Archive for the ‘Lehman’ Category
Posted by Larry Doyle on September 10th, 2013 7:07 AM |
The more things change, the more they stay the same.
For those in and around Wall Street and Washington who pretend that there has been meaningful change in the issues that brought about our crisis in 2008, I have endless archives to highlight all too much remains the same.
Rather than diving into the archives, though, let’s navigate a Bloomberg commentary that qualifies as a Sense on Cents instant classic (and would serve as a fabulous promo for my upcoming book).
The simple fact is both Wall Street and Washington remain very much the same as details within Banks Seen at Risk Five Years After Lehman Collapse attest. What is Wall street currently? (more…)
Tags: 5 Years After Lehman, has Wall Street really changed?, in bed with Wall Street Larry Doyle, Lehman 5 years later, regulatory capture, Wall Street leverage
Posted in General, Lehman, Wall Street, Wall Street Washington Incest | 1 Comment »
Posted by Larry Doyle on April 13th, 2010 1:33 PM |
Perpetrating a fraud is never as easy as it may appear. Although in hindsight frauds may appear to be simplistic, there are typically many more moving parts than meets the eye. To this end, the idea that Bernie Madoff perpetrated his massive Ponzi scheme by himself or with merely a few associates is beyond ridiculous. Just as Madoff had outside feeder funds and brokers that provided cover for him, today it appears that the once proud and venerable firm of Lehman Brothers also had an outside firm which enabled it to ‘manage its books.’ Who is this firm? An outfit known as Hudson Castle. Who is Hudson Castle and what was the nature of its relationship with Lehman? Let’s navigate. (more…)
Tags: bernie Madoff comparison with lehman, Castle Hudson financials and Lehman Brothers, did Lehman park positions at Castle Hudson, Francine McKenna The Auditors, incestuous relationships, Lehman Brothers subprime mortgages and commercial real estate, Lehman Channeled Risks Through Alter Ego Firm, Lehman's alter ego, relationship between castle Hudson and Lehman Brothers, SEC oversight of Lehman, what is parking, who is Castle Hudson
Posted in General, Lehman | 2 Comments »
Posted by Larry Doyle on April 1st, 2010 9:42 AM |
Ignorance is never an excuse. Whether in regard to law enforcement, financial regulation, or other forms of supervisory oversight, ignorance may be the reality . . . but we can never allow it to be used as an excuse. Regrettably, ignorance (if not worse) was clearly on rampant display as the SEC (and in my opinion, FINRA as well) failed America miserably in its oversight of Lehman Brothers.
One of my favorite financial journalists, Bloomberg’s Jonathan Weil, highlights the pathetic performance of the SEC regulators who were charged with overseeing one of the firms that catapulted our economy off a cliff. Weil writes, Wall Street’s Repo 105 Cops Wake Up From Dead:
The good news this week from the Securities and Exchange Commission is that it’s on the hunt for companies that have used Lehman-style accounting tricks to make themselves look less leveraged than they really are. Now for the downside: The headline-chasing agency is way too late, as usual. (more…)
Tags: Anton Valukas, Barney Frank, Bloomberg, Bloomberg's Jonathan Weil, Darrell Issa, financial accounting, financial leverage on Wall Street, financial regulation, financial regulators failed America, FINRA ignorance, FINRA oversight of Lehman, ignorance is never an excuse, inmates running asylum, Jim Chanos of Kynikos Associates, Lehman Brothers, Lehman Repo 105, Matthew Eichner, Matthew Eichner Federal Reserve Board, paul Kanjorski, Repo 105, SEC ignorance, SEC oversight of Lehman, Securities and Exchange Commission, short sellers, Wall Street, Wall Street accounting tricks, Wall Street inmates running the asylum, Wall Street's Repo 105 Cops Wake Up From Dead, who is Matthew Eichner
Posted in FINRA, General, Lehman, SEC | 5 Comments »
Posted by Larry Doyle on March 13th, 2010 2:34 PM |
Given the global interest in this story, I am bumping it up from the original posting on 3/12/2010. LD
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Former Lehman Bros. CEO, Dick Fuld
Reports that Lehman was effectively ‘cooking its books’ prior to its ultimate demise are not a surprise.
Reports that Dick Fuld, then CEO of Lehman, was not aware of the nature of this cooking are both ridiculous and pathetic.
The lifeblood of every financial institution on Wall Street is access to financing for its operations. That financing very often comes in the form of repurchase agreements (repo financing), in which the institution borrows funds while pledging assets. These short term loans, often overnight loans, are unwound at a preset date and preset prices. The rates borrowers have to pay for funds borrowed depend on the credit quality of the borrower itself and the quality of the assets pledged. (more…)
Tags: Amerivet Securities v FINRA, Anton Valukas, Bart McDade, Dick Fuld, Dick Fuld's career, FINRA, Fuld 'Negligent' as Lehman Hid Leverage, Herbert 'Bart' McDade, Lehman Bros, Lehman Bros. balance sheet, Lehman cooking its books, Lehman manipulated its books, Lehman's auditors Ernst and Young, Lehman's financials, Lehman's leverage, NASD, off balance sheet transactions, Repo 105, repo financing
Posted in General, Lehman | 13 Comments »
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