This has been a long time coming. It is amazing how so many people's lives were negatively impacted by the 2008 collapse of Bear Stearns, Lehman Bros., Washington Mutual, several Mortgage Financing companies, several several firms such as Merrill Lynch that tottered on the brink of collapse and so far no one has bit the literal bullet! Amazing!
Click the link below to read the transcript of the 60 minutes story:
The case against Lehman Brothers - CBS News
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This has indeed been a long time coming. But what has been an even longer time coming is the delivery of justice - and it appears that we will have to make this happen ourselves. Apparently SEC and Federal Reserve regulators were in-house at Lehman Brothers and did not call attention to the blatant mismanagement so the government doesn't think it can win a case. Well, I say then let's go after every single one of those in-house regulators as well as all of their superiors! After all, what is the point of having regulators? For some reason I can't get this comment to post with my wordpress ID, but I'm not anonymous! www.StreetJusticeSociety.com
Shelly -- good idea! I doubt that it will happen. I worked with a former SEC auditor who was hired to monitor mutual funds that were managed by outside fund managers. He was too busy schmoozing with them while they were loading up the funds with Enron securities. Needless to say, he was canned. The reality is that the government regulators are often behind the curve in terms of knowledge of the industry developments.
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