Lehman Executives Subpoenaed

DealBook:

Federal prosecutors have issued subpoenas for a dozen Lehman Brothers executives in connection with three grand jury investigations of the investment bank's collapse, The New York Post's Zachery Kouwe reported.

At a hearing Thursday, Lehman's bankruptcy lawyer, Harvey Miller of Weil, Gotshal & Manges, said that United States attorneys in New York and New Jersey have subpoenaed 12 people. Among them, The Post said, was Richard S. Fuld Jr., the firm's chief executive.

Read the whole story: DealBook

Comments

[PT6]

TECHNOLOGY CAN SPUR THE ECONOMY, REMOVE CORRUPTION, AND AVOID MORE BAILOUTS!

FIVE KEY FACTS:

1. American Taxpayers Own Fannie, Freddie, and a group of Banks!
2. Mortgage Companies and Banks were at The CENTER of the Housing and Financial CRISIS!
3. Crisis Continues Because Homeowners can not Afford TRICKY Loans and are Walking Away!
4. The Current FED RATE is 1.5%!
5. Technology and the Internet are Sophisticated Tools for Automating Loans!

Why not use the Internet and the New Taxpayer Owned Banks to provide direct low cost loans using Automation while Eliminating the Corrupt Middle Men (i.e., Mortgage Companies and Banks)?

The rate on the new loans would be 2.5% to 3% to provide the New Taxpayer Owned Banks with a 1% to 1.5% margin!

Automation can be used to verify employment, verify home title, check credit, and do 98% of the loan Preparation. This eliminates all the mortgage fees, all bank fees, all title fees, most verification fees, and most documentation work done via internet and technology.

This could easily be accomplished using today's technology at a much LOWER COST!

The Savings for AMERICANS will spur the Economy more than any added Bailout Plans

The Savings can be used to paying debts, buy American Cars, buy American Real Estate, and all kinds of American goods plus help other countries in crisis by buying their goods!

[Puller58]

The question that comes to mind is why these clowns didn't flee to a non-extradition country? Isn't that what money allows you to do?

[evekendall]

Excuse me? Wall St. executives are getting $70 billion of the bailout money we taxpayers gave the Treasury Dept.?

Headline in The Guardian - October 17, 2008:
"Wall Street banks in $70bn staff payout"
"Pay and bonus deals equivalent to 10% of US government bail-out package"

"Financial workers at Wall Street's top banks are to receive pay deals worth more than $70bn (£40bn), a substantial proportion of which is expected to be paid in discretionary bonuses, for their work so far this year - despite plunging the global financial system into its worst crisis since the 1929 stock market crash, the Guardian has learned.

Staff at six banks including Goldman Sachs and Citigroup are in line to pick up the payouts despite being the beneficiaries of a $700bn bail-out from the US government that has already prompted criticism. The government's cash has been poured in on the condition that excessive executive pay would be curbed."

http://www.guardian.co.uk/business/2008/oct/17/executivesalaries-banking

I thought excessive pay and bonuses using our tax money were going to be limited. These people should be going to jail for wrecking the economy.

Did I miss something? What is going on here?

[rich misty]

Bush & Co. are all crooks, this was their last chance to rob the treasury big time.

[PT6]

Lets Review Republican McCain TRICKLE DOWN ECONOMICS:


GRAMM/McCAIN DE-REGULATE = Crooks Run Wild and High Mortgage & Broker Profits

Greenspan Lowers Interest Rates to Lowest in History = Mortgage Crisis and Huge Corp Profits

Greenspan Does NOT write Mortgage Rules - 6 Years = Mortgage Crisis and Huge Corp Profits

REGULATORS TURN BLIND EYE ON THEIR JOBS = "TRICKS" and High Corporate Profits

Block States with Lawsuits from Regulating = High Corporate Profits

WAR = High Corporate Profits We pay $75 to $150 for every soldier's breakfast in IRAQ!

"TRICK" MORTGAGES ALLOWED BY FED AND NO RULES = High Corporate Profits

BUNDLED "TRICK" MORTGAGES SOLD AS "AAA" = High Corporate Profits

ILLEGAL NAKED SHORTS = High Corporate Profits

LEVERAGED OIL = Highest Corporate Profits IN HISTORY!

JOBS SHIPPED OVERSEAS = High Corporate Profits

HUGE BONUSES and SEVERANCE PAY = High .1% Profits

BAILOUT = High Corporate Profits

LET THE MARKET FALL AND EVERYONE SELLS WITH NO MARKET DOWNTIME = High Broker Profits

MARKET REBOUND AND EVERYONE BUYS AGAIN = HIGHER BROKER PROFITS

BLAME Fannie and Freddie for IT - Deflect YOUR Culpability for THIS CRISIS
==========­==========­==========­==========­==========­==========­==========­====

What is left for the Middle Class? DIRT

This has been the WORST DESTRUCTION OF THE MIDDLE CLASS IN HISTORY!

BUSH, CHENEY, AND PAULSON MUST STEP DOWN IMMEDIATELY AFTER ELECTION OR BE IMPEACHED!

[Rule Of Law]

I wonder if Fuld could pull that arrogant face in the showers at Leavenworth?

[bitabingbitabangbitaboom]

Let them Dangle

[leftLibertarian]

Have one big trial with the criminals Bush and Cheney to start.

[mscriblerus]

Why? If anyone is found to have mislead the public, are they going to be indicted for standard operating procedure? Is the company going to get a stern lecture? I can't wait to see how this concludes.

[indyny]

Sniveling little rat-faced.­..........­.

[Kahill]

Some good jail time for anyone and everyone associated with willful wrongdoings (including dereliction of their fiducial duties) is long overdue, and the only deterrent for future miscreants!

[Paralogos]

Meanwhile, under the radar: http://www.guardian.co.uk/business/2008/oct/17/executivesalaries-banking

[PT6]

Summarize Bush Administration Corruption Charges

Worked with Greenspan to Increase Credit to Highest in History
Worked with Greenspan to Rig Interest Rates to lowest in History
Corruption of Mortgage Market (part of Wall Street) with "TRICK" Loans
Corruption of Wall Street Combine "High Risk Loans into "AAA" paper"
Corruption of Military - Sole Source Contracts EXCESSIVE COSTS - $150/Soldier/Meal
Corruption in manufacturing "FAKE" Iraq WAR Documents
Corruption in Telling Regulators to turn Blind Eye to Crime
Corruption in Criminal Justice regarding Firing of US Attorneys
Corruption in Voter Fraud in 2000, 2004, 2006, and attempts in 2008
Corruption in Oil Markets using Illegal Leveraging
Corruption in Use of Pension Funds by Corporations during Purchase or Consolidation
Corruption in Salaries and Bonuses on Wall Street
Corruption in Medicare Contracting
Corruption in Driving Jobs Overseas

[ROBOT8]

SCAPE GOAT!

[PT6]

One of Many to COME! So not really a single goat but part of a Very Large Herd of GOATS!

[PublicAdvocate]

Corporate executives may be exempt from compliance with a subpoena issued from a corporate government. Elites live by entirely different rules than citizens and can use their own discretion whether or not to obey the law. Should these executives appear, the chance that they will pay for their crimes or return their bonuses stolen through fraud are poor.
Dick Cheney and other members of the Bush/Cheney corp. proved that a subpoena no longer has binding power on elites. Since the Democrats made no qualms about Republican noncompliance, and no one went to jail for contempt, a subpoena is reduced to a ceremonial command, but has no real teeth or enforcement proviso.
The fact that the Democrats essentially gave and continue to give the Bush/Cheney corp a free ride on Iraq extention, torture priveleges, suspension of habeas corpus, the Patriot Act, The Wall Street bail-out, Retroactive immunity for spying telecomes and other serial crimes against our Constitution (as well as taking impeachment off the table) , means that the Rule of Law is just a nice dream.
It makes little sense to expect justice in a nation that does not hold its politicians accountable for their words or actions and the rule of law can be skirted for profit and political expediancy.

[OtayPanky]

It's time to re-invest in stocks...a­nd maybe public dunking, too.

Or, we could go hi-tech, and probe them with large, cold stainless steel instruments.