“The lesson we learned from Lehman is we have not yet learned that lesson” - Lehman Examiner

[Bozita]

I'm shocked, shocked I tell you!


Lehman examiner: Financial oversight not tough enough
By Barry B. Burr
September 27, 2011, 2:58 PM ET


Regulation and other oversight measures have not been strengthened enough to avoid another financial company failure the size of Lehman Brothers Holdings, the largest bankruptcy in U.S. history, Anton R. Valukas, examiner of the Lehman downfall, told the conference of the Council of Institutional Investors in Boston.

“I don’t see that things have changed greatly, and we cannot have another Lehman Brothers,” Mr. Valukas said Tuesday.

“The lesson we learned from Lehman is we have not yet learned that lesson,” said Mr. Valukas, chairman of the law firm Jenner & Block firm and, as examiner appointed by the U.S. trustee to the Lehman Chapter 11 bankruptcy case, author of a 2010 report on the company’s demise.

The Dodd-Frank Wall Street Reform and Consumer Protection Act and other regulatory changes have not been enough to prevent such a massive failure, he said.

more...
http://www.pionline.com/article/20110927/DAILYREG/110929894

Read more: http://www.pionline.com/article/20110927/DAILYREG/11092...

[ixion]

1. nothing has changed, nor have the original problems been solved

which is why we're in the shape we're in now, which would be hanging on the precipice of a massive depression.

[dkf]

2. Just wait til countries fail. We ain't seen nothing yet.

[Hydra]

3. They aren't supposed to be able to fail

As long as they can provide for their citizens.

The fact that they can put millions out of work for the profit of Private Banks is an interesting reversal of values and priorities.

[dkf]

5. They are supposed to be able to raise taxes.

But not if the people revolt.

[golfguru]

4. Repeal of Glass-Steagall = Lehman Bros

and the next tsunami coming.