Lehman Docs Show Wall Street Arrogance Led To Financial Collapse


Locutus
#1
So GWB didn't do it?



From Fark:

Just for fun, let's take a peek at some high-level emails that were flying back and forth around the Lehman Bros. offices just before the crash of '08




If one wants to understand the full complicity of Wall Street in the Great Recession, look no further than the voluminous package of pre-collapse Lehman Brothers documents that have been made available by the law firm Jenner & Block LLP, which has acted as the coroner in the Lehman post-mortem.

Most important, the cache dispels the myth that Dick Fuld, chief executive officer of Lehman Brothers Holdings Inc., and his close associates were unaware of the risks their business faced in 2007 and 2008. That would be bad enough, but the more devastating reality is that Fuld and his sycophants were warned repeatedly but were blinded by their hubris.

The records confirm, yet again, that the “forces-out-of- our-control” argument we hear from Wall Street leaders is bunk. It is the ill-advised behavior of one banker after another, day in and day out, that leads to the sort of devastating financial crisis we are only now emerging from.


all kinds of more stuff here:


Lehman Docs Show Wall Street Arrogance Led To Financial Collapse
 
Cliffy
+1
#2  Top Rated Post
Oh no! It wasn't the socialists after all. Wally will be so bent out of shape. He worships at the alter of Lehman Bros.
 

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