Lehman accountants thought they were Repo-men: Repo 105 Accounting Trick

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Silverbird said:
http://money.cnn.com/2010/03/12/news/companies/lehman_examiner/index.htm?hpt=T1

Heads need to roll, this is definately illegal accounting practice. I think this plot is would be better than the one for the new movie - they were doing the financial equivalent of organ-legging.
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Well, since Arthur Anderson went belly up with Enron, will the USG let E&Y go down with Lehman?

'Unprecedented events'
Ernst & Young spokesman Charlie Perkins deflected blame from his company, saying that Lehman's bankruptcy "was the result of a series of unprecedented adverse events in the financial markets."

An auditor must tell the truth the whole truth and nothing but the truth...... I used to work for KPMG, they're ALL Crooks! Give ya a dollar if you guess when this type of accounting was allowed!

Hint: "I did not have sexual relations with that woman!":mad:
 
No hint needed here. This was an outright lie on the financial statements (to the best of their knowledge the numbers were bull****, so even their disclaimer doesn't save them). As opposed to all too literal "truths" (he didn't have sex with her but he bloody did everything else) and he did get spanked for that statement anyway, actual sex was not the issue and he was being disingenous.

Since Lehman is no longer in business, their people do not have a corporation to shield them. E and Y has the choice of either defending as a corporation, or throwing their auditors out the window.
 
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Silverbird said:
Since Lehman is no longer in business, their people do not have a corporation to shield them. E and Y has the choice of either defending as a corporation, or throwing their auditors out the window.
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E&Y is ALL Auditors......grab a pitchfork....I want heads!:suspicious:
 
Sorry, I should have said the auditors that worked on the case.

But most likely E and Y will have to defend as a corporation because the company will be held liable and they won't be able to get away with throwing a couple auditors out the window. Unfortunately in the case of a corporation defending, jail terms are harder to come by, because you can't throw a corporation into prison.

Which is why I don't think corporations have a right to pay in whatever they want to a campaign - it's hard to punish a corporation with anything except fines (even cutting them from Govt contracts usually doesn't work - there are work-arounds), but you can throw a single contributor into prison for bribing a candidate.
 
KD talked last night and this morning about this. He's not a swing trader like I'm trying to become, he's been a short-term trader since last March. I didn't know his trading style til a couple days ago. this morning he announced he's getting out of all long positions until the market clears all the corruption and thin air lies that have inflated prices this whole past year. situation reminds him way too much of the NASDAQ in 99. He was a key player in the internet/tech boom and got out in the nick of time.
 
I know everybody is drunk and having a good time dancing the robot with their technical trading tools, but take a sip of water and think for a minute. If it took 3-4 years for a fraction of the lies and fraud that the banksters pulled during the mortgage boom, (GS, Paulson hedge fund, Magnetar, etc.) just how much of it is going on right now in the stock market? It blows my mind how everybody wants to lynch a stockbroker and seize their high frequency trading device when the market is getting trashed, but now that the room is full of revived and new found true believers one more time, who cares as long as the market is going higher? What will happen when this thing dumps the next time? Again, who cares because the party is hopping and every single person is watching the same indicators- MACD, RSI, AD Line, NH NL. What will happen when the selling starts? I know, what do I know. The trend is up until it's no longer up. Just be sure to let us know when it's no longer up, and please do it before everybody else does.

Repo 105 was then. What is happening right now?
 
Bullitt said:
I know everybody is drunk and having a good time dancing the robot with their technical trading tools, but take a sip of water and think for a minute. If it took 3-4 years for a fraction of the lies and fraud that the banksters pulled during the mortgage boom, (GS, Paulson hedge fund, Magnetar, etc.) just how much of it is going on right now in the stock market? It blows my mind how everybody wants to lynch a stockbroker and seize their high frequency trading device when the market is getting trashed, but now that the room is full of revived and new found true believers one more time, who cares as long as the market is going higher? What will happen when this thing dumps the next time? Again, who cares because the party is hopping and every single person is watching the same indicators- MACD, RSI, AD Line, NH NL. What will happen when the selling starts? I know, what do I know. The trend is up until it's no longer up. Just be sure to let us know when it's no longer up, and please do it before everybody else does.

Repo 105 was then. What is happening right now?
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RIGHT ON Bullit!

My complaint was on banning short selling in the currency market. Remember ~ the U.S. is the only country banning short selling in currency. We are hindering ourselves in a global economy. The only way to seemingly protect ourselves is to legislate as much growth as possible. Get real! If we limit ourselves in this "Global Economy" we set ourselves up to be the chum at the next sell off in the market!

Our market has been held up on cheap $ and foreign bought debt. Are we kidding ourselves? :suspicious:
 
Frixx: Our market has been held up on cheap $ and foreign bought debt. Are we kidding ourselves?
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The majority of the public know only what is told them on the nightly news; if they even listen to any stock reports, they assume this is for rich folks. That was me until I went to work for the VA system. Then I discovered the TSP and that it was stocks, I was amazed! There was still no knowledge of what any of that was until I got into tsptalk.

Of the >5,000 members of this board, most probably, of the Inactive or non-posters, only those who check in frequently to read account comments & questions posted, have any idea of what is going on either.

It would seem the Financial Leaders that are being quoted on the news-casts are the ones doing the kidding?
 
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