Lehman Documents Show Wall Street Arrogance Led To Financial Collapse

[Lakhota]

By William D. Cohan

Bloomberg View:

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.

Much More (with live source links): Lehman Docs Show Wall Street Arrogance Led To Financial Collapse

 

[California Girl]

It's not exactly logical though, is it? Really.... it just isn't. No one thing, or one industry, or one party, or one person 'led' the the financial collapse.

 

[Lakhota]

It's not exactly logical though, is it? Really.... it just isn't. No one thing, or one industry, or one party, or one person 'led' the the financial collapse.

You may be right, but here's one of my favorite articles on the mess:

The Absurd Zombie Lie About the Economy Right-Wingers Desperately Cling To -- And Why It's Totally Wrong | Tea Party and the Right | AlterNet

 

[Truthmatters]

I beg to differ.

the Bush team refused to fully impliment the protections in the GLB act

 

[California Girl]

It's not exactly logical though, is it? Really.... it just isn't. No one thing, or one industry, or one party, or one person 'led' the the financial collapse.

You may be right, but here's one of my favorite articles on the mess:

The Absurd Zombie Lie About the Economy Right-Wingers Desperately Cling To -- And Why It's Totally Wrong | Tea Party and the Right | AlterNet

AlterNet? Oh please.... I suggest you investigate sources that do not have a political agenda, preferably those that provide a balanced, honest assessment of the downturn.

 

[iamwhatiseem]

I beg to differ.

the Bush team refused to fully impliment the protections in the GLB act

Dghtoutvg Boooooshhh ekfheqfy r Bush hedfhef34 Republicans oufewblherf
fjhfb q hlbfhbfljhb hbjhebfq Conservatives!!
ljhewfwejhf fjkwf fuck ewf;f asshole lhewfbwe BOOOSSSHHH!!!

 

[Truthmatters]

SEC Votes for Final Rules Defining How Banks Can Be Securities Brokers
Eight Years After Passage of the Gramm-Leach-Bliley Act, Key Provisions Will Now Be Implemented
FOR IMMEDIATE RELEASE
2007-190
Washington, D.C., Sept. 19, 2007 - Ending eight years of stalled negotiations and impasse, the Commission today voted to adopt, jointly with the Board of Governors of the Federal Reserve System (Board), new rules that will finally implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999. The Board will consider these final rules at its Sept. 24, 2007 meeting. The Commission and the Board consulted with and sought the concurrence of the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision.



Explain in your own words what this release means?

 

[Si modo]

Mindless parrot says what?

 

[Stephanie]

It's not exactly logical though, is it? Really.... it just isn't. No one thing, or one industry, or one party, or one person 'led' the the financial collapse.

You may be right, but here's one of my favorite articles on the mess:

The Absurd Zombie Lie About the Economy Right-Wingers Desperately Cling To -- And Why It's Totally Wrong | Tea Party and the Right | AlterNet

just when we thought you had a moment of sanity, you post that crap from Alteredworld

 

[Truthmatters]

You see NO one would have purchased the sub prime if they has not hid it into mortgage securities.

Before GLB act a broker had to have certain training and be certified and if they misbehaved ( you know cheated people) they would lose their certification.


WHILE the long years passed under Bush without broker rules that was not the case.

Its how all the bad mortgages got into the triple A rated investments

 

[Truthmatters]

But the blind disgruntled brained cons jsut want to pretend these facts dont exsist

 

[Stephanie]

But the blind disgruntled brained cons jsut want to pretend these facts dont exsist

brained?

 

[iamwhatiseem]

Mindless parrot says what?

Well...she said...iuedweuf BOOSHH lhdwehf fucking lhfwfby rightwing eghdoy Booosshhh!!

 

[California Girl]

I beg to differ.

the Bush team refused to fully impliment the protections in the GLB act

Dghtoutvg Boooooshhh ekfheqfy r Bush hedfhef34 Republicans oufewblherf
fjhfb q hlbfhbfljhb hbjhebfq Conservatives!!
ljhewfwejhf fjkwf fuck ewf;f asshole lhewfbwe BOOOSSSHHH!!!

You mimic TruthMocker exceptionally well.

 

[iamwhatiseem]

SEC Votes for Final Rules Defining How Banks Can Be Securities Brokers
Eight Years After Passage of the Gramm-Leach-Bliley Act, Key Provisions Will Now Be Implemented
FOR IMMEDIATE RELEASE
2007-190
Washington, D.C., Sept. 19, 2007 - Ending eight years of stalled negotiations and impasse, the Commission today voted to adopt, jointly with the Board of Governors of the Federal Reserve System (Board), new rules that will finally implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999. The Board will consider these final rules at its Sept. 24, 2007 meeting. The Commission and the Board consulted with and sought the concurrence of the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision.





Explain in your own words what this release means?

Wow!!!!!!!!
You managed to post a coherent argument...wowwww!!!!!!
And you didn't insult anyone or cuss like a drunk sailor either...
Now as for your article...it is..oh...maybe 20% of the reason the collapse happened.

 

[Mad Scientist]

, new rules that will finally implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999.

Signed by William Jefferson Blythe Clinton.

That erased the Glass-Steagal Act which had kept Deposit Banks and Investment Banks separate.

Name a time when Barry Soetoro has EVER mentioned this? He hasn't and he won't because as you'll never admit, Bush AND Obama are owned by the same International Bankers. Goldman Sachs, J.P. Morgan.

It's no "conspiracy theory", it's the truth.

And anyone who thinks Mitt Romney is gonna' do anything different needs his head examined.

 

[EdwardBaiamonte]

That erased the Glass-Steagal Act which had kept Deposit Banks and Investment Banks separate.

liberals use Glass Steagall all the time but have never demonstrated that its repeal had anything to do with current depression. This is a perfect example of why we are positive liberals will be slow.

 

[Lakhota]

It's not exactly logical though, is it? Really.... it just isn't. No one thing, or one industry, or one party, or one person 'led' the the financial collapse.

You may be right, but here's one of my favorite articles on the mess:

The Absurd Zombie Lie About the Economy Right-Wingers Desperately Cling To -- And Why It's Totally Wrong | Tea Party and the Right | AlterNet

AlterNet? Oh please.... I suggest you investigate sources that do not have a political agenda, preferably those that provide a balanced, honest assessment of the downturn.

What sources would you recommend? The Alternet article has some good supporting source links, as does the OP article.

 

[EdwardBaiamonte]

The Alternet article has some good supporting source links, as does the OP article.

the Alternet Article is obviously stupid. Who can say with a straight face that all the liberal government involvement to get people into homes had little to do with the crisis based on too many people getting into homes they could not afford?

The nation's leading newspapers and economists agree that liberal government was at the heart of it:

"First consider the once controversial view that the crisis was largely caused by the Fed's holding interest rates too low for too long after the 2001 recession. This view is now so widely held that the editorial pages of both the NY Times and the Wall Street Journal agree on its validity!"...John B. Taylor( arch conservative, author of the Taylor Rule)


" The Federal reserve having done so much to create the problems in which the economy is now mired, having mistakenly thought that even after the housing bubble burst the problems were contained, and having underestimated the severity of the crisis, now wants to make a contribution to preventing the economy from sinking into a Japanese Style malaise....... - "Joseph Stiglitz" (arch liberal Nobel economist)

 

[California Girl]

You may be right, but here's one of my favorite articles on the mess:

The Absurd Zombie Lie About the Economy Right-Wingers Desperately Cling To -- And Why It's Totally Wrong | Tea Party and the Right | AlterNet

AlterNet? Oh please.... I suggest you investigate sources that do not have a political agenda, preferably those that provide a balanced, honest assessment of the downturn.

What sources would you recommend? The Alternet article has some good supporting source links, as does the OP article.

I would recommend reading books, by international, non-partisan economists. It's harder than being spoon fed bullshit, but... in the long run... you'll have a far better understanding of the actual issues.

There is some exceptionally good economic research about the global downturn... I have yet to find one that blames Bush... but these are rational economists, not partisan hacks and drooling fools.