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The case against Lehman Brothers

April 22, 2012 4:00 PM

Steve Kroft talks to the bank examiner whose investigation reveals the how and why of the spectacular financial collapse of Lehman Brothers, the bankruptcy that triggered the world financial crisis.

The case against Lehman Brothers

60 Minutes OverTimeKroft: Why have no banking executives been prosecuted?

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by spitzerman August 19, 2012 7:19 PM EDT
"The central bank is an institution of the most deadly hostility existing against the principles and form of our Constitution. I am an enemy to all banks discounting bills or notes for anything but coin. If the American people allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered".....Thomas Jefferson
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by SkynetXStuxnet August 6, 2012 3:24 PM EDT
Greece here we come....
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by SkynetXStuxnet August 6, 2012 3:17 PM EDT
We need more money from china...XD
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by theloneconsumer May 28, 2012 3:54 PM EDT
Florida had a history, with Jeb Bush's SBA (state retirementaccount, in the billions) of shoring up falling stocks with state money.

Not only did Jeb had Coleman Stipanovich (Jeb's chief of staff's brother) buy ENRON as it was falling, Coleman did the same for Lehman Brothers. Funny, Coleman bought $1 Billion in securities and three months later the defaulted. Coleman was in Lehman's offices and never told his new boss, Alex Sink, CFO of Florida.

At the time, Jeb was paid as lobbyist for them. The new Governor, Charlie Crist had an investigation against them and Tenet Health care when he was the previous Atty General. He settled pennies to the dollar. And as Governor, after Sink fired Coleman Stipanovich, he refused to be the vote to prosecute him on criminal charges.

Even though the independent law firm investigating it gave that recommendation of filing charges. "Mac Stipanovich was Crist's lobbyist frind. Now you know why we have a sorry state if finances for Rick scott to crawl out of . And he is surrounded by Jeb and Crist's ex employees.
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by geekmee May 5, 2012 8:22 PM EDT
The story of Lehman Brothers is just confirmation that Bernie Madoff is just the tip of the ice berg in this industry.
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by Happened_Before April 29, 2012 10:19 PM EDT
This happened before, but the results were good for the USA. Land Rich Cash Poor. The outcome for the "offender" was jail for 2 years. Lehman Brothers all 26,000 are all Total Fools. Only in this case they screwed the entire world not just themselves.
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by 573DAT April 26, 2012 12:58 AM EDT
Clearly, there are some people that are too powerful to be held accountable
for their crimes.
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by DumbandUneducated April 25, 2012 12:17 PM EDT
After listening to the presentation, and then reading the comments by obviously knowledgeable people, I'm convinced NEVER to invest in the stockmarket! I'm a retired school teacher. I would have lost all my investments with this crime. I'm totally unconvinced that the head CEO "had no knowledge" of the Repo105 activities. Rather I'm totally convinced he did. For me, it's another example of the current and past political machines making fortunes on the backs of the middle class and misguided poorer classes. It's similar to having the police observe a crime and watching, rather than attempting to restore order. NO ONE IS SAFE!
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by schurly April 24, 2012 4:02 PM EDT
It is becoming clear to me that CEO is synonomous with Crook. Why is it that these people walk away from these scenarios realtively unscathed, while everyone around them suffers. How do they get to be CEOs when their main focus is lining their own pockets?
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by paull77 April 24, 2012 11:13 AM EDT
Great reporting, but why aren't you making any in-depth research on the connection between top Obama staffers and Lehman Bros.? I'm pro Obama, but in the case of the financial crisis management, I think the administration was and still is holding its actions because of its ties to Wall Street firms.
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