Mr Dick Fuld is unrepentant and will portray Lehman Brothers as a "victim" of the crisis. He claims that if other banks were denied the government support, they would have collapsed like Lehman Brothers. Further, he asserts that Lehman was justified in using Repo-105 as it is legal and the regulators knew about it.
Where do I even begin... The defence given by Mr. Fuld is alarming as it implicates the government, the regulators and the big banks in a scam of unprecedented levels. His argument is simple, let the one who has not sinned cast the first stone at Lehman. In other words, Mr. Kettle please don't call Mr. Pot black. It just turns my stomach to think about how deep the rot runs. So deep that it gives somebody the audacity to defend a wrongdoing because it was done with the permission of the authorities, or at least by keeping them in the loop. This is going to prove mighty embarrassing for SEC. Taking down Lehman and then going after Goldman Sachs will not help the cause of economy but will perhaps help the governmental bodies to escape blame. Allowing a misdemeanour and then punishing it; I think relevant SEC officials should be tried for criminal negligence. But, like that's going to happen any time soon. Authority without responsibility or accountability seems to be the defining factor of government bodies around the globe. How many government employees have you heard of who got fired due to lack of performance?
The final word is that big thieves hang the small thieves. So goes the law of jungle. I increasingly feel that it is useless to expect any concrete justice because that would mean prosecuting too many powerful people together. The government is simply in a hurry to find a scapegoat and then continue with its disastrous business as usual. In fact the cancer has been allowed to go so deep that it is difficult to even talk about from where to begin a possible reform. I guess that in God we trust, but the Devil is a good business partner as well. Amen.
Where do I even begin... The defence given by Mr. Fuld is alarming as it implicates the government, the regulators and the big banks in a scam of unprecedented levels. His argument is simple, let the one who has not sinned cast the first stone at Lehman. In other words, Mr. Kettle please don't call Mr. Pot black. It just turns my stomach to think about how deep the rot runs. So deep that it gives somebody the audacity to defend a wrongdoing because it was done with the permission of the authorities, or at least by keeping them in the loop. This is going to prove mighty embarrassing for SEC. Taking down Lehman and then going after Goldman Sachs will not help the cause of economy but will perhaps help the governmental bodies to escape blame. Allowing a misdemeanour and then punishing it; I think relevant SEC officials should be tried for criminal negligence. But, like that's going to happen any time soon. Authority without responsibility or accountability seems to be the defining factor of government bodies around the globe. How many government employees have you heard of who got fired due to lack of performance?
The final word is that big thieves hang the small thieves. So goes the law of jungle. I increasingly feel that it is useless to expect any concrete justice because that would mean prosecuting too many powerful people together. The government is simply in a hurry to find a scapegoat and then continue with its disastrous business as usual. In fact the cancer has been allowed to go so deep that it is difficult to even talk about from where to begin a possible reform. I guess that in God we trust, but the Devil is a good business partner as well. Amen.
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