Fraud on the Street by Robert Reich

[Crewleader]

Fraud on the Street
By Robert Reich,
30 March 2010

The Securities and Exchange Commission announced Monday it had begun an inquiry into two dozen financial companies to determine whether they followed accounting practices similar to those recently disclosed in an investigation of Lehman Brothers.

Where on earth has the SEC been?

It’s now clear Lehman Brothers’ balance sheet was bogus before the bank collapsed in 2008, catapulting the Street and the world into the worse financial crisis since 1929. The Lehman bankruptcy examiner’s recent report details what just about everyone on the Street has known since the firm imploded – that Lehman defrauded its investors. Even Hank Paulson, in his recent memoir, referred to Lehman’s balance sheet as bogus.

http://robertreich.org/post/485015444/fraud-on-the-street

[xchrom]

1. They could probably go back ten or more years

And find plenty of fraud.

They probably won't.

[Democrats_win]

2. So the Fraudsters did break the law (Sarbanes-Oxley) contrary to what the M$M tells us every day!

The M$M tells us every day that the Fraud Street crooks didn't break any law. The truth is, they did break the law and no one is doing anything about it.

[dixiegrrrrl]

3. Case in point

No criminal charges seen in AIG's collapse: TV report

NEW YORK (Reuters) – CBS News reported late Friday that Joseph Cassano, the former AIG executive closely linked with the giant insurer's near collapse in September 2008, will meet with U.S. Justice Department attorneys next week in what will probably end the two-year criminal investigation into the company -- with no criminal charges likely to be filed.

AIG received a $182 billion federal bailout during the height of Wall Street's liquidity crisis in September 2008, when regulators feared that AIG's massive losses from complex transactions could crash the global financial system.

"Sources tell CBS News that the criminal case against Cassano - once called 'the Man who Crashed the World' - has 'hit a brick wall,'" the network said in an exclusive story published on its website.

http://news.yahoo.com/s/nm/20100403/bs_nm/us_aig_cassano_cbs