"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "

Chinese premier Wen Jiabao 12th March 2009

""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."

Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Tuesday, September 09, 2008

Lehman bros. Hit the buffers, go over the edge , fall of the perch ... how long can John Thain the most expensive liar on Wall Street last at Merrill

Well they've tried teeth and tits.

That doesn't work.

They've tried the Korean connection but it looks like ..

That doesn't work.

They've shuffled a job or two at the top.

That doesn't work.

The shares dropped 45% today closing down US$6.36 @ US$7.79

Which means you can lie about the value of your assets, stuff your balance sheet figures with worthless toxic debt. The truth will out. Since February stockholders have lost 88% of the value of the stock they held in the 4th largest and prestigious bank on Wall Street and Canary Wharf.

Perhaps Moral Hazard had better start kicking in before the US Government runs out of funds to keep these crocks from polluting the earth any longer.

But that means a few Pension funds will hit the dirt.

For all the previous posts on this heap of ordure go here

1 comment:

Anonymous said...

"before the US Government runs out of funds"

I think you will find that the US Government has no money what they are at the moment using is VIRTUAL money...


(C) Very Seriously Disorganised Criminals 2002/3/4/5/6/7/8/9 - copy anything you wish