Fuld should be in jail so he can be taken advantage of as he did to his investors.

Lehman’s Ex-Chief Sold Mansion to Wife for $10 - NYTimes.com

Housing prices are falling around the country, but this one sounds hard to believe: A seaside mansion on Jupiter Island in Florida, bought for more than $13 million five years ago, was just sold for $10.

That’s right, 10 bucks. But in this case, the transaction is likely to raise eyebrows for reasons other than the price.

The seller, according to county records, was Richard S. Fuld Jr., the former chairman and chief executive of Lehman Brothers. The buyer was his wife, Kathleen.

The motivation is unclear, but Mr. Fuld has been under intense scrutiny since Lehman declared bankruptcy in September.

The longtime leader of the brokerage firm is at the center of a federal investigation into whether Lehman executives misled investors about the state of the company. And he was grilled by lawmakers at a Congressional hearing in October.

Pigman Subpoenas - It's about Time

Why is it that only New York AGs ever have the balls to go after these crooks? Come on congress - get with it!!!

The Market Ticker:
"It is being reported on CNBC (and now on Marketwatch) that Andrew Cuomo (one of the
few law enforcement folks who actually take the word law and enforcement as
serious commitments, in my experience) has decided to subpoena former CEO Thain
under the Martin Act (a securities guy's nightmare, as it is a criminal fraud
statute!) related to the bonus payment move-up.

I'll say this - if Cuomo starts bringing charges related to the collapse and bullcrap that has gone on over the last year and a half, especially if he starts targeting the fools who
paraded their companies around CNBC claiming they were 'Well capitalized' days
before collapse, I'll kiss Cuomo on the lips - and I'm not gay.

I'm truly impressed, and will pray nightly that Cuomo hasn't hired any $3,000/hour hookers
that can be used to derail his investigation as happened with Spitzer."

Words from the (investment) wise for the week that was (January 12 – 18, 2009) » Investment Postcards from Cape Town

Words from the (investment) wise for the week that was (January 12 – 18, 2009) » Investment Postcards from Cape Town:

Very funny cartoon - we'll have great infrastructure to get to non-existent jobs... tough life.

"Bernanke said Barack Obama’s economic package could provide a “significant boost” to the US economy.

18-jan-v1.jpg

Source: Daryl Cagle"

The Market Ticker

The Market Ticker:

Derringer as usual is right on with what we need to do. If only the people will wake up and wake up their congress.

"To avoid this impending disaster, you must:

1. Refuse to authorize the remaining $350 billion in the EESA/TARP. That bill was an act of outright theft, it could not have worked in its original form, it definitely didn't work in its modified form, and there is no defense for continuing the charade.
2. Force, either by demand or if ignored by regulation, the full disclosure of all Federal Reserve 'assets', from where they came, the prices paid, and the terms, and demand that all 'in extremis' programs end ninety days hence. If the Fed doesn't like this de-authorize The Federal Reserve Act and replace them. I am well-aware that this will cause the collapse of a significant number of banks. We will deal with that momentarily.
3. Withdraw all debt-based support from the general economy. It is necessary that the over-encumbered go under. We have a means of dealing with this - it is called bankruptcy. Do it and get it over with. There is no alternative and stretching this out just makes it worse. If you have cancer the longer you wait the worse it is, and if you wait too long it spreads and you die. We are very close to having the economy die; there is no time for more delay.
4. Repeal the 'Bankruptcy Reform' act. That was a monstrous travesty demanded by the banking lobby to enslave Americans they ..."

RGE - "Adding a Trillion Dollars in Debt is Quite Manageable"

RGE - "Adding a Trillion Dollars in Debt is Quite Manageable":

I've been calling for this. Large banks have outlived their usefulness. They are bloated and don't provide the services they should provide, but instead they take TARP money, deposit it in the FED and earn interest on our tax $$. Meanwhile they are all about charging FEES. Have you looked at your local bank or Credit Union lately?

"I think that in a few years even the existing financial institutions, the ones that have been saved, probably won't look anything like they do now. Do we really want a financial system with a few big universal banks, riddled by internal conflicts and contradictions, and yet too big to fail?

We have to rethink banking. Suppose you were putting your money in a bank, and it's being insured up to a large amount by the government. Suppose then the bank is taking the money and putting it at the Federal Reserve and getting interest on it. This arrangement begs the question of what the bank exists for. Should the bank just be charging for markup services on checking? If the government is ultimately going to be the one providing liquidity services, should the whole structure be different than it is now?"