I see perp walks
Bob Morris @ Oct 12th 2008 05:30 - Category: Credit crisis Tags: Lehman
Lehman: One big derivatives mess
Enron may look tame compared with this: a fight over billions of dollars posted as collateral, then used in a tangled web of deals
Lehman used incoming money from deals as collateral in other deals. Which is legal, but they were way over-extended. Now it’s blown up, money is missing, and the lawsuits are piling up.
In the beginning, no one thought Enron execs would go to prison. But they did.
(As for the photoshopped image of Karl Rove being arrested, well, hope springs eternal.)
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