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« Bill Black Slams Bartiromo Over Goldman Non-Prosecution: "FBI Agents Were Never Even Assigned To Investigate The Case! Was A Grand Jury Even Convened?" | Main | Letter From Satan: Dear Brother Corzine »
Friday
Aug172012

LEHMAN ACCOUNTING FRAUD: Attention Prosecutors: Watch This Video About Lehman, Geithner, Fuld & The New York Federal Reserve

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Reader Comments (24)

I will give it to you in a few sentences...The auditors used to be stuck in some back office begging for support for their workpapers and collecting a modest fee for their due diligence and independence all in the name of truth in financial statement presentation. Now they are in the boardroom shooting the shit with the client, sucking on the fat teet of client’s pay to play program, and giving up their independence for cozy consulting gigs and a boring lunch with the client all in the name of client relations. Many moons ago, the partners at auditing firms needed to bring in audit clients to get the corner office and the pretty secretary. Now they need to bring in the consulting gigs where the pay is much better and you can sleep with the client’s pretty secretary. There highly paid partners get corner offices in the client’s digs and cheat GAAP for a living and talk independence only on the weekends at golf outings sponsored by their client for fundraising and hell-raising.
Mar 15, 2010 at 3:18 PM | Unregistered CommenterZarathustra
http://www.youtube.com/watch?v=0MPrxurvkuk&feature=channel

Orange Glow Dub

----

profanity warning....
Mar 15, 2010 at 10:12 PM | Registered CommenterDailyBail
very well-stated gobias..there's a lot more to the problem but you have identified some of the issues...
Mar 16, 2010 at 1:54 AM | Registered CommenterDailyBail
Zarathustra-

I think you have largely nailed this thing. I have posted before about the cocoons that are created by the fat-cat class, which doesn't just include the politicians but is led by them. In their smarmy way, they have taught the skills necessary to avoid any level of real scrutiny, albeit with a growing sense of lament and discontent of those unable to affect them.

In the real world, I deal with this same thing. ISO Auditors, FDA Auditors, and others want my business so much that I literally have to tell them I'm not your friend, I don't want to be entertained and I don't want it sugar coated. I do need an intense and honest assessment in order that my company not only pass your audit, but actually perform at a level that doesn't leave me in jeopardy of failing in the market. And I do this regularly. For a $150 million company.

What do you think goes on when hundreds of billions are at stake?

Now, multiply that number and the level of contempt by a factor of 100 and you have all the thrills of a centralized, government run Welcare system. Are you freaking kidding me?
Mar 16, 2010 at 5:52 AM | Unregistered CommenterOberron4life
at :59 Ratigan says: "Complexity is how Wall Street steals..." ...and you know what else? Government complicity is how they get away with it.
Mar 16, 2010 at 10:25 AM | Unregistered Commenteranon
The USA suffers from INSTITUTIONALIZED fraud, so forget about any prosecutions and accountability.
Mar 16, 2010 at 11:33 AM | Unregistered CommenterRecoverylessRecovery
We've been asleep for to long. Now that were awake, its to late. There is no fix any more. We have locked our selfs in side a big box and they hold the key !

If they let us out we have no power to fight them anymore. We just kept hitting the snooze botton to long !
Mar 16, 2010 at 2:21 PM | Unregistered CommenterTexas Dar
I have been following this financial stuff for twenty-five years. I worked on Montgomery Street in San Francisco, first in commodities options, then in futures, derivatives and securities. I got into the business not knowing I was in a scheme, full of attornies, federal advisors and government quacks. With an AA, BA and MBA, I was just looking for a job, thats all. At the time, back in the 70s, with an MBA (the most oversold degree on planet earth), I worked as a security guard and detective for Pinkerton Security ), while looking for gainful employment in finance. Although I studed investmentments, I had no idea what I walked into on Montgomery Street one day, and neither did the school that trained me in finance. I was an MBA graduate without an MBA post. I was trained to be a guard, by a school that did not have a clue how to help their graduates get a financial job. . Later, I had a TV show that compared the 1929 move in securities with the crash in 1987, the first financial collapse the fed should not have bailed the country from. This set up the pattern of Fed fraud for everyone connected with the government, the insiders, the beltway crowd that knew things before we knew it. The previous Savings and Loan debacle was due to the Fed, with the collapse of the Glass/Steagal Act. This let a guy named Ron buy a S&L from the Fed for a Million dollars and later sell it to Citigroup for a billion or two. The same guys, his friends like Rubin were there.

I will state this: I have learned that the Fed's digital fraud in the securities and derivatives business is so massive, it really does not know what to do, at present. Mr. Bernanke came on board claiming he studied The Great Depression, then he went blank as the bubble in degital fraud ballooned into a massive credit collapse. And, in it were all of his buddies, his friends from Goldman Sachs, Lehman brothers, Citigroup, AIG, the New York Fed, Merril Lynch, Wells Fargo Bank, Bank of America, Washington Mutual, Wachovia, World Savings or the Sander's clan and hundreds and hundreds of other banks and bankers across America. Greenspin and Bernanke never saw a thing, can you believe this? All of the names have been excluded to protect these people, but all of us know who they are. Mr. Greenspin claimed he did not know anything. How could this be? He did not know that his friend ex-Sec of the Treasury Robert Rubin escaped an investigation related to his own securities fraund in New York (inside trading of shares) while working at Goldman Sachs, possibly, advising Eron, then known as Houston Oil and Gas. Goldman, was their client and let them trade without trading forms, while under their advisement for bonds and more financing. This is the same firm involved in the collapse of financing with some highly interesting structured investment vehicles, for the country of Greece, now a black hole in the European Union. This group (metaphorically) was accused of stealing our founding father, Ben Franklin's diary from Philadelphia years ago. They stole it for one reason, the secret in it.

I am sorry to say, this nation may be done. There is no way with the present system that we can pull out of this financial mess. Don't ask another ex-Sec of the Treasury, Henry Paulsen, just buy gold, rare earth metals and a home with solar panels and roof water. Get as far away from the banks as you can, we are going lower, soon. Or go to Harvard, Yale, or Pinceton, and get a job with them in law or finance. These graduates are only people that the government or banks will hire. These guys are the ones the made up stories in the Wall Street Journal always writes about: Arn't you getting $100,000 a year for that MBA or law degree right out of school. If you cannot join these professional hoods, get away trom them, because this downward grind will not stop until we and China are on the same economic playing field. And, this scenario is two decades away.
Mar 16, 2010 at 7:18 PM | Unregistered Commenteremil lawrence
Great post Emil. I agree with you on most topics (except the 'buy rare earth' advice ...I say don't!) and particularly with your assertion that the US is basically toast by now. Too late for tears and all that dear chap. Bloody pity you know (sorry I stayed up late last night watching a re-run of Gunga Din! THOSE were movies).

For NUMEROUS individual reasons and combinations thereof, the USA has almost PURPOSELY positioned itself exquisitely into an inextricably, clusterfuckish web of completely entangled confusion.

In other words; YES! We are now officially Paraguay.
Mar 16, 2010 at 7:32 PM | Unregistered CommenterRecoverylessRecovery
I'm surprised that everyone is so surprised.

The financial history of America is full of this stuff. In fact, this is just chapter 16 or 17, I'm not sure which.

I'm not going to give even an outline of an outline of this sordid financial history here. In fact, I don't even want to allude to any one historical-financial-American-criminal, even though there have been thousands of them.

America is the United States of Amnesia, as Gore Vidal said. It must be great fun to be morally outraged and shocked every few years. If we knew our financial history that pleasure would be unavailable to us.
Mar 17, 2010 at 12:27 AM | Unregistered CommenterJames Street
Financial History of the United States of America - Chapter One;
Deep pocketed private interests collude with high ranking government authorities in order to effectively increase their own influence on government actions & policies as much as possible.

Financial History of the United States of America - Chapter Two;
Deep pocketed private interests collude with high ranking government authorities in order to effectively increase their own influence on government actions & policies as much as possible.

Financial History of the United States of America - Chapter Three;
Deep pocketed private interests collude with high ranking government authorities in order to effectively increase their own influence on government actions & policies as much as possible.

Financial History of the United States of America - Chapter Four;
Deep pocketed private interests collude with high ranking government authorities in order to effectively increase their own influence on government actions & policies as much as possible.

Financial History of the United States of America - Chapter Five;
Deep pocketed private interests collude with high ranking government authorities in order to effectively increase their own influence on government actions & policies as much as possible.

Financial History of the United States of America - Chapter Six;
Deep pocketed private interests collude with high ranking government authorities in order to effectively increase their own influence on government actions & policies as much as possible.

Financial History of the United States of America - Chapter Seven;
Deep pocketed private interests collude with high ranking government authorities in order to effectively increase their own influence on government actions & policies as much as possible.

Financial History of the United States of America - Chapters Eight thru Five Hundred and Fifty Three;
Deep pocketed private interests collude with high ranking government authorities in order to effectively increase their own influence on government actions & policies as much as possible.

Financial History of the United States of America - Chapter 554;
2010 Special Update. Deep pocketed private interests WINS!!!. Under Obama they openly dictate government actions and policy.

THE END.
Mar 17, 2010 at 2:36 AM | Unregistered CommenterRecoverylessRecovery
Mar 17, 2010 at 11:40 PM | Unregistered CommenterZarathustra
"How could you not be embarrassed if you voted for this blowhard lying fraud."

You mean you actually still LISTEN to what the meat-puppet says? I thought you were smarter than that.

When *I* want to know what stupid move to expect from our government next, I prefer to get my info straight from the horse's mouth; namely in this case Mr. Lloyd Craig Blankfein, the current Chief Executive Officer and Chairman of Goldman Sachs.
Mar 22, 2010 at 8:33 PM | Unregistered CommenterRecoverylessRecovery
BTW, here's a useful hint for detecting when Obama's lying. You see, he has a litlle quirk, a slight 'tell' that gives him away;

HE MOVES HIS LIPS !!!!!!!!
Mar 22, 2010 at 8:35 PM | Unregistered CommenterRecoverylessRecovery
Your parents voted for him.
Mar 22, 2010 at 9:52 PM | Unregistered CommenterZarathustra
Where the rot starts--Like a dead fish,rot starts from head down FDIC
Just a little info about one Bank in N.C.. All banks need a reserve,All you need is LOANED $50 million ( seed money ) and FDIC gives you a license to loan out 10 to $1 in reserve. Actual Example: This N.C's bank 's owner's brother loans the bank $10 million and deposits in a secret agreed savings at 6%-10%.now the bank can loan out $100million.here is the big scam--The brother than gets approval for a loan of $10 million at 0.025%. Brother makes a killing on the deposited loan and can reloan the loan back into the same bank or another bank. On the books it shows the bank has assests of now $60 million---No wonder America is a mess. This swapping of funds--that seed money is passed onto bank to bank---recycled seed money--no wonder the money changers are filthy rich.
biggest problem is that FDIC knows about and never questions the seed money sources and the kick backs {:^(
Feb 12, 2011 at 8:33 PM | Unregistered CommenterJoJo
Wow, that's quite a story, JoJo. Is there a link to that story or info about it?
Feb 12, 2011 at 9:47 PM | Registered CommenterDr. Pitchfork
Our true puppet masters have long-ago figured out the rules and the game is rigged. The elite money changers have drawn the regulators into the bedroom just like they, along with the vast political/military machinery and heavyweight special interests, have lured the media giants under the covers. And if members of either so-called "watchdog" group balks, they can say goodbye to their careers/reputations.
At least the Soviet citizens knew that their "news and information" was state-approved propoganda
Staggering financial conflicts of interest go unreported. Massive election fraud is literally ignored. Reality is manufactured, public perceptions are managed. Our self-appointed overlords that hide behind the curtain are expert psychosociologists and cultural engineers -- they are masters at keeping the bewildered herd busy, distracted, divided, and most importantly, believing that American democracy works.
"American democracy", "free elections", the so-called "Federal Reserve", "equal justice", even the IRS are carefully crafted and vigorously maintained illusions so that power and control can be retained by our grand manipulators.
Any sensible grasp of the sequence of events leading to the financial disaster of '08 demonstrates that it was a well-planned and expertly executed legalized robbery -- the largest money/wealth grab in human history.
And no one went to jail. In fact, they all got on with their next intrigue -- after all the back-slapping was done.
Consent has, once again, been manufactured.
Feb 13, 2011 at 12:46 AM | Unregistered CommenterMichael McCoy
Here is a little flashback that Citigroup really didn't like being published on the web.

http://cryptome.sabotage.org/0002/citigroup-dmca/citigroup-dmca.htm

Item #1 says it all.
Feb 13, 2011 at 9:20 AM | Unregistered Commenterjohn
nice link john...the bank stress tests were a joke...none of it matters anyway as long as FASB continues the accounting charade...losses...we don't need any stinking losses...mark to fantasy wins again...
Feb 13, 2011 at 11:31 AM | Registered CommenterDailyBail
@jojo...i'm sure that kind of thing happens with frequency in the world of small banks...give me a specific link and we'll do a story on it...
Feb 13, 2011 at 11:32 AM | Registered CommenterDailyBail
Zarathustra and Oberron4life
Reminds me of this old bit...

"The few who can understand the system will be either so interested in its profits, or so dependent on its favours, that there will be no opposition from that class, while, on the other hand, that great body of people, mentally incapable of comprehending the tremendous advantage that Capital derives from the system, will bear its burden without complaint and, perhaps, without even suspecting that the system is inimical to their interests." -- Letter written from London by the Rothschilds to their New York agents introducing their banking method into America:
Aug 17, 2012 at 6:24 PM | Unregistered Commenternota
The 99% VS the 1% - A battle to be fought and won with truth and unity! The people have finally started to come together. You cannot convince me that tiny Iceland can handle the “Cabal” and WE cannot!
Now is the time to join forces with those you would not normally consider. This is all starting to leak out to the main stream media... finally. We just need to KEEP THE HEAT on them. We will soon be posting new petition and email campaign info as well as protest ideas. We just need more people following this group and we can use resources from the Tea Party, Occupy and other groups. THEY win as long as they can keep us arguing with each other.
WE need to come together with people we wouldn't normally work with to bring these criminals DOWN! Spread the word, others have carried the load of exposing this activity. Now we the people NEED to come out and make it a major issue in the news and in this political cycle.
JOIN US, this is YOUR cause too (Click the “LIKE” button and spread the word): www.facebook.com/BankAndPoliticianFinancialCorruption
Aug 18, 2012 at 1:58 PM | Unregistered CommenterCoreyG/Texas

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