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Keyword: lehman

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  • Trump questions why Lehman Brothers paid Jeb Bush '$1.3 million a year for a no-show job'

    08/27/2015 2:21:23 PM PDT · by Mariner · 43 replies
    The Week ^ | August 27th, 2015 | Becca Stanek
    Donald Trump's latest comments earned him a rebuke from a Jeb Bush spokesman for "trafficking in false conspiracy theories" about the former investment bank Lehman Brothers, where Bush worked for a stint after leaving the governor's office in Florida in 2007. Amid Trump's 33 attacks against the Bush family in a 35-minute interview with The Washington Post, he managed numerous times to drop his suspicions that Bush's high salary from Lehman was a "reward for helping direct Florida state funds to the firm, whose collapse in 2008 helped kick off the Great Recession," The Post reports. "That’s a Hillary Clinton...
  • Trump questions why Lehman Brothers paid Jeb Bush '$1.3 million a year for a no-show job'

    08/27/2015 1:54:07 PM PDT · by jimbo123 · 30 replies
    The Week ^ | 8/27/15 | Becca Stanek
    Donald Trump's latest comments earned him a rebuke from a Jeb Bush spokesman for "trafficking in false conspiracy theories" about the former investment bank Lehman Brothers, where Bush worked for a stint after leaving the governor's office in Florida in 2007. Amid Trump's 33 attacks against the Bush family in a 35-minute interview with The Washington Post, he managed numerous times to drop his suspicions that Bush's high salary from Lehman was a "reward for helping direct Florida state funds to the firm, whose collapse in 2008 helped kick off the Great Recession," The Post reports. "That’s a Hillary Clinton...
  • Florida stands to lose $1 billion because of Lehman Brothers' bankruptcy (2009 Jeb flashback)

    08/24/2015 12:05:33 PM PDT · by jimbo123 · 16 replies
    Tampa Bay Times ^ | 6/4/2009 | Sydney P. Freedberg and Connie Humburg
    A price tag is now emerging for what last year's collapse of investment giant Lehman Brothers could cost the state of Florida: more than $1 billion. The losses could make Florida and its citizens among the biggest casualties in the biggest bankruptcy ever. -snip- The storied bank hired former Gov. Jeb Bush as a consultant in June 2007, five months after he left office. As governor, Bush also served as a trustee for the State Board of Administration, which invests public money. Lehman was the dominant Wall Street broker that sold the SBA $1.4 billion of risky, mortgage-related securities that...
  • Lehman's Gift To Jeb Bush For Funneling Pension Money: A $1.3 Million Consulting "Job"

    08/19/2015 8:44:38 PM PDT · by Nachum · 14 replies
    Zero Hedge ^ | 8/19/15 | Tyler Durden
    Submitted by Mike Krieger via Liberty Blitzkrieg blog, At this point, it almost feels like kicking someone while he’s down. Jeb Bush can’t even stand up to Donald Trump, let alone his own growing series of scandals. In the latest revelation from David Sirota and team at International Business Daily, we learn that: For Florida taxpayers, the move by the administration of then-Gov. Jeb Bush to forge a relationship with Lehman Brothers would ultimately prove disastrous. Transactions in 2005 and 2006 put the Wall Street investment bank in charge of some $250 million worth of pension funds for Florida cops,...
  • Jeb Bush Got $1.3M Job At Lehman After Florida Shifted Pension Cash To Bank

    08/19/2015 5:22:08 AM PDT · by jimbo123 · 27 replies
    IBT ^ | 8/19/15 | Matthew Cunningham-Cook, David Sirota, Andrew Perez
    For Florida taxpayers, the move by the administration of then-Gov. Jeb Bush to forge a relationship with Lehman Brothers would ultimately prove disastrous. Transactions in 2005 and 2006 put the Wall Street investment bank in charge of some $250 million worth of pension funds for Florida cops, teachers and firefighters. Lehman would capture more than $5 million in fees on these deals, while gaining additional contracts to manage another $1.2 billion of Florida's money. Then, in the fall of 2008, Lehman collapsed into bankruptcy, leaving Florida facing up to $1 billion in losses. But for Jeb Bush personally, his enduring...
  • Jeb Bush’s Big Lehman Brothers Problem

    07/12/2015 7:15:28 AM PDT · by jimbo123 · 26 replies
    Daily Beast ^ | 7/2/15 | Charles Gasparino
    Jeb Bush says he released 33 years of tax returns this week because he wants to be the most transparent candidate to run for president in 2016. But if that’s really the case, why is he continuing to obfuscate some of his most lucrative and potentially controversial business dealings he had before announcing his candidacy, like his work as an “adviser” for investment bank Lehman Brothers? So, if Jeb won’t tell you what Jeb exactly did while working on Wall Street, in the interests of transparency and disclosure, I will try. Not much is known about what Bush actually did...
  • Desperate Mission: Jeb Bush Asked Mexican Billionaire Carlos Slim To Save Lehman Brothers

    07/12/2015 7:07:06 AM PDT · by jimbo123 · 11 replies
    Forbes ^ | 4/21/14 | Dolia Estevez
    n the summer of 2008, as the worst financial crisis since the Great Depression was unfolding, Jeb Bush, Florida’s former governor and brother of then President George W. Bush, traveled to Mexico to ask Mexican telecom mogul Carlos Slim Helú to rescue Lehman Brothers, The New York Times reported. In a front page article on Monday, The Times revealed that within a year of ending his term as Florida’s governor, Bush had signed on as consultant to Lehman Brothers, where he was enlisted to reach out to Carlos Slim in a plan code-named Project Verde (Green Project). Slim, says the...
  • Why Doesn't Jeb Want to Talk About Lehman Bros? (Begged Carlos Slim for bailout)

    07/09/2015 1:10:34 PM PDT · by jimbo123 · 9 replies
    Fox Business ^ | 7/9/15 | Charlie Gasparino
    <p>Jeb Bush apparently doesn’t want people to know that he worked at Lehman Brothers, the now-defunct investment bank whose collapse led to the broader financial meltdown in 2008.</p> <p>That’s the only conclusion I can come to after receiving a series of occasionally bizarre emails from his press people to what I thought was a fairly simple question about Bush’s work before he became a Republican presidential candidate.</p>
  • Deutsche Bank Exodus Continues As Real Estate Chief Leaves For Blackstone

    06/15/2015 7:29:04 PM PDT · by george76
    Zero Hedge ^ | 06/15/2015 | Tyler Durden
    Earlier this month, Deutsche Bank’s co-CEOs Anshu Jain and Jürgen Fitschen were shown the door ... Jonathan Pollack, the bank’s global head commercial real estate, is leaving after 16 years. ... Pollack's departure comes just one month after the bank's head of structured finance Elad Shraga left to start his own fund. Shraga was instrumental in helping Deutsche become "an award-winning arranger of asset- and mortgage-backed debt." Shraga had been with Deutsche Bank for 15 years. All of this seems to lend credence to the idea that Deutsche Bank may be in trouble. The employee exodus appears to be gathering...
  • Is Deutsche Bank The Next Lehman?

    06/12/2015 12:29:07 PM PDT · by SeekAndFind · 10 replies
    Zero Hedge ^ | 06/12/2015 | NotQuant
    Submitted by NotQuant.comLooking back at the Lehman Brothers collapse of 2008, it’s amazing how quickly it all happened.  In hindsight there were a few early-warning signs,  but the true scale of the disaster publicly unfolded only in the final moments before it became apparent that Lehman was doomed.First, for purposes of drawing a parallel, let’s re-cap the events of 2007-2008:There were few early indicators of Lehman’s plight.   Insiders however, were well aware:   In late 2007, Goldman Sachs placed a massive proprietary bet against Lehman which would be known internally as the “Big Short”.  (It’s a bet that would later profit from during...
  • While You Were Sleeping, Lehman Just Happened...

    01/21/2015 2:51:17 PM PST · by alexmark1917 · 24 replies
    The "Deflationary Vortex": Global Dollar Economy Suffers Biggest Plunge Since Lehman, Down $4 Trillion One of the macroeconomic observations that has gotten absolutely no mention in recent months is the curious fact that while global economic growth has not imploded in recent quarters, it is because GDP has been represented, as is customary, in local currency terms. Of course, this comes as a time when local currencies (at least those which are not the USD) have been plunging against the greenback on the back of the expectations that the Fed will hike rates some time in the summer or later...
  • Americans Still Suffering 5 Years After Lehman Bros Failure (Not What Obama Said)

    09/16/2013 4:23:16 PM PDT · by whitedog57 · 5 replies
    Confounded Interest ^ | 09/18/2013 | Anthony B. Sanders
    President Obama gave a speech touting how far the US has come since the jarring Lehman Brothers collapse five years ago. “The U.S. has come a long way since September 2008,” according to President Obama. Well, not in terms of household income since REAL median household income continues to decline. household-income-monthly-median-growth-since-2000 (1) And the less than 1% of the population continues to suffer. [Note how the top 1% fared under President Clinton!] inomr Mortgage purchase applications have tanked along with the employment-to-population ratio. empopombapurch And the labor force participation rate continues to fall along with M2 Money Velocity. lfpm2v We...
  • Lehman's brokerage, Europe units settle $38 billion of claims

    10/07/2012 10:44:32 AM PDT · by george76 · 2 replies
    Reuters ^ | 5 Oct, 2012 | Jonathan Stempel
    The U.S. brokerage unit and a European unit of the former Lehman Brothers Holdings Inc said they settled litigation over $38 billion of asset claims, a major step toward customers and creditors recovering money. ... Lehman emerged from bankruptcy in March, and has paid out or plans to pay out $33 billion of an expected $65 billion to creditors, recovering an average of 21 cents on the dollar
  • Republicans call Racine recall election 'utter mockery' in letter to GAB [Wisconsin]

    07/12/2012 11:45:28 AM PDT · by Hunton Peck · 6 replies
    Racine Journal Times ^ | 7/11/2012 | BRIDGET THORESON
    RACINE — Calling the local recall election “an utter mockery,” several prominent Assembly Republicans Wednesday called on the Government Accountability Board to resolve election issues before November. A letter signed by State Assembly Speaker Jeff Fitzgerald and Joint Finance Committee Co-Chair Robin Vos, among others, points to several reported problems in the recall for the 21st state Senate District. The issues include tampered-with ballot bags, unsigned poll books and a disregard for same-day registration requirements, they wrote. “It is an utter mockery of our system and clerks are simply not complying with the law,” the letter states. Vos, R-Rochester, said...
  • Senate District 21 recount final, unsettled

    07/03/2012 8:16:08 AM PDT · by afraidfortherepublic · 10 replies
    Wisconsin Reporter ^ | 7-2-12 | M. D. Kittle
    MADISON — Van Wanggaard has five business days to decide whether he wants to continue fighting. The incumbent Republican senator of the 21st Senate District remained 819 votes behind Democratic challenger John Lehman early Monday afternoon, when an extensive recount wrapped up. If Wanggaard concedes, Lehman returns to the seat he held before Wanggaard defeated him in November 2010, giving Democrats, at least for now, a 17-16 majority in the state Senate. “As with my decision to pursue the recount, I will spend the next couple of days reviewing the evidence, speaking with voters, supporters, and my family before deciding...
  • Racine Senate recount could wind up in court

    06/27/2012 12:56:10 PM PDT · by afraidfortherepublic · 29 replies
    JS ONLINE ^ | 6-27-12 | Alison Bauter
    Madison - The odds of Racine's recall recount winding up in court increased Tuesday, as Republican Sen. Van Wanggaard's campaign said it may challenge canvassers' decision to accept ballots from voters who did not sign the poll book. The recount is in its second week after Wanggaard's campaign requested canvassers review an 834-vote victory that favored Democratic challenger John Lehman in the June 5 recall. Republicans' latest contention of voting irregularities in Racine targets election workers who failed to ask voters to sign poll books as required by state law. The Wanggaard campaign also disputes the Government Accountability Board's recommendation...
  • WI: Wanggaard seeks recount in Senate race clouded with irregularities

    06/16/2012 5:33:54 AM PDT · by afraidfortherepublic · 35 replies
    The Wisconsin Reporter ^ | 6-15-12 | M. D. Kittle & Ryan Ekvall
    MADISON — With suspicions growing over voter fraud, incumbent Republican state Sen. Van Wanggaard is asking for a recount of votes cast in the 21st Senate District recall election — an election in which Wanggaard’s Democratic challenger, John Lehman, narrowly won. Or so it appears. Lehman said he’s confident the results will stand and questioned the motives of the incumbent and his party. Earlier this week, in its canvassing of the June 5 election, Racine County elections officials found Lehman added 55 votes to his election night tally, apparently giving the Racine Democrat a victory by 834 votes. That’s a...
  • Wanggaard not conceding, not yet asking for recount... unofficial Lehman win(To Deny Dem Cheats-WI)

    06/06/2012 11:17:12 AM PDT · by Red Steel · 29 replies
    wtmj ^ | June 6, 2012 CREATED 11:45 AM - UPDATED: 12:42 PM | Jay Sorgi
    RACINE - The campaign for Racine Republican State Senator Van Wanggaard has not conceded victory to Democrat John Lehman in a recall election, but has said they are not yet asking for a recount.“We know that there are a number of outstanding absentee ballots, voting irregularities, and that there were problems across the county in the unofficial tally of ballots,” said Wanggaard in a statement. “People across the state and country have asked that I immediately ask for a recount. However, we all know that the best decisions are made when well-rested and after consideration of all options.”Lehman unofficially won the...
  • Report says Democrat takes last Senate seat (Wisconsin Senate can reconvene early...

    06/06/2012 8:52:13 AM PDT · by Laissez-faire capitalist · 60 replies
    Leader-Telegram ^ | 6/6/2012 | Staff
    Democrats appeared to have assumed control of the state Senate with results posted early Wednesday showing former Sen. John Lehman (D-Racine) in a tight race defeating incumbent Van Wanggard, the Milwaukee Journal Sentinel is reporting...
  • Recall politics is old hat in Racine, where no incumbent is safe (WI)

    05/24/2012 4:55:02 AM PDT · by afraidfortherepublic · 4 replies
    JS Online ^ | 5-20-12 | Craig Gilbert
    Racine – If there’s a battleground within the battleground in Wisconsin’s recall wars, this is it – a political no man’s land where the two parties have spent a quarter-century trading control of the same tenuous turf. This is the only state Senate district in America whose voters have forced two recall elections. It’s a district unique in Wisconsin for its volatility and thirst for change. It has changed partisan hands five times in 22 years. It has re-elected its state senators only twice since 1990, and booted them four times, a tally that could rise to five on June...
  • Is Wells Fargo a Lehman in the Making?

    05/03/2012 6:36:11 AM PDT · by SeekAndFind · 3 replies
    Naked Capitalism ^ | 05/03/2012 | Yves Smith
    Banking maven Chris Whalen has a must-read piece on the reckless real estate risk taking underway at Wells Fargo, the sanctimonious #4 bank. While I sometimes take issue with Chris on his readings on capital markets related businesses, he is solid on his knowledge of traditional banking and also has access to very good intelligence in that arena. Thanks to the crisis just past, we tend to think of banks as creating danger to bystanders via their over-the-counter trading operations: securitizations, CDOs, derivatives, all that stuff that is now loosely termed as “shadow banking.” But the US crisis prior to...
  • Lehman rocks Navy with complaints about political correctness

    09/19/2011 11:55:47 AM PDT · by buccaneer81 · 44 replies
    The Washington Times ^ | 18 September 2011 | Rowen Scarborough
    The Navy’s former top civilian has rocked the service in a military journal article by accusing officials of sinking the storied naval air branch into a sea of political correctness. Former Navy Secretary John Lehman, himself a former carrier-based aviator, wrote that the swagger and daring of yesterday’s culture has given way to a focus on integrating women and, this year, gays.
  • Gordon Brown: Euro Crisis Is Even Worse Than Lehman

    09/16/2011 3:11:56 PM PDT · by blam · 18 replies
    TBI ^ | 9-16-2011 | Nick Jardine
    Gordon Brown: Euro Crisis Is Even Worse Than Lehman Nick Jardine Sep. 16, 2011, 4:34 PM Brown says things are worse now than they were in 2008. Former British Prime Minister, Gordon Brown says that the current financial woes are worse than they were in 2008, reports the Telegraph. Speaking at the World Economic Forum in Dalian, China, Brown said he believes that the world's economy could fall into a 1930-like slump if matters continue in the same vein. He told the audience: "The European banks as a whole are grossly under-capitalised: they have liabilities far in excess of American...
  • Obama's fundraising pal: Civil rights hero/Lehman banker/agent of Chinese arms dealer

    05/17/2011 1:24:25 PM PDT · by Qbert · 4 replies
    Washington Examiner ^ | 5/17/2011 | Timothy P. Carney
    President Obama spent last night the way he spends many nights: hustling for $30,000 and $50,000 checks from wealthy donors at a fancy hotel. CNN passed along this detail from the White House: helping to introduce Obama is Ernie Green, a member of the "Little Rock Nine," a group of African-Americans who in 1957 were the first black students ever to attend classes at Little Rock Central High School in Little Rock, Arkansas. Truly impressive. But CNN didn't include other seemingly relevant facts about Ernie Green. He was a director at Wall St. giant Lehman Brothers, where he worked on...
  • Ernst & Young Sued by NY for Fraud over Lehman

    12/21/2010 12:16:25 PM PST · by camerongood210 · 6 replies
    Fox Business Online ^ | December 21, 2010 | Reuters
    Accounting firm Ernst & Young was sued by New York state prosecutors Tuesday, accused of helping to hide financial risks at Lehman Brothers Holdings Inc before the Wall Street firm's 2008 collapse. The civil fraud case seeks $150 million in fees that the accounting firm collected, New York Attorney General Andrew Cuomo said in a statement. The lawsuit also seeks investor damages and other relief in what is one of the biggest government cases involving an accounting firm since Arthur Andersen was criminally indicted in 2002 over the Enron scandal. Ernst & Young was Lehman's outside auditor from 2001 until...
  • BofA must return $500 million seized Lehman deposits

    12/14/2010 12:52:09 PM PST · by longtermmemmory · 24 replies ^ | November 17, 2010 | Santosh Nadgir and Jonathan Stempel
    U.S. Bankruptcy Judge James Peck said Bank of America violated federal law when it "brazenly" seized the deposits after having taken advantage of Lehman's weakened condition in the summer of 2008 in obtaining the money. "It is difficult to understand how Bank of America could have thought that taking the money was the right thing to do without first seeking permission from the court," Peck wrote in a Tuesday opinion filed in Manhattan bankruptcy court. "The actions taken were surprising and, quite frankly, disappointing for a leading financial institution that should care a great deal about its reputation," he wrote....
  • Al-Qaeda Threat in Philadelphia?

    06/27/2002 3:53:38 PM PDT · by all4one · 225 replies · 3,822+ views
    ABC Channel 6 Action News - Philadelphia ^ | June 27, 2002 | David Henry
    Al-Qaeda Threat in Philadelphia? Philadelphia, PA June 27, 2002 — David Henry reports from the Action Newsroom. An Action News investigation reveals that a chain of jewelry stores operating in the Delaware Valley is being investigated by the FBI for possible connections to the Al Qaeda terror network. A series of raids were carried out yesterday in Philadelphia and across the state of Pennsylvania. The stores are mostly kiosks in shopping malls operating under the name "Intrigue Jewelers." They are all owned by Pakistanis under franchise agreements with a company called Gold Concepts, based in Pennsacola, Florida. Intrigue operates stores...
  • Was the 2008 Panic Preventable? (What if the Government had saved Lehman?)

    09/13/2010 6:43:04 AM PDT · by SeekAndFind · 13 replies
    Wahsington Post ^ | 09/14/2010 | Robert Samuelson
    It's been two years since Lehman Brothers failed (Sept. 15, 2008), and we still can't conclusively answer this question: What if the government had saved Lehman? Its bankruptcy was pivotal. Until then, deteriorating housing and mortgage markets had triggered what seemed a serious -- but not unprecedented -- recession. Once Lehman failed, the economy went into a frenzied free fall. It's hard not to wonder whether some of the ensuing turmoil could have been avoided. Consider what happened after Lehman: -- Credit tightened. Banks wouldn't lend to each other, except at exorbitant interest rates. Rates on high-quality corporate bonds went...
  • Could Panic Of '08 Have Been Averted?

    09/10/2010 6:25:48 PM PDT · by Kaslin · 25 replies
    IBD Editorials ^ | September 10, 2010 | ROBERT J. SAMUELSON
    It's been two years since Lehman Bros. failed (Sept. 15, 2008) and we still can't conclusively answer this question: What if the government had saved Lehman? Its bankruptcy was pivotal. Until then, deteriorating housing and mortgage markets had triggered what seemed a serious — but not unprecedented — recession. Once Lehman failed, the economy went into a frenzied free fall. It's hard not to wonder whether some of the ensuing turmoil could have been avoided. Consider what happened after Lehman: • Credit tightened. Banks wouldn't lend to each other, except at exorbitant interest rates. Rates on high-quality corporate bonds went...
  • CRAMER: If You Don't Get A Lehman Brothers II In Europe In 48 Hours, Financial Stocks Will Go Up

    05/19/2010 1:59:41 PM PDT · by blam · 8 replies · 1,252+ views
    The Business Insider ^ | 5-19-2010 | Joe Weisenthal
    CRAMER: If You Don't Get A Lehman Brothers II In Europe In 48 Hours, Financial Stocks Will Go Up Joe Weisenthal May. 19, 2010, 2:41 PM Image: CNBC He just said to to Amanda Drury during his STOP TRADING segment. "The market is prepared for Lehman II... and if you don't get a Lehman II, and all you get is a slowdown, our stocks may not be so horrible." He specifically cited a 48-hour window for this to happen. Otherwise, it's time to buy the financial stocks. As for the risk from financial regulation, Jim Cramer says that's over. Dodd...
  • Ohio pensions took $480M hit after Lehman collapse

    04/20/2010 6:53:10 AM PDT · by TigerLikesRooster · 8 replies · 398+ views
    AP ^ | 04/19/10 | JULIE CARR SMYTH
    Ohio pensions took $480M hit after Lehman collapse By JULIE CARR SMYTH, AP Statehouse Correspondent Mon Apr 19, 7:13 pm ET COLUMBUS, Ohio – State records show that Ohio's public pension funds took a $480 million hit to investments managed by Lehman Brothers as the banking giant collapsed. Calculations on the shrinking values of the pension funds' Lehman-managed holdings were released to U.S. Rep. Mary Jo Kilroy of Columbus in advance of Tuesday hearings on the collapse. The Public Employees Retirement System saw the biggest impact to its portfolio of Lehman Brothers holdings. They declined in value from $441.4 million...
  • How Washington Abetted the Bank Job

    04/04/2010 1:56:59 PM PDT · by neverdem · 11 replies · 693+ views
    NY Times ^ | April 4, 2010 | SUSAN P. KONIAK, GEORGE M. COHEN, DAVID A. DANA and THOMAS ROSS
    A FEW weeks ago, two Republican House members asked Ben Bernanke, the chairman of the Federal Reserve, whether the Fed knew — before Lehman’s bankruptcy examiner revealed it — about the bookkeeping scam at Lehman known as “Repo 105.” This scam allowed Lehman to disguise how much debt it was carrying, right up until it collapsed. Lehman got new loans to pay off old loans, pretended the new loans were “sales,” and through a complicated series of steps made both the old and new loans disappear just in time for its quarterly reports. Mr. Bernanke said the Fed had known...
  • Former Lehman Executives ‘Giggle’ at ‘Nonprofessionals’ Who Think Losing Billions ....

    03/19/2010 8:14:01 PM PDT · by TigerLikesRooster · 30 replies · 838+ views
    NYmag ^ | 03/17/10
    * 3/17/10 at 10:58 AM Former Lehman Executives ‘Giggle’ at ‘Nonprofessionals’ Who Think Losing Billions of Dollars Is a Big Deal How do you think former Lehman Brothers executives felt about the recently released report on the firm's failure that reveals, among other things, the firm used a weird accounting practice known as "Repo 105" to move $50 billion of toxic mortgage assets off its books in order to make its balance sheet look healthier? Embarrassed? Regretful? Are they thinking to themselves Wow, in retrospect, that does look pretty bad. What were we thinking? Not really, no. This morning's Post...
  • Merrill staffers reportedly warned SEC over Lehman

    03/19/2010 3:18:05 PM PDT · by TigerLikesRooster · 4 replies · 216+ views
    Market Watch ^ | 03/19/10 | Simon Kennedy
    March 19, 2010, 7:05 a.m. EDT Merrill staffers reportedly warned SEC over Lehman By Simon Kennedy, MarketWatch LONDON (MarketWatch) -- Former Merrill Lynch officials warned the Securities and Exchange Commission and Federal Reserve that Lehman Brothers was incorrectly calculating its liquidity position months before its collapse, according to a published media report. Separately, Lehman also reportedly renewed its efforts to have the sale of assets to Barclays (LSE:UK:BARC) (NYSE:BCS) reexamined by a court, claiming that the U.K. bank had earned a windfall of over $11 billion from the deal. Former staffers at Merrill, which was later acquired by Bank of...
  • The "Repo 105" Scam: How Lehman Fooled Everyone

    03/12/2010 6:45:38 AM PST · by Beave Meister · 20 replies · 966+ views
    Zero Hedge ^ | 3/11/2010 | Tyler Durden
    Presenting a detailed look at "Repo 105" - the next soundbite sure to fill the airwaves over the next weeks and months, as more and more banks are uncovered to be using this borderline criminal accounting gimmick to make their leverage ratios look better. This is the first time we have heard this loophole abuse by a bank, be it defunct (Lehman) or existing (everyone else). There should be an immediate investigation into how many other banks are currently taking advantage of this artificial scheme to manipulate and misrepresent their cap ratio, and just why the New York Fed can...
  • In Lehman’s Demise, Some Shades of Enron (Repo 105 scam--Enron type of scam)

    03/13/2010 9:22:52 AM PST · by Ernest_at_the_Beach · 3 replies · 267+ views
    The New York Times ^ | March 12, 2010, 8:00 pm | Peter J. Henning
    March 12, 2010, 8:00 pm The bankruptcy examiner’s report filed by Anton R. Valukas on the 2008 demise of Lehman Brothers discusses some accounting gimmicks that are eerily reminiscent of how Enron tried to prop up its balance sheet back in 2001 before it collapsed. Both companies appear to have played right along the edge of properly accounting for transactions designed to make them appear much stronger than they turned out to be, becoming steadily more aggressive as they teetered on the brink of ruin. Peter J. Henning, writing for DealBook’s White Collar Watch, is a commentator on white-collar crime...
  • Lehman autopsy shows evidence of problems (Repo 105 Scam)

    03/13/2010 8:58:59 AM PST · by Ernest_at_the_Beach · 4 replies · 313+ views
    MarketWatch ^ | March 12, 2010, 3:51 p.m. EST | MarketWatch
    Examiner says legal claims possible against CEO Fuld, J.P. Morgan, Citi, others LOS ANGELES (MarketWatch) -- Bankrupt financial giant Lehman Bros.' former top officers, its auditor and several rival brokers could face legal claims, a court-appointed examiner said in a report released Thursday.In a 2,200-page report, examiner Anton Valukas said that while Lehman's directors at the time of the collapse weren't necessarily responsible, some of its top executive management might be held liable, according to reports of the findings. Lehman is currently undergoing court-supervised liquidation to pay off creditors. Valukas mentioned ex-Chief Executive Dick Fuld and chief financial officers Chris...
  • Examiner: Repo 105 helped disguise Lehman's ailing health

    03/13/2010 8:48:55 AM PST · by Ernest_at_the_Beach · 3 replies · 228+ views
    MarketWatch ^ | March 12, 2010, 10:31 a.m. EST | Simon Kennedy, MarketWatch
    LONDON (MarketWatch) -- An accounting maneuver known as "Repo 105" was a "drug" that helped maintain a veneer of health on Lehman Brothers' crumbling balance sheet in the months running up to its bankruptcy, a report from a court-appointed examiner shows.The firm began using the Repo 105 as far back as 2001, but its use picked up sharply toward the end of 2007, even in the face of concern from some staff, as banks worldwide came under more and more pressure to cut their leverage. Responding to an April 2008 email asking if he was familiar with the transaction, Bart...
  • Bond Vigilantes Set Sights on Sovereign Debt

    02/26/2010 6:25:01 AM PST · by george76 · 2 replies · 255+ views
    Seeking Alpha ^ | February 25, 2010 | Gary Dorsch
    The collapse of Lehman Brothers ...triggered one of the biggest corporate debt defaults in history, and also ignited the biggest stock market meltdown in decades. When the smoke had finally cleared, LehmanÂ’s bonds attracted bids of 8 cents on the dollar, resulting in staggering losses of $365 billion. Worse yet, about 350 banks and investors were thought to have insured $400 billion of LehmanÂ’s bonds through complex derivatives, known as credit default swaps (CDSs), causing even deeper losses and mayhem in the markets. A fifth was wiped off London Footsie shares. In Tokyo the Nikkei-225 index lost 10% of its...
  • Two Days That Upended Wall Street

    02/01/2010 6:27:33 PM PST · by GOP_Lady · 29 replies · 681+ views
    The Wall Street Journal ^ | 01-31-10 | HENRY M. PAULSON JR.
    Former Treasury Secretary Paulson's New Book Details Tense Hours Leading Up to Lehman Brothers' Bankruptcy The following account of the tense 48 hours preceding the bankruptcy of Lehman Brothers is excerpted from former Treasury Secretary Hank Paulson's new book, "On the Brink." Early Saturday morning, I left the Waldorf-Astoria Hotel in Midtown Manhattan, climbed into a car, and sped down a deserted Park Avenue, arriving at the New York Fed just after 7 a.m. We rode the elevator up to the 13th floor, where Tim Geithner had arranged for me to work in an office just down the hall from...
  • Lehman: Clueless Obama (Check THIS out!!)

    01/07/2010 4:18:29 PM PST · by SE Mom · 87 replies · 4,409+ views
    The Corner ^ | 7 January 2010 | Robert Costa
    <p>Commission, tells National Review Online that, “frankly, I’m pissed off.”</p> <p>“President Obama just doesn’t get it,” says Lehman. “I don’t think he has a clue. It’s all pure spin. He’s ignoring key issues and taking respectable professionals like John Brennan and turning them into hacks and shills. It’s beyond contempt.”</p>
  • An Overview Of The Fed's Intervention In Equity Markets Via The Primary Dealer Credit Facility

    10/25/2009 9:53:04 PM PDT · by crosstimbers · 2 replies · 276+ views
    ZeroHedge ^ | October 25, 2009 | Tyler Durden
    Recently, Zero Hedge presented a snapshot analysis of the various securities that made up the triparty repo agreement involving JPM, Lehman and the Fed. We uncovered numerous bankrupt companies' equities that were being pledged as collateral for what ultimately was taxpayer exposure. To our surprise, this discovery is not an exception... (snip) On two occasions last year: on March 16, 2008, and subsequently on September 14, 2008, the Federal Reserve first established what is known as the Primary Dealer Credit Facility (PDCF), and subsequently amended it, so that the Fed, in becoming the lender of last resort, would allow any...
  • Feds threatened to oust BofA execs over Merrill deal

    10/21/2009 7:19:50 PM PDT · by markomalley · 44 replies · 2,842+ views
    Washington Times ^ | 10/21/2009 | Kara Rowland
    Government regulators threatened to remove top Bank of America executives if they backed out of a buyout of failing brokerage giant Merrill Lynch, and offered to provide taxpayer funds to compensate for Merrill's poor performance, according to company records obtained by The Washington Times. The documents - e-mails between bank executives and their outside attorneys as well as board meeting "talking points" prepared for then-Bank of America Chief Executive Ken Lewis - offer new insight into the hardball tactics that produced one of the biggest deals negotiated during the late 2008 global financial crisis, one that is still reverberating on...
  • The Race to Save Lehman Brothers ("Too Big to Fail")

    10/21/2009 12:31:38 AM PDT · by CutePuppy · 3 replies · 566+ views
    CNBC / NYTimes ^ | October 20, 2009 | Andrew Ross Sorkin
    In the summer of 2008, two months before Lehman Brothers filed for bankruptcy, Richard S. Fuld Jr., the firm's chairman, was continuing his desperate efforts to find a lifeline. They had begun in March, shortly after the demise of Bear Stearns, when Mr. Fuld called the legendary investor Warren E. Buffett seeking a capital infusion, to no avail. Lehman had raised money elsewhere, but that didn't help for long, and its condition again was worsening.Adapted from "Too Big to Fail: How Wall Street and Washington Fought to Save the Financial System — And Themselves." The book, being published Tuesday by...
  • How Harvard Nearly Went Bankrupt After A Rogue Interest Rate Swap Went Very Sour

    10/18/2009 6:13:00 AM PDT · by TigerLikesRooster · 34 replies · 1,692+ views
    Zero Hedge ^ | 10/16/09 | Tyler Durden
    How Harvard Nearly Went Bankrupt After A Rogue Interest Rate Swap Went Very Sour Submitted by Tyler Durden on 10/16/2009 17:45 -0500 The school that epitomizes the dangers of groupthink (especially by very intelligent people) and tends to get caught in both the virtues and vices of its own ingeniosity, saw just how expensive hubris can be in 2009. Harvard's endowment dropped 27.3% in 2009 to $27 after hitting roughly $10 billion higher the year before. /snip Yet most notable in the entire report is an interesting story for all those who claim that representing the $200 or so trillion...
  • McCain a booster as Romney works to win over skeptics [Romney convinced McCain to back TARP]

    09/30/2009 10:09:58 PM PDT · by rabscuttle385 · 80 replies · 3,691+ views
    The Boston Globe ^ | 2009-10-01 | Sasha Issenberg
    WASHINGTON - Mitt Romney had already sent out invitations for his Phoenix fund-raiser, offering supporters the chance to meet him in a Chase Field luxury box over a $300-per-person lunch or a $3,000 VIP reception. But when former rival John McCain called with an offer to be listed as host for the event in his hometown, Romney happily went back to the printer for a new invitation with McCain’s name emblazoned on it. Yesterday, McCain’s gesture helped Romney’s political action committee raise about $80,000. It also consummated an 18-month rapprochement between two competitors who battled for the 2008 GOP presidential...
  • When Obama /Jarrett and Rezko Faked The Poor Into Sub-standard Real Estate Deals

    09/29/2009 10:48:43 PM PDT · by Shellybenoit · 2 replies · 811+ views
    Boston Globe/The Lid ^ | 9/30/09 | The Lid
    Just a few short weeks ago the President spoke to Wall Street CEOs on the anniversary of the Lehman Bros. collapse: Unfortunately, there are some in the financial industry who are misreading this moment. Instead of learning the lessons of Lehman and the crisis from which we're still recovering, they're choosing to ignore those lessons. I'm convinced they do so not just at their own peril, but at our nation's. So I want everybody here to hear my words: We will not go back to the days of reckless behavior and unchecked excess that was at the heart of this...
  • The CRA and Key Players

    09/27/2008 10:08:08 AM PDT · by hiredhand · 54 replies · 3,831+ views
    Various ^ | 27 Sep 2008 | Self
    The Subprime home mortgage collapse...a Primer. It's ALL about the CRA of 1977 Community Reinvestment Act (CRA) of 1977 - This required banks to offer credit throughout their entire market area for “underserved” populations and small businesses. The CRA gave incentives to help low income borrowers become “home owners”. Liberals call this group “low income borrowers”. Conservatives call them a RISK!The CRA was passed by the Carter administration. In 1995 the Clinton administration authorized subprime loans under the CRA. Democrats added these provisions for the securitization of subprime loans and then ENFORCED the lending to high risk individuals. By 2000,...
  • Exclusive report: John Lehman, former Sec Navy, on the Lessons of 9/11

    09/18/2009 7:28:40 PM PDT · by clyde_m · 4 replies · 387+ views
    The Patriot Room ^ | September 18, 2009 | Clyde Middleton
    Former Secretary of the Navy under Reagan, and member of the 9/11 Commission, John Lehman spoke tonight on the campus of St. Joseph's University. His topic was "The Lessons of 9/11: What we have learned, what have we accomplished, and what remains to be done."
  • Lehman And Meritocracy (Why they pay outrageously well in Wall Street)

    09/15/2009 7:25:49 AM PDT · by SeekAndFind · 85 replies · 1,683+ views
    Forbes ^ | 9/15/2009 | Andy Kessler
    Part of the charm of Wall Street, and what scares most reasonable people away, is that it is as close to a meritocracy as exists on this earth. It's dog eat dog. It's sink or swim. You do a trade and it makes money, then you're a hero (for a moment anyway) and deserve a bonus. You bring in a deal, you get paid. You lasso more clients' assets under your firm's roof, you're a hitter. I once discovered some good news on the stocks I followed before the rest of the Street, and mentioned it to the sales force...