Sense on Cents

Having been away for the weekend, I missed last night’s edition of 60 Minutes and thank a loyal reader who brought it to my attention.

How is it possible that even today an institution such as Lehman Brothers, which clearly engaged in accounting maneuvers designed to disguise its true financial position, is not pursued so real justice can be meted out?

We keep coming back to the same old question: Where were the regulators, both the SEC and FINRA? Pervasive evidence over the years continues to persist that our regulators were and are fully and totally captured as they served to protect Lehman and virtually every other major Wall Street firm. The fact that the SEC has still not chosen to pursue Lehman executives is a massive indictment of our financial regulatory system. This is not a difficult assessment to make. Enough with the sovereign immunity for the SEC and absolute immunity for FINRA. Put these institutions and appropriate individuals on trial along with the appropriate Lehman execs…and many more. The integrity of our nation is at stake.

Watch this 13 minute video and ask yourself the question, “Is our system corrupt”? (more…)