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SEC Will Do NOTHING To Punish Lehman Brothers Execs
By
Christopher Robbins
Published May 24, 2012
Modified May 24, 2012
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By
Christopher Robbins
Published May 24, 2012
Modified May 24, 2012
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Despite a court-ordered 2010 report that showed that there was "actionable balance sheet manipulation" at Lehman Brothers, the emails to prove that company brass knew about it, and a Lehman employee who was willing to help expose wrongdoing at the company, the SEC will do nothing. Bloomberg News obtained a memo prepared by SEC investigators that states that the agency likely will not recommend any enforcement action against the firm or its executives. Screw up a food festival in Brooklyn, and you'll taste justice in 48 hours. Help cause the implosion of the global economy? Nothing to see here, folks!
At a hearing last month before Congress, SEC Chairman Mary Schapiro testified, “Our staff has conducted an independent and extremely extensive investigation of all these issues." Ah, yes, the "staff" members who are all waiting to get high-paying jobs in the future from the firms they investigate, right. Those staff members.
When reached for comment, the American people emitted a short, surprised yelp, followed by a long wail of anger, before the sound was drowned out by the noise of the scraping of metal on stone.
Tagged
corrupted toothless agencies
Justice
lehman brothers
rich people
SEC
the pain when will it end
wall street
Christopher Robbins
Christopher Robbins is a New York City reporter covering transportation, affordable housing, local politics, and criminal justice. His work has also appeared in New York Magazine, The Village Voice and The New York Times. Chris is a graduate of Patrick Henry High School in Roanoke, Virginia, and enjoys biking to Fort Tilden in the summertime.
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Gothamist is funded by sponsors and member donations
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