Lehman Brothers Was More Dangerous Than Enron
Here’s an excellent explanation from The Dylan Ratigan Show of an arcane “accounting gimmick”, employed by Lehman Brothers as the firm failed in 2007 and 2008.
According to the 2,200-page court examiner’s report this practice, known as “Repo 105″ (“Repo”? Really, why not call it “Steal 105″?), was like “a drug” propelling the bank to conceal the true nature of its financial health.
The collapse of “venerable” Wall Street investment house Lehman Brothers was the largest bankruptcy in U.S. history. Here’s Dylan Ratigan and Eliot Spitzer making sense of what is clearly a crime against the economic health of the United States:
The September Employment Rate is 90%
By Robert Singer
The U.S. Department of Labor Official Employment rate in September 2009 is now 90% (Unofficial rate is 75%).
And for those Americans who are still employed, they will find it harder to get that sweet deal on a new car because auto dealers won’t be competing with each other now that Brian Deese, special assistant to president Obama for economic policy made the decision (not the Chrysler bankruptcy judge), to close dealerships without regard to profitability.
Deese, age 31, in his first government position, shuffles back and forth from the West Wing to the Treasury Department dismantling the US Auto Industry and rewriting the rules of American “capitalism”. [1]
Deese’s first rule: Withdraw Credit and Liquidity.
Result – Catch 22:
The pullback in spending causes companies to cut back on inventory and…
