Should the govt. have prosecuted Lehman insiders ?
After all they have become the defining time moment in current economic history.
We had an American P.L. economy, (pre Lehman fail), and suddenly, an A.L. (after Lehman fail).
The collapse of Lehman, for me, was a rather non-event. As looking at an economy as a chain, they were a weak link. True.
Hower scoundrel & lawbreaking they may, or may not have been, it was weakness that put them under the microscope.
After all, had Ken Lewis decided to answer his phone when Fuld called & said “We have a deal”…
Merrill, or Countrywide, or Somebody would have been the new Poster Bank for The Great Recession.
I would have rather hoped the true culprits been prosecuted, rather than Fuld et al…
How did the true culprits slither away? They were not the weak link in the chain.
These guys & gals had 8” cast iron butts. Their sins were never hidden, but in plain sight. They mocked their customers, workers, shareholders and government.
They were the few, the Proud, and the cowards that basically said “Lay a finger on us & we will take down our entire bank with us. If we fail, the nation will fail.”
America was held hostage in an economic version of “Swordfish”. Although John Travolta played fictional bad guy, the Bankers in real life…were not playing.
They said it, and they meant it.
It was no game. Our economy has resulted in real life & death issues, real life & death decisions, real life & death consequences of our decisions.
To blame Fuld et al, Fannie or Freddie, or even Citi as sponsor for HSBC & the alleged dead 60,000 neighbors…is to miss the point.
A scapegoat, a head on a pike, is not what America needs. We need the few, the proud, and the true culprits that made “Bernie” look like a teensy little kid caught with his hand in the cookie jar.
Bernie, or even Fuld did not have the power to put America’s middle class on their knees. To render our young people, minorities, and all others in the “loser” column, as the few, the Proud, the Cowardly and Corrupt Club slithered away.
Back to Lehman, although I generally agree with Ms. Sheila…Lehmans was not the ones. Had they been whistleblowers, the Biggies would have taken them out long before Ken Lewis walked a deal.
Lehman didn’t make the Rules. They played by the Rules to survive perhaps, but the unwritten Rules as we all are aware (even when the Rules are Corrupt), have far greater power than rule of law.
After all, any law that is selectively enforced on weak nobodies and never for the real *SOMEBODIES* is no law at all.
Just see through Window Dressing for a false reality. A false sense of safety. A false democracy.
Bernie Madoff caused unimaginable sorrow, pain, & lives were lost over it. Yet as big as he was, particularly in the Jewish community, premature tragic death of his “white collar” crime victims, is eclipsed.
When people die, even if it is “mere” stress related victimization, it should be treated as what it is. “Red Collar” for the Red Handed, Blood Stained, Pre-Meditated Murder. Of people, trust, democracy, and above ALL, Truth.
Yet Truth is a funny thing. She has an eerie way of rising, much like a phoenix from the ashes.
And sometimes, on her way back up, she manages to bite an arse or two. My opinion, my blog, and my view, letting Lehman folks off is fine with me.
Letting the outlaws that held an entire nation economic hostage…
not quite happy with them.
Of course, they spooked me. Or maybe I spooked them. And/or maybe we just spooked each other.
Then again maybe the spooks just all spooked each other. Regardless, I still believe in America. In the Grand Scheme of Nations, we still however are incredibly Young.
Are we perhaps going through a puberty? Where we make up our own Rules, and rebel at Law?
Maybe that. But if the Powers That Be want to End Too Big to Fail, Too Big to Prosecute, and Too Big for Their Britches, (of a select few)… I believe it will be a very good step into behaving like adults World.
Dick Fuld et al were too weak to survive, obviously. The question that concerns me however, is if we let the too strong to die Good Companies…continue to be held hostage by a few wicked folks in their Ivory Towers…is that Justice?
Personally I think the markets can take it. Nixson went down, the Government survived.
A major Somebody could go down, the Company may survive. Enron was a Panic Scandal.
Now that we have been through many, many more…the Markets might headline a while, but regardless of the Starpower on Wall Street…
for the majority on Main Street the names O.J. Simpson, Lucille Ball, Lady Gaga, Bill Cosby or Billy Graham etc.
they may know or care. Yet Skilling, Lay, Lehman…
” Dick Fuld? Who? ”
Won’t know or care. Many of our Big Washington & Wall Street super stars…are far more legends in their own minds, than in John or Jane Q’s Public Mind.
To their credit though, it is not because they are financial illiterates. Buying new shoes for back to school Children, or a major M&A…
It’s all just decimal points, relative to income/outgo & red or black ink.
– Barbara Cochlin