Democracy Gone Astray

Democracy, being a human construct, needs to be thought of as directionality rather than an object. As such, to understand it requires not so much a description of existing structures and/or other related phenomena but a declaration of intentionality.
This blog aims at creating labeled lists of published infringements of such intentionality, of points in time where democracy strays from its intended directionality. In addition to outright infringements, this blog also collects important contemporary information and/or discussions that impact our socio-political landscape.

All the posts here were published in the electronic media – main-stream as well as fringe, and maintain links to the original texts.

[NOTE: Due to changes I haven't caught on time in the blogging software, all of the 'Original Article' links were nullified between September 11, 2012 and December 11, 2012. My apologies.]

Monday, April 23, 2012

Lehman Brothers Investigator On 60 Minutes: 'They'd Fudged The Numbers'

Lehman Brothers, the firm that collapsed four years ago causing a global financial crisis, misrepresented its financial health prior to its bankruptcy, according to an investigation by 60 Minutes.

“They'd fudged the numbers,” Anton Vakulas, the attorney appointed by the federal bankruptcy court to investigate Lehman Brothers’ collapse told 60 Minutes' Steve Kroft. “They would move what turned out to be approximately $50 billion of assets from the United States to the United Kingdom just before they printed their financial statements.”

The segment, which marks the first time Vakulas has been interviewed since filing his nine-volume, 2,200-page report two years ago, claims there is sufficient evidence to prosecute officials at Lehman. According to Vakulas, Lehman Brothers was intentionally misrepresenting their financial health.

It wasn’t long before that accounting trick, known as Repo 105, caught the attention of whistleblower Matthew Lee but what happened next -- or rather didn’t happen, may have changed the course of history forever.

Original Article
Source: Huff
Author: Harry Bradford 
Topics: , , ,

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