Too little, too late: SEC begins formal inquiry into Lehman Bros

www.telegraph.co.uk...

Quote from source:The 2,200-page report which uncovered the murky world of Repo 105 and off-balance sheet accounting at Lehman Brothers has led to a formal investigation by the Securities and Exchange Commission (SEC) into the investment bank's collapse.

Mary Schapiro, the financial regulator's chairman, disclosed for the first time it is looking into the accounting techniques used by the bank, techniques former chairman Dick Fuld yesterday denied any knowledge of at the time.

Ms Schapiro, who took over the running of the SEC in January last year, four months after Lehman's collapse, said there are questions to be asked about financial disclosures by the bank and its senior management team as a result of Anton Valukas's report into the demise of Lehman: "We're also looking very much at the truthfulness of the disclosure that was in the public documents," she said, during a Congressional hearing on the bank's final days.

"Although each firm is fully responsible for providing accurate information to its regulators, in certain instances it appears there was insufficient follow-up on issues that should have raised potential concerns," she said.

Good, We all know these people are among the most corrupt in the world.

Hopefully they will be brought to justice from ruining the economy. Hopefully anyways.

Any thoughts?

Pred...

I wonder if anything comes from this since the SEC has to do some Home cleaning first.

The SEC is a big corrupted joke, Madoff was reported 8 years ago, who watches the watchers?

well, they got to do something outside of sit on their computers looking at porn now!! the peoplel are angry!! got to at least shut down the porn feast and give us the impression that they are busy!!!
ya, they will nail a few poor saps...for following the orders that were handed down to them from the top!!

I want the big fish for a change!!
and, I want to see the money trail!!

[edit on 23-4-2010 by dawnstar]

reply to post by predator0187

Any thoughts?

~~~~~~~~~~~~~~~~~~~~~~~~

i see the only way to get out of the Quadtrillion Crisis, is for the derivatives & baloney bonds/fraudulent paper/toxic assets

to be managed & regulated in a 'Market' or 'Clearing House'...

the damage done cannot be unwound in the current mindset,
where these derivatives were given authencity at 100-cents-on-the-dollar
by the FederalReserve and its actions backed up by the US Treasury with the infamous 'strong-armed' $770Billion, revolving door, TARP Funds BAILOUT.

mark my words, more funny paper will be the final answer to redeeming the toxic paper that was the cause for the multi-faceted financial crises