This week 60 Minutes, revisited the collapse of Lehman Brothers. Much we already know, but the below segment gives us a refresher and sums it up nicely. There is no justice for you and me, regardless of how much evidence there is of civil and criminal wrongdoing.
Once again the heart of the question is why no one is prosecuted for the largest financial meltdown in history. The above Anton Valukas interview shows there is plenty of evidence to bring charges, yet nothing ever happens. Move along people, nothing to see here.
Many others have covered how repo 105 works and while starts of lawsuits against the accounting firm Ernst & Young were announced, seemingly nothing has happened.
Note how the whistle blower was fired as described in the 60 Minutes segment, that by itself is supposedly a crime.
Most interesting is how the SEC and Federal Reserve officials were in house at Lehman Brothers, pouring over the books. Remember how the SEC was shocked and wanted to know what other firms were using repo 105s and how Ben Bernanke insisting he had no knowledge of Lehman Brother's repo 105 abuses?
This is actually an interview with CBS 60 Minutes correspondent Steve Kroft. It's worth watching because 60 Minutes is asking the same questions you and I are, why has no one been prosecuted, why is there no accountability for this mess? Most of us have been writing about the financial crisis and various horror stories, scandals for 5 years, yet nothing has changed, nothing ever changes it seems, except for the never ending, shrinking middle class.
Frontline will be replayed on our FMN series
Frontline is doing a series on the financial crisis, in depth and just to let you know, we'll be replaying the series on our Friday Movie Night. I'll also be adding a host of reference posts, for we were covering what was happening, in real time, but bottom line what I'll like to amplify is how nothing has changed.