did he make loans to people on Main St? No.
countryjake
(8,554 posts)and judging that the SEC was set up, right there inside of Lehman BEFORE the bankruptcy, it surely looks to me that they were in cahoots with the crooks, not overseeing them.
I also felt for Matthew Lee, losing his position due to that "grenade" he tossed into the Lehman pot...he is still unemployed.