Prosecutors Balk, Bankers Walk

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Prosecutors Balk, Bankers Walk

Prosecutors Balk, Bankers Walk

Great article!


Bloomberg-

One of the most disturbing realities of the 2008 financial crisis is that no Wall Street executives have been held accountable. After searching more than five years for the reason some people have gotten away with the financial equivalent of murder, I think I have finally figured it out: It’s the revolving door, stupid.

The chance for senior government officials to make millions of dollars after their public service ends convinces them -– subliminally or not -– to pull their punches. No doubt that’s why Jimmy Cayne, the former chief executive officer of Bear Stearns & Co., continues to enjoy playing bridge and golf, his $400 million-plus fortune, his sprawling mansion in Elberon, New Jersey, and his duplex at the Plaza Hotel.

It also explains why Dick Fuld, the former CEO of Lehman Brothers Holdings Inc., was able to form Matrix Advisors to consult on mergers and acquisitions, even though he had been a trader, not an M&A banker. Even if the firm has no clients, it doesn’t much matter: Fuld testified before Congress that his 2000-2007 Lehman compensation was about $310 million. He later conceded it could have been $350 million. The real number is closer to $520 million, according to people who prepared and studied Lehman’s public filings.

[BLOOMBERG]

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CONTROL FRAUD | ‘If you don’t look; you don’t find, Wherever you look; you will find’ -William Black

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One Response to “Prosecutors Balk, Bankers Walk”

  1. marilyn lane says:

    And the revolving door is the same reason Raymond Coons compliANCE manager of the OTS thought nothing wrong with my four checks getting posted at the bank and then disappearing in order to fake a default, accelerate and fraudulently foreclose.

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