Wall Street didn't want government oversight. Keep government away. So in 1999 Bill Clinton and Phil Gramm gave wall street exactly what they wanted. Deregulation. Do whatever you want...... Who cares.........
When that blew up in their face now the CEO of Lehman Brothers blames the government regulators for not saving the company. It is their fault we went bankrupt. We made the worlds dumbest investments and when we went belly up the government wouldn't throw us a life line. Boo Hoo........
Way to take responsibility. Way to own up to your idiotic decision making. You are bankrupt and you deserve to be bankrupt.
The government regulators need to defend why they gave 185 BILLION dollars to save AIG while they gave $0.00 to save Lehman and Bear Sterns.
The reason is simple. The Fed Chairman was Henry Paulson. Henry Paulson was former CEO of rival Goldman Sachs. Once Lehman and Bear were out of the way Goldman was clear to control the entire market (which is exactly what happened).
So why would Paulson want to save Lehman. He saved AIG because AIG insures all of Goldman's poor investments. If AIG goes under Goldman loses Billions. So Paulson allowed taxpayers to save AIG. Eliminate Bear and Lehman and watch Goldman control everything.
That is how the super rich do it. It is survival of the fittest. All the little people should take notes.
I like how Lehman Brothers says "Lehman's demise was caused by uncontrollable market forces, and the incorrect perception and accompanying rumors that Lehman did not have sufficient capital to support its investments," It wasn't uncontrollable. They invested in a crooked scheme which was doomed to fail and it did. Don't make excuses now. They wanted things a certain way. They got exactly what they wanted and they couldn't handle it. Too bad...... And there was insufficient capital. That is why they don't exist anymore. Could the guy be any more in denial.