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Administrators grappling with the European arm of the failed investment bank Lehman Brothers have told creditors their task is “10 times as big and as complicated” as the unwinding of Enron.
Speaking after the first creditors’ meeting, a team from PricewaterhouseCoopers said they had identified more than $1 trillion in assets and liabilities that need to be accounted for.
At the meeting, held behind closed doors in a conference hall at the O2 dome in London, the lead administrator, Tony Lomas, told hundreds of representatives and lawyers that he had recovered about $5 billion out of a potential $550 billion of obligations owing to creditors. A further $22.3 billion of client assets had been identified, all of which will be returned to their owners…
The settlement of Lehman credit insurance contracts linked to the bank’s bonds suggested debt holders could expect to recover less than nine cents in the dollar.
This is the scariest commentary and analysis I’ve seen about the global credit and banking disaster! The corruption spread with the scum never quite making it to the surface.
Eidard, I wonder if it’s any scarier to you than this lengthy article from the author of Liar’s Poker.
The End
Even if you don’t want to read the 9 page article, it’s worth at least clicking through to see a great photoshopped image of the famous bull on Broadway near Bowling Green in Manhattan.
Will any of these people do time?
@2 dont think so..
#2. One of them was just elected Prime Minister of New Zealand.
I hope that whatever regulations they put on companies will not be as ambiguous as SarBox was. That was a mess at first.
For all those hired..
How many were TRUE accountants?
NOT money PUSHERS..
And Obama is not yet in power and the Republicans are saying it’s his fault.
Then they are going to say it’s the Democrat majority in the senate’s fault.
Then Bill Clinton’s fault.
Then Jimmy Carter’s fault.
BUT NEVER Reagan’s, Bush Sr. nor Bush Jr fault.
#8 Angel, speaking of that blame game, I remember just this last June seeing a guest commentator on MSNBC, during at least two different appearances, directly attributing the declining Dow at that time to the increasing expectation of an Obama victory in November.
Some people don’t have as strong a grasp on reality as I’d like to see 😉
#9 – Gary,
I prefer the term blamestorming to blame game myself. I think it’s become somewhat of a standard, at least hear in NYC, home of the bull.
And, by bull, of course I mean male bovine fecal matter.
#10 M.Scott, I have to agree with your preference of blamestorming. “Blame game” almost seems to imply that there are some sort of rules, and there clearly are none 😉
#9 Gary.
What’s even more ironic is that Carter, Clinton and Obama won their respective elections in part because the ruling (Republican) party blows the economy.
#8 & 12
You are so right. These parasites need to be delt with as the thieves they are. Look at what AIG is doing with thier bailout money. Criminal. Get a rope!!!
#12, Angel,
Funny how that works. Of course, those cleaning up the right wing nut mess are always called commies.
Did anyone notice the spider in the picture? Must be the same spider that is on the depreciating FEDERAL RESERVE NOTE.
#14 – The “Democrats” have yet to clean up anything. (Clinton was too cheap to send Monica’s dress to the cleaners.) Remember it’s two steps toward communism one step back. Neat little dance isn’t it? Notice I didn’t say forward. Neither of the major parties are moving the country forward.
its a con job beyond proportions
a little guy steals a candy bar and he goes to jail
these people are rewarded
#16
yup.. that’s how it work in this country.
all politicians come from the same mold, they all talk change but never really do…
there will be no changed… you can take the to the bank…
providing there is one.
“Speaking after the first creditors’ meeting, a team from PricewaterhouseCoopers ….”
Hold the phone! These were the same guys the government used doing the S&L debacle. And I understood back then, that Pricewaterhouse blew it. Getting very little for the assets they took charge of. And often selling for a steal, back to the very scum that originally owned it. And at that time, Pricewaterhouse was accused of overcharging for things like photocoping documents and paperclips. Nice to see that NOTHING HAS CHANGED.
#15
“Clinton was too cheap to send Monica’s dress to the cleaners.”
A little frugality sounds pretty damn good right now.
Stars and Bars said something about “Remember it’s two steps toward communism”.
Get over crying commie. Communism died years ago except as a tool of the fear mongering republicans in this country. Oh yeah – and in Red China. You remember Red China – the country who has been lending us money to stay afloat – and where everything you buy is manufactured. (look at the labels in your bib overalls)
Stars and Bars? I guess your nickname says it all. You should read the election results.
You all don’t understand! The collapse was caused by stupid poor people who borrowed too much money to buy McMansions because Bill Clinton forced the lenders to ignore common sense. It had nothing to do with hundreds of billions of fake money intertwined in polyhedra games, so stop pretending!
BTW: my sarcasm tags didn’t make it to my post. Sort of mentally insert them around my comment.