So, the Valukas Report is out on the downfall of Lehman Brothers. Those of you with adult attention spans may note that Lehman Brothers was the Wall Street investment bank that Paul Volker, then the Treasury Secretary, allowed to go bankrupt. Then the banking world quite literally blew up and the government felt obliged to use my tax money to pay bonuses to AIG executives because they had lost so much money they couldn't afford to pay for those bonuses (or anything else) on their own.
I haven't read the entire report. I mean, it's 2200 pages, and I don't have a stake in the inevitable lawsuits. I did read the executive summary, though, and things look bad for some former Lehman executives. Not that they care, of course. It gave me flashbacks to when I recently watched the documentary The Smartest Guys in the Room, about the failure of Enron, where you see that executive management knew that they were cheating and just didn't give a damn. Just crazy stuff.
1 comment:
Here is a link to the report.
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