First a correction: Lehman creditors are getting 17 cents not 9 as the trailer shows, and Lehman was an over-leveraged cesspool of deception, fraud and criminal malfeasance. It deserved to fail.
The initial bankruptcy process was flawed certainly, and demonstrated that Paulson and Bernanke were clueless about the ripple effects, but the decision to let Lehman go was the only thing they got right.
As we wrote in a previous story:
Though he's cognizant of the fraud, with measured stupidity Ferguson also buys into the Kanjorski-Paulson martial law, blood-in-the-streets, 17th-century-you'll-be-milling-your-own-wheat fear mongering, which as we've detailed and proven on multiple occasions was nothing more than highly granulated hyperbole meant to frighten a financially illiterate Congress and media corps into gentle acquiescence to the demands of their Sith Lords.
---
No comments:
Post a Comment