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Author Topic: Lehman, Prosecuors, & DOJ - "Barney...task force right now is premature"  (Read 1299 times)
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WhiskeyGirl
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« on: March 21, 2010, 10:18:13 AM »

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UPDATE 2-Senator urges prosecutors to look at Lehman

Fri Mar 19, 2010 7:51pm EDT

* Dodd wants task force to look into possible prosecutions

* Request follows bankruptcy examiner's report

* Rep. Barney Frank says task force right now is premature (Recasts lead, adds details and background)

WASHINGTON, March 19 (Reuters) - A top U.S. lawmaker ratcheted up the pressure for prosecutions of Lehman Brothers (LEHMQ.PK) executives and others who may have used accounting tricks to hide their companies' true financial condition.

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"I respectfully ask you to commission a task force to investigate the Lehman situation as well as other companies that may have engaged in similar accounting manipulation with a view to prosecution of employees or agents who contributed to any violations of the law," Dodd, a Democrat who is not seeking re-election this November, wrote to U.S. Attorney General Eric Holder.

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House Financial Services Committee Chairman Barney Frank has already agreed to hold a hearing in April to look into the regulatory failures leading to Lehman's collapse.

Frank, however, said he was unwilling to join Dodd's call for a task force until after the hearing.

"We may very well make some recommendations like that after the hearing," he said. "I'm not being critical of Chris... but shoot first, aim afterwards is not always a good policy."

Frank said that he intended to invite Fuld to the hearing as well as former Securities and Exchange Commission Chairman Christopher Cox, Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke.

The Lehman report found there may be "colorable claims" against senior officers "who oversaw and certified misleading financial statements." It said that Fuld and chief financial officers Chris O'Meara, Erin Callan and Ian Lowitt could be liable for negligence or breach of fiduciary duty.

The report defined a colorable claim as one "for which there is sufficient credible evidence to support a finding by a trier of fact."

The report did not say anything about possible criminal charges, but legal experts have said it provides a blueprint for prosecutions under securities fraud and other laws.

http://www.reuters.com/article/idUSN1914195520100319?loomia_ow=t0:s0:a49:g43:r1:c1.000000:b32052588:z0

Does Barney ever find problems?  Another Freddie and Fannie?

What good is regulations, if the biggest criminals never get charged or convicted?

All the best deals are done in high places, with well placed family and friends?
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