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Monday, April 19, 2010

Fuld, Geithner, Bernanke, FRBNY all can't recall!!

Remember how Jesse James put Tiger's mistress stories on the back burner? Today, Goldman can thank Dick Fuld, and his faulty recollection, as the old Repo 105, was brought to the forefront once again.

On Repo 105 transactions Dick Fuld had this to say:

"absolutely no recollection whatsoever hearing about Repo 105 transactions while I was CEO of Lehman."

Treasury Secretary Geithner said, "did not recall being aware of Repo 105."

The counsel of the NY Fed, Thomas Baxter, "did not recall this being an issue linked to Lehman specifically."

Jan Voigts and Arthur Angulo, examining officer and senior vice president, respectively, within the New York Fed’s Bank Supervision Department:

“Jan Voigts, who was an examining officer in FRBNY’s Bank Supervision Department, had no knowledge of Lehman removing assets from its balance sheet at or near quarter-end via a repo trade treated as a true sale under a United Kingdom opinion letter. Arthur Angulo, who was a senior vice president in FRBNY’s Bank Supervision Department, likewise was unaware that Lehman engaged in Repo transactions.

Ben Bernanke said, "The Federal Reserve was not Lehman's supervisor...." and the Fed's employees inside Lehman "had no authority to regulate Lehman's disclosure, capital, risk management, or other business activities."

No American accounting firm would sign of on the Repo 105, so Lehman had to put it in English law and then disclose this:

“This opinion is limited to English law as applied by the English courts and is given on the basis that it will be governed by and construed in accordance with English law.”

And what does Linklaters do? According to their website:

The leading global corporations and financial institutions trust Linklaters with their most important and challenging legal assignments.

They cover-up your cheating with legalese and disclosure!

$29 billion, $41 billion, $44 billion and $17 billion, yet no one recalls? Not Bernanke, not Geithner, not Fuld, not anyone on the FRBNY? No -one knows where collectively $131 billion was moved in the last year of Lehman?

And coincidentally, the less the gross amount moved into the REPO 105, the greater amount of lower rated  assets!

In other words, Lehman progressively gamed the system.

Yet no one remembered!

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