Mary Schapiro is the Chairman of the SEC. Richard Fuld is the ex-CEO of bankrupt Lehman Brothers
Classify this under speculative rumor, I suppose. In a story by Jean Eaglesham and Lis Rappaport, “Lehman Probe Stalls; Chance of No Charges,” it is reported that SEC officials are considering dropping thoughts of filing charges against former Lehman Brothers executives.
The U.S. government’s investigation into the collapse of Lehman Brothers Holdings Inc. has hit daunting hurdles that could result in no civil or criminal charges ever being filed against the company’s former executives, people familiar with the situation said.
In recent months, Securities and Exchange Commission officials have grown increasingly doubtful they can prove that Lehman violated U.S. laws by using an accounting maneuver to move as much as $50 billion in assets off its balance sheet, which made it appear that the securities firm had reduced its debt levels.
SEC officials also aren’t confident they could win any lawsuit …
Qué lástima! (What a pity!) Qué pena! (What a shame!) Eso apesta! (That sucks!)
I don’t care if the case can’t be won. Bringing them to trial for Repo 105 schenanigans is a symbolic act that will cheer investors. Sometimes in war it is appropriate to fight to the death.
This is the porn viewing SEC, the Madoff enabling SEC. Does it also want to be known as the federal agency that let Lehman Brothers off the hook?
Better go after Ernst & Young, a seemingly more winnable case.
Debit and credit – – David Albrecht
The Summa 