Ratigan and Spitzer on Lehman: “One of the greatest crimes ever”

Visit for breaking news, world news, and news about the economy

Dylan Ratigan offered one of the best explanations we’ve seen of the Repo 105 practice on yesterday’s show. He concludes by noting that the report “stops just short of suggesting [the financial crisis and transfer of wealth from the bailouts was] by no means an accident but instead one of the greatest crimes ever perpetrated by a group of people and enabled by the US governent.”

Basically, as they explain, what Lehman did was like saying, I’ll swap my trash can for your $50 billion so I can show that money on my books at quarter’s end – then immediately pay you back. Except they booked it as a sale, not a swap, that’s fraud.

Eliot Spitzer is Ratigan’s guest for the segment. He says that prosecutors will look “very very hard” at this. Civil cases will certainly be brought as a result of the report’s revelations and criminal cases may be brought if the quality of the evidence is good enough.

Maybe after a few banksters go to prison and are stripped of assets then perhaps the rest of them might decide honesty and ethics beats going to prison. Could happen.

Comments are closed.

Powered by WordPress. Designed by WooThemes