Image via Wikipedia Shearson Lehman needs to be careful whom they piss off.
WASHINGTON, Oct 6 (Reuters) - Richard Fuld, the disgraced head of Lehman Brothers (LEHMQ.PK: Quote, Profile, Research, Stock Buzz), said he would wonder "until they put me in the ground" why the U.S. government did not rescue the 158-year-old Wall Street firm and claimed regulators knew the full scale of its condition far before its collapse.
Fuld said he took full responsibility for his actions ahead of the downfall of Lehman, but said U.S. regulators were aware of everything at the firm and knew how it was pricing its distressed assets in the months prior to its bankruptcy.
By Gerald: Internet Anthropologist Think Tank 9.10.08 Image via Wikipedia How can Banks, the ones charging criminal interest rates 33% to 99%, and underwriting fraudulent and faked housing loans hurt the GWOT?
My garage mechanic was moonlighting as a loan broker, he fills out paper work, and it is moved to bank whom approves loan and sells it to Fannie and Freddie etal.
The banks and morgage sections wrap these faux loans to sell to government agencys, who get stuck with the defaults and foreclosures, and let the Government bail out the Gov agencys, Fannie May ti the tune of $200 billion to start. The big banks have become a legal criminal enterprise thru their lobbyists. And the tax payers get stuck with a $200 billion + fraud bill.
And whon is pressuring the US Government to bail out Freddie and Fanny? China they bought Freddie and Fanny bonds, they are one of the biggest buyers. The trade balance ( mostly from Walmart ) cash is converted into American bonds. And Freddie and Fanny pay better than Treasury's.
Of course the Banks don't care who gets stuck with the losses, as long as they make HUGE profits on criminal enterprise LEGALLY. And the politicians bought by the Banks Lobbyists keep getting thier election coffers filled, also legally.
Some mortgage arms were not smart enough to package the loans and sell the to the government and held them, taking the full brunt of the defaults.
LEHMAN: Suffers Q3 loss of $3.9B
Lehman said it will sell about $4 billion of its British residential mortgage portfolio, cutting its exposure dramatically.
The company said its preliminary third-quarter loss was about $3.9 billion ($5.92 a diluted share), compared to a profit of $887 million ($1.54 a diluted share) in the third quarter of fiscal 2007.
"The net loss was driven primarily by gross mark-to-market adjustments stemming from writedowns on commercial and residential mortgage and real estate assets," it said. Shares in Lehman, the fourth-largest investment bank in the U.S., closed Tuesday at $7.79, down from a 52-week high of $67.73.
FROM $68 TO $8 IN A YEAR.
At least Lehman's share holders are eating the losses, they didn't seem to understand the scam.
So how does this hurt the GWOT? Adding a $200 billion bail out for Banking fraud to the the National debt HURTS. Money that could be used for soc sec. or what ever, instead is going to cover up the banking fraud and line the pockets of BIG Banks charging 33% usury interest rates. They even changed the bankruptcy laws making it easier to go after the 33% and 99% compounding interest rates, by their own admissions the admit of gross collections only 1/3 is principal the rest is interest in collection suits.
The old Mafia just didn't have as good lobbyists as the new big Banks.
The NEW MAFIA, big Banks putting it to the tax payers once again and getting away with it. Their lobbyist once again prove USA has the best politicians money can buy,
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