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Qtec
03-15-2010, 06:29 AM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> It may be tempting to think Wall Street is full of criminals who got off easy during the financial crisis.

But bestselling author Michael Lewis cautions against such an easy conclusion.

"I think the story is much more interesting than that," he said during an interview on CBS's 60 Minutes. "I think it's a story of mass delusion."

The former bond trader is releasing a book this week called The Big Short: Inside the Doomsday Machine. According to CBS, the result of his 18-month investigation attempts to explain, "how some of Wall Street's finest minds managed to destroy $1.75 trillion of wealth in the subprime mortgage markets."

Lewis told the network, <span style='font-size: 20pt'>"The incentives for people on Wall Street got so screwed up, that the people who worked there became blinded to their own long term interests. And because the short term interests were so overpowering. And so they behaved in ways that were antithetical to their own long term interests."</span> </div></div>


<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">The disgraced chief executive of Lehman Brothers transferred ownership of a $14 million Florida mansion to his wife for $100 in a possible attempt to move assets beyond the reach of infuriated investors of the collapsed bank.

Richard Fuld, who led the 158-year-old investment bank to its demise last September, sold the beach-front house to his wife, Kathleen, for $100 (£72) on November 10, according to Marin County real estate records.

The couple had previously jointly owned the Jupiter Island property, which was valued at $13.75million when they bought it in March 2004.

Mr Fuld said that he felt

“horrible about what has happened to the company” but insisted that financial regulators and Congress should share the blame for the demise of the bank.

Mr Fuld also insisted that all his decisions in the months before the bankruptcy were “both prudent and appropriate” given the information that he had at the time.

He was paid $22 million in 2007 but did not receive any bonus or severance payment when he left Lehman Brothers last year. <span style='font-size: 20pt'>Henry Waxman, a Democrat Congressman, calculated that Mr Fuld had collected $480 million in compensation in eight years at the bank </span>- a figure that Mr Fuld disputed, pointing out that he had taken home $300 million. </div></div>

Looking at the recent bonus payouts, nothing has changed.

Q

llotter
03-15-2010, 06:49 AM
When government gets involved, it always distorts the marketplace and the problems created by that distortion are always on a grand scale. This is why government should be very limited and people should be left free to take the risks and live with the consequences.

Gayle in MD
03-15-2010, 10:48 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Qtec</div><div class="ubbcode-body"> <div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> It may be tempting to think Wall Street is full of criminals who got off easy during the financial crisis.

But bestselling author Michael Lewis cautions against such an easy conclusion.

"I think the story is much more interesting than that," he said during an interview on CBS's 60 Minutes. "I think it's a story of mass delusion."

The former bond trader is releasing a book this week called The Big Short: Inside the Doomsday Machine. According to CBS, the result of his 18-month investigation attempts to explain, "how some of Wall Street's finest minds managed to destroy $1.75 trillion of wealth in the subprime mortgage markets."

Lewis told the network, <span style='font-size: 20pt'>"The incentives for people on Wall Street got so screwed up, that the people who worked there became blinded to their own long term interests. And because the short term interests were so overpowering. And so they behaved in ways that were antithetical to their own long term interests."</span> </div></div>


<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">The disgraced chief executive of Lehman Brothers transferred ownership of a $14 million Florida mansion to his wife for $100 in a possible attempt to move assets beyond the reach of infuriated investors of the collapsed bank.

Richard Fuld, who led the 158-year-old investment bank to its demise last September, sold the beach-front house to his wife, Kathleen, for $100 (£72) on November 10, according to Marin County real estate records.

The couple had previously jointly owned the Jupiter Island property, which was valued at $13.75million when they bought it in March 2004.

Mr Fuld said that he felt

“horrible about what has happened to the company” but insisted that financial regulators and Congress should share the blame for the demise of the bank.

Mr Fuld also insisted that all his decisions in the months before the bankruptcy were “both prudent and appropriate” given the information that he had at the time.

He was paid $22 million in 2007 but did not receive any bonus or severance payment when he left Lehman Brothers last year. <span style='font-size: 20pt'>Henry Waxman, a Democrat Congressman, calculated that Mr Fuld had collected $480 million in compensation in eight years at the bank </span>- a figure that Mr Fuld disputed, pointing out that he had taken home $300 million. </div></div>

Looking at the recent bonus payouts, nothing has changed.

Q </div></div>

This is what happens when the government fails to enforce, or removes, regulations of the financial markets, banking, insurance and investments, then the uninformed right, has the audacity to be yapping about government interference in the "Free market" LMAO! Should call it the "Free for All Corrupt CEO's" market.

Pure greed and fraud, at the highest levels, across the board on Wall Street!

Didn't learn any more from the Great Depression, than we did from Vietnam!


Truly repulsive!

Now, it's going to get even worse, thanks to our F-ed up RW Supreme Court!

The wholesale, rampant redistribution of wealth from the Middle Class, to the already filthy rich. Events since I began caling them PIGS, have surely confirmed my take on the ignorance of the "Free Market" zealots.

G.

LWW
03-15-2010, 11:47 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Gayle in MD</div><div class="ubbcode-body">This is what happens when the government fails to enforce, or removes, regulations of the financial markets, banking, insurance and investments,

G. </div></div>

Believe it or not ... we agree.

That's why it is critical for everyone to understand that the cabal of Obama, Frank, Dodd, Waters, Rockefeller, et al blocking the regulators from investigating FANNIE/FREDDIE while Raines, Johnson, Gorelich et al were cosigning for the taxpayer in order to collect massive bonus money.

They should be jailed for their activities.

I knew we could find common ground given enough time.

LWW

eg8r
03-15-2010, 12:15 PM
Gayle, why didn't you chastise qtip for not posting his links?

eg8r

Gayle in MD
03-15-2010, 01:11 PM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: eg8r</div><div class="ubbcode-body">Gayle, why didn't you chastise qtip for not posting his links?

eg8r </div></div>

I already knew where they came from, because I had already read them myself.

G.

wolfdancer
03-15-2010, 02:54 PM
links????...we don't need no stinken links...we're Republicans!!!
Off target...somewhat....but just to save the bother of a new thread.....
"History is doomed to repeat itself", to paraphrase George Santayana, or was that Santana?
It's slightly skewed though this time....nowadays, the "Christians" are armed with B.A.R.s and we lions and lambs are at the disadvantage...
"thumbs up", I say....

Deeman3
03-15-2010, 03:07 PM
Nobody ever sells me a mansion in Florida for $100! /forums/images/%%GRAEMLIN_URL%%/smile.gif

Maybe next time we bail them out....

eg8r
03-15-2010, 04:16 PM
LOL, very funny. Give a pass to whomever you want we all see your triviality for what it really is.

eg8r

eg8r
03-15-2010, 04:17 PM
wolfie, you like to chastise people on this board for not adding any value to the board. Would you be kind enough to explain to me how your recent posts have add any value whatsoever? As far as I can tell all you do is post sarcasm while following around gayle.

eg8r

Qtec
03-16-2010, 12:38 AM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> links????...we don't need no stinken links..</div></div>

LOL

Q

Qtec
03-16-2010, 12:42 AM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> Would you be kind enough to explain to me how your recent posts have add any value whatsoever?</div></div>

Now THAT'S funny coming from you...
Q.

Qtec
03-16-2010, 12:56 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: eg8r</div><div class="ubbcode-body">Gayle, why didn't you chastise qtip for not posting his links?

eg8r </div></div>

What does your Q have to do with the topic?


<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> The Rule of Law and Wall Street

March 15, 2010

Mr. President, last Thursday, the bankruptcy examiner for Lehman Brothers Holdings Inc. released a 2,200 page report about the demise of the firm which included riveting detail on the firm’s accounting practices. <span style='font-size: 11pt'>That report has put in sharp relief what many of us have expected all along: <u>that fraud and potential criminal conduct were at the heart of the financial crisis. </u>

....According to the examiner’s report, Lehman used accounting tricks to hide billions in debt from its investors and the public.

...“That meant that for a few days – and by the fourth quarter of 2007 that meant end-of-quarter – Lehman could shuffle off tens of billions of dollars in assets to appear more financially healthy than it really was.”

.......Mr. President, the SEC and Justice Department should pursue a thorough investigation, both civil and criminal, to identify every last person who had knowledge <u>that Lehman was misleading the public about its troubled balance sheet </u>– and that means everyone from the Lehman executives, to its board of directors, to its accounting firm, Ernst & Young. Moreover, if the foreign bank counterparties who purchased the now infamous "Repo 105s" were complicit in the scheme, they should be held accountable as well.</span> </div></div>

link (http://kaufman.senate.gov/press/floor_statements/statement/?id=de804dbb-6dc3-4537-8c5d-81496714ed73)

Q

wolfdancer
03-16-2010, 01:26 AM
My posts add nothing of value...never claimed they did. While you have eased off lately, I don't think the attack style posts of llotter, lww, or steve add anything either, but they do foment hatred along party lines...

cushioncrawler
03-16-2010, 03:28 PM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Qtec</div><div class="ubbcode-body">The Rule of Law and Wall Street March 15, 2010
Mr. President, last Thursday, the bankruptcy examiner for Lehman Brothers Holdings Inc. released a 2,200 page report about the demise of the firm which included riveting detail on the firm’s accounting practices. <span style='font-size: 11pt'>That report has put in sharp relief what many of us have expected all along: <u>that fraud and potential criminal conduct were at the heart of the financial crisis. </u>
....According to the examiner’s report, Lehman used accounting tricks to hide billions in debt from its investors and the public.
...“That meant that for a few days – and by the fourth quarter of 2007 that meant end-of-quarter – Lehman could shuffle off tens of billions of dollars in assets to appear more financially healthy than it really was.”
.......Mr. President, the SEC and Justice Department should pursue a thorough investigation, both civil and criminal, to identify every last person who had knowledge <u>that Lehman was misleading the public about its troubled balance sheet </u>– and that means everyone from the Lehman executives, to its board of directors, to its accounting firm, Ernst & Young. Moreover, if the foreign bank counterparties who purchased the now infamous "Repo 105s" were complicit in the scheme, they should be held accountable as well.</span></div></div>Go get all them and other barstards. The usofa justice system system (finance) leeds the ozz and british by miles -- one of the good things in the usofa.
madMac.

eg8r
03-16-2010, 06:23 PM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">
What does your Q have to do with the topic?</div></div>I am sorry, are you finally owning up to your pathetic ability to follow the subject and now seeking out help?

eg8r

eg8r
03-16-2010, 06:24 PM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">My posts add nothing of value...never claimed they did.</div></div>Then what is the point of you pointing out the actions of others that resemble your actions?

eg8r

eg8r
03-16-2010, 06:24 PM
Thanks qtip.

eg8r

Gayle in MD
03-18-2010, 07:52 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: eg8r</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">My posts add nothing of value...never claimed they did.</div></div>Then what is the point of you pointing out the actions of others that resemble your actions?

eg8r </div></div>

Then what is the point of you pointing out the actions of others that resemble your actions?
G.

LWW
03-19-2010, 10:38 AM
Perhaps the most appropriately named thread of the year.

LWW

eg8r
03-19-2010, 11:59 AM
Aww that is cute. Now we have gayle coming to wolfies defense. It is nice to see a little reciprocity on your end gayle. So tell me, who pats who on the head this time?

eg8r