Showing posts with label Wall Street. Show all posts
Showing posts with label Wall Street. Show all posts

Monday, April 23, 2012

Lehman Brothers Collapse on 60 Minutes April 22, 2012

Link to 60 Minutes feature on Lehman Brothers collapse broadcast Sunday April 22, 2012.
http://www.cbsnews.com/8301-18560_162-57417397/the-case-against-lehman-brothers/?tag=contentMain;cbs
Counsel Anton Valukas was appointed by the US Bankruptcy Court to determine what happened at Lehman.
Steve Kroft: How closely was the SEC monitoring Lehman Brothers during this [2008] period?
Anton Valukas: They were on premises. They were talking to the Lehman people daily. They had offices there.
SK: During the last six months of Lehman's existence teams of officials from the SEC and the federal Reserve took up residence inside the firm.
Fuld may use the presence of SEC, Federal Reserve on premises as his defense. Using a technique called Repo 105 Lehman moved $50 billion is debits off their books to English division then moved it back. Chief accountant Lee Matthews refused to sign off on that trick. He wrote a letter to Lehman management and got fired. He is still out of work 4 years later. Richard Fuld claims he did not see the letter or know about Repo 105. The Board of Directors did not know.

Sunday, July 24, 2011

Andrew Klavan: Financial Crisis 101

Brought to you by the people who brought you the Financial Crisis! Barack Obama, Chris Dodd and Barney Frank are finally going to take on Wall Street fat cats and their unsavory political cronies Barack Obama, Chris Dodd and Barney Frank. What's that mean for us? Government-Run Comedy and Joke Welfare. http://www.PJTV.com.

Friday, April 10, 2009

New York-New Jersey April 8, 2009

In this visit to New York City and Northern New Jersey, you can see some of the sights in and around 34th Street and Seventh Avenue, Penn Station, Madison Square Garden, Wall Street, World Trade Center, Columbia University, New York City subway system, art and artists performing in the subway, Delawanna and Secaucus stations on New Jersey Transit, the famous Rutt's Hut in Clifton, New Jersey, Hoboken Skyline, Chase Manhattan Bank headquarters in lower Manhattan, the heavy police presence in and around the New York Stock Exchange and the World Trade Center construction. You can see where some of the streets have been closed and barriers are placed to block the streets in and around the stock exchange.

Monday, January 12, 2009

Harvard University and the Price of Oil

Harvard Endowment worked to reduce the amount that Americans drive their cars in 2008. Harvard Endowment joined other large investment banks and institutions speculating in Oil Futures on the American Mercantile Exchange. Investment specialists believe speculation caused wild price fluctuations of oil and gasoline in 2008. Among the speculators on oil futures was Harvard University Endowment. Some say it was greed that motivated Harvard's investment managers. Who is to say what is in the hearts and minds of investment managers? They can say that their goal was to reduce automobile emissions by raising gasoline prices. In 2008 Harvard's endowment reached $36 billion more than the Massachusetts state budget. Harvard purchased 81 acres of land in Boston which included part of an entrance to the Massachusetts Turnpike and railroad freight yards. By eliminating the rail yards goods will be transported by truck increasing the amount of pollution. Perhaps the rise in gasoline prices was meant to compensate for the increase in truck traffic. The potential for Harvard University to run candidates for high office appears to be within their ability. Harvard reported a $9 billion loss in their endowment in December 2008. These video clips are from a 60 Minutes feature broadcast on CBS on January 11, 2009.

This is a story in the New York Post about Harvard selling bonds to increase capital to replenish depleted endowments. (Bloomberg, "A lasting debt to schools," January 15, 2009, page 35)

http://www.nypost.com/seven/01152009/business/a_lasting_debt_to_schools_150229.htm

Here is another story about Princeton getting a lower bond rate than Harvard from the Huffington Post.

http://www.huffingtonpost.com/2009/01/14/princeton-scores-lower-bo_n_157763.html

Is this why universities have tax exemptions?

Tuesday, July 22, 2008

Bush: Wall Street Got Drunk

After asking that cameras be turned off Bush says Wall Street got drunk.