Dylan Rattigan on Lehman accounting / Fed role

[lester1/2jr]

http://www.msnbc.msn.com/id/21134540/vp/35841681#35841681

Here's former CNBC Fast Money host Dylan Rattigan, who is like a man on a mission these days, talking with disgraced former governor Eliot Spitzer about how "repo transactions" work , and towards the end Spitzer darkly implies the Fed knew all about it and calls for transparency from them lol. lotsa luck with that

You may not like MSNBC or Spitzer but they obviously know very well what they are talking about here and it's as good a summary as any about the explosive 2,200 page report about Lehmans collapse

[hotbrownsauce]

Here's the tube
YouTube - Lehman Brothers, the next Enron (http://www.youtube.com/watch?v=9IRqwhxlarU)

[lester1/2jr]

this story is heating up

http://www.counterpunch.com/whitney03152010.html

MIke Whitney goes into the Fed side of it a bit more. I didn't realize the Fed was the ones actually making the loans to lehman brothers, which is what he seems to be implying here.

That puts them solidly on the same side as lehman in the scam.

lehman was borrowing money from the Fed and then claiming that money on thei rbalance sheet which is obviously illegal. if Getiner knew they were doing this and went along with it that is as bad as doing it.

[Brian4Liberty]

Either the criminals get prosecuted, or they don't. No amount of "regulation" changes that basic fact.

[lester1/2jr]

as far as i can tell:

1.lehman brothers borrowed a ton of money from the Fed despite the fact that the collateral they were putting up, sub prime loans, were worth very little.

2. the Fed knew this

3. Lehman then put the money they borrowed on their balance sheet as if it was money they earned which is illegal

4. the Fed knew this.

So our government was complicit in massive accounting fraud.

[BenIsForRon]

Yeah, I can't believe the Fed thought they could do this without anyone noticing.

Daily Show had a good segment on this yesterday.

http://www.thedailyshow.com/watch/wed-march-17-2010/in-dodd-we-trust

[lester1/2jr]

that was good but he doesn't seem to understand the collusion between lehman brothers and the government or he probably wouldn't be too excited about additional "oversight"

[Brian4Liberty]

that was good but he doesn't seem to understand the collusion between lehman brothers and the government or he probably wouldn't be too excited about additional "oversight"

More "government" is his solution, so he wouldn't want to bring up that inconvenient truth. :rolleyes:

Good clip though. :D