Gasparino: Active CRIMINAL Component To Lehman Investigation (FBI, DOJ & SEC Involved)

Video:  Lawrence McDonald on Goldman Sachs, the Volcker Rule & criminal investigations of Lehman -- With Charlie Gasparino, Fox Business -- Aired today

McDonald is a former Lehman executive and the author of Collosal Failures of Common Sense.  Great clip from earlier today just posted to youtube.  Look out Erin Callan and Richard Fuld.  Discussion of Lehman begins at the 3-minute mark.

Recommended:

• LEHMAN ACCOUNTING FRAUD: Attention Prosecutors: Watch This Video About Lehman, Geithner, Fuld & The NY Fed

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Comments

[Z]

Give me a lever long enough and a place to stand, and I can move the world.
—Archimedes, 287-212 BC

[DailyBail]

http://www.lawrencegmcdonald.com/

umm...so what's your point z...

[DailyBail]

Aug 3 (Reuters) - Goldman Sachs Group Inc (GS.N) executives are weighing spinning off at least a part of the bank's private equity business following financial reform legislation, Fox Business reported on Tuesday.

http://www.reuters.com/article/idUSN0316842820100803

[Z]

My point???

You know the story...excessive risk taking/excessive amounts of leverage, off-balance-sheet transactions to understate that leverage to appear like a healthy shark rather than a sick dog, a pathetic auditor that said that the financial statements were fairly presented and that the leverage ratio was the responsibility of management, lack of competent government regulators, and an insatiable appetite for profits and bonuses. My point is that leverage is power and it is dangerous in the hands of pathetic scumbags like Fuld and Blankfein. My point is that the answer lies in rebuilding the integrity of the outside independent auditors. There was a time when auditors were highly respected and valued. Now they are just low level employees of the client they are prostituting themselves for. The government is not the answer and shit like the Sarbanes-Oxley Act is not the answer. The other solution is go after the corruption with the RICO Act until the only employee left is the guy who cleans out the wastepaper baskets at night. The government should seize all ill-gotten money even if it means snatching last night’s surf and turf out of Lloyd Blankfein’s stomach.

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