Steve Kroft talks to the bank examiner whose investigation reveals the how and why of the spectacular financial collapse of Lehman Brothers, the bankruptcy that triggered the world financial crisis.
Пікірлер: 497
@Music-lx1tf4 жыл бұрын
Borrowing $44 for every $1 in assets. I'd say that was criminal recklessness. But money talks and the public walks.
@cninusa7 жыл бұрын
Seems crooks have better lives than men with integrity after the scandal. Crazy world!
@heatherrobertson40186 жыл бұрын
Xing Xiao crooks no, rich crooks yep, it's always been that way poor crook u get busted rich or celebrity u evade justice celebrity and rich u are given get outta jail free card
@xmuta6 жыл бұрын
Xing Xiao - white privileges
@chv4596 жыл бұрын
Lee should the FOOL and LB in 9th circuit court. Or NY Fed court.
@Franko-zd6hc5 жыл бұрын
Crooked systems robbery without violence days banks are numbered
@zes38135 жыл бұрын
no such thing as better or crook or not, perfx lx no matter what
@danfish4life2495 жыл бұрын
"steal a little and they'll put you in jail, steal a lot and they will make you king" Bob Dylan
@_Wai_Wai_4 жыл бұрын
but why did Bernie Madoff go to jail? maybe he scammed the wrong people
@shzwon1233 жыл бұрын
Instructions unclear: now in charge of the United States and don't know how to properly contain the covid-19
@eddyfernandez98073 жыл бұрын
@@_Wai_Wai_ Exactly you gotta steal a lot but from people who are always working to pay taxes.
@gabrielmondragon63083 жыл бұрын
@@_Wai_Wai_ madoff stole from the rich, dude. You gotta steal a ton of money from poor people in order to get by free. Get on with the program, dude.
@N.A5253 жыл бұрын
@@_Wai_Wai_ he scammed people In taking money. These were security investments that were being handled inappropriately, Thus causing a collapse.
@KevinP322707 жыл бұрын
no one went to jail. wow.
@MominNz5 жыл бұрын
are you sure, I think they all went to prison. 💥
@snoopy_peanuts_775 жыл бұрын
@@MominNz why would u think that?
@dentatusdentatus15925 жыл бұрын
@@snoopy_peanuts_77 Because there was an article in "The Onion" that said so.
@ulos1005 жыл бұрын
Shrinidhi Ghatpande I wish that was true.
@jblue7055 жыл бұрын
Dentatus Dentatus lol
@toby83609 жыл бұрын
They all got away with crime. They were too big to fail!!!!
@chicagoeconomist16436 жыл бұрын
Charles Glasspy this entire video was about a bank that did fail....
@jackmeyer84516 жыл бұрын
wrong
@stupoc6715 Жыл бұрын
"To Big To Fail" good movie. That was A.I.G.
@chronodiver3005 жыл бұрын
But you can do six months in jail for petty theft or a DUI.
@banksterkid59303 жыл бұрын
In DUI u r caught red handed. In this crash no one was caught red handed. These crooks used that fact to their advantage.
@kevinbaird72776 жыл бұрын
Whether RF knew about REPO 105 or not, surely the chairman of a company knew that $50B dollars was regularly being off shored and then re shored after filing, if not he should be jailed for incompetence, either way he was a conman.
@paulkerrigan98574 жыл бұрын
"Tell me the difference between stupid and illegal and I'll have my wife's brother arrested."
@ivanvolaric48122 жыл бұрын
Clearly he knew. The architects of this disaster should have been jailed and had their money confiscated or both and legislation should have been enacted so that it doesn't happen again. It's outrageous that the financial system was teetering on destruction because of the antics of these greedy fuckers. Of course, nothing will change...especially when political donations are at stake...and it will happen again.
@cromlaughsatyourfourwinds83335 жыл бұрын
For the rich & powerful crime does pay.
@Zoomer305 жыл бұрын
You know a company has lost touch with reality when they turn the outside of their building into a giant LED TV.
@lenaely61463 жыл бұрын
💛
@Herman475 жыл бұрын
Matthew Lee, the British fellow, is a hero.
@Zen_Power5 жыл бұрын
Herman47 at least one person had some integrity in their position.
@kevino43722 жыл бұрын
Great guy
@elazarpimentel53404 жыл бұрын
60 minutes is such an important institution of our global society. Wish you all the best.
@UTUBE3JC3 жыл бұрын
That is nice of you, next
@jimhughes19625 жыл бұрын
“I’m not permitted to be bothered by that.” Wow.
@wildweedle60125 жыл бұрын
Remember when they all still got their bonuses? You know, to retain the best talent.
@UTUBE3JC3 жыл бұрын
Gotta keep em at the end of the day. Yet so wrong but they already had crossed that line, next
@DataLog3 жыл бұрын
If this happened in China, they would be hanging in front of the public.
@scottab1409 жыл бұрын
They did the same thing as Enron executive who got prosecuted. I wonder why Fuld and company didn't get charges as they did they same crimes?
@erikarmstrong89125 жыл бұрын
It's like they copied to a T the methods Enron used. Hiding in pain sight.
@raymondfrye50173 жыл бұрын
Enron's entire staff later became George Bush's cabinet.
@folag26 күн бұрын
The Enron gang practiced outright fraud. Lehman engaged in reckless speculation. The two aren't the same.
@edvaira68915 жыл бұрын
Evil ALWAYS gets away with it...when evil is committed by the obscenely wealthy...is this REALLY a shock?!
@Erik-rp1hi5 жыл бұрын
It was a long time ago and still makes me sick to my stomach the criminal actions. People should go to prison and be broke.
@marcuslance58835 жыл бұрын
Erik 567 If you can’t beat them, join them pretty boi
@SurvivingAnotherDay5 жыл бұрын
@@marcuslance5883 why would he want to join you?
@ogdocvato7 жыл бұрын
Government of the rich, by the rich and for the rich.
@johncaldwell77786 жыл бұрын
Oscar Banuelos when has it been anything other than that??
@jeremyharvey75065 жыл бұрын
I pledge allegiance to the rich of the United States of America, and to the corporations for which they stand one nation under capitalism with inequality and injustice for all.
@jeremyharvey75065 жыл бұрын
per aspera ad astra ¿ true bro, we all can...are you? Just curious.
@jeremyharvey75065 жыл бұрын
per aspera ad astra ¿ good stuff bro, I agree with you. Got my undergrad in electrical eng, working at Fortune 500 and own two businesses. I agree it can be done and there’s no where better than America to do it.
@jeremyharvey75065 жыл бұрын
per aspera ad astra ¿ good stuff, the day a lot of lawyers, MBA, etc start of in EE. My company does operations and Lean Six Sigma consulting and training. Jceharvey.com, drop me a line in the contact section. I’d love to chat more.
@АбдаллахМуслим4 жыл бұрын
doesn't matter what happened in 2008... what matters is the fact that nothing changed since 2008... that means we are going to get a crisis harder than the legendary Great Depression
@robertnardone93876 жыл бұрын
Total scam !!!! These guys cheat , lie & steal ... unbelievable!!!
@jonathancisneros71505 жыл бұрын
ROBERT NARDONE well keep getting loans then and expect these crooks to rip you off. Lol
@kristopherhasenbuhler53935 жыл бұрын
Only a chump would give in to them And let me tell ya. There's plenty of chumps that have access to alot of money!
@leemcmullan4 жыл бұрын
soooo government workers can't be prosecuted?!?! along with these crooks?!?! What is wrong with this world. God knows all.
@samjquillen6 жыл бұрын
Finance is such a more lucrative career that it will attract almost all of the best and brightest in the field. Unless we raise SEC salaries to prohibitively high levels the banks will always be two steps ahead
@roc7880 Жыл бұрын
they are not the best just the most corrupt
@gsotoaz5 жыл бұрын
Ernst & Young was involved?!
@charleslong53735 жыл бұрын
The top Lehman executive held a lot of Lehman stock. He refused to take $21 per share. So the value went to 0.
@chelseaaugustus11094 жыл бұрын
Who is here watching this in 2020?
@danielemoyon16494 жыл бұрын
I've been binge watching videos like this for about an hour.
@istvanpraha5 жыл бұрын
8:00 If you need to READ a statement verbatim that says "I do not recall," then you are basically admitting you are lying. WTF!
@danabram5 жыл бұрын
How does no one go to jail for this???
@bigworm50245 жыл бұрын
Money, that's how.
@clonmore8195 жыл бұрын
This is the very best investigation I have seen on the subject
@johnerwin77155 жыл бұрын
Why would anyone go to jail when the rats are guarding the cheese.
The loop is starting again. 11 years and already forgotten. We’ll soon have the next financial crisis. It could very well be irreparable the next time it hits.
@Cybrsk8r5 жыл бұрын
I love the photos of Lehman Bros. where the window is broken. So symbolic.
@nuthinnew2 жыл бұрын
I find it hard to believe that the reason no one was jailed was simply because "regulators didn't understand what was going on". I wonder how many lives were threatened / people were paid off
@robertw96775 жыл бұрын
I worked there and sadly didn’t leave when others did cost me a great deal and no one went to jail as they should have
@normanolsen6 жыл бұрын
absolute power corrupts absolutely
@cloudie83145 жыл бұрын
Nice👍🏽
@happytappyslappy4 жыл бұрын
I was thinking exactly the same thing.
@2008shikha7 жыл бұрын
Thank you for sharing this video !! makes the case for using open decentralized ledgers stronger so that fudging and deceiving is a non starter.
@YeezyFly4 ай бұрын
Laughs in FTX😂
@ycartyahoo4 жыл бұрын
So when I fill out FASFA and CSS forms for college, it is a NO NO for me to move funds out of my account, complete the forms and then move back but they did it.🤮
@melkormorgoth90223 жыл бұрын
Rob a bank you'll get life,buy a bank and rob the World you'll get golden parachutes....
@Zen_Power5 жыл бұрын
Matthew Lee is the man.
@ogaswagga22425 жыл бұрын
They abandoned their fiduciary duty
@sor39995 жыл бұрын
The end where he says he wouldn't trust the books of big Wall Street firms. The stock market is heavily inflated with many companies not making a profit to match their stock price. Many new IPOs happening soon like Uber, Lyft, Slack, Pinterest are not profitable.
@troyhagen5875 жыл бұрын
THEY all NEED to go to JAIL. But NO ONE Will THAT'S HOW it's GOING. Go to JAIL..
@geckobrah42015 жыл бұрын
The SEC does not have the top lawyers or accountants, the banks do.
@commonsense314 жыл бұрын
This is cases like this that would validate the use of vigilante measures against the people responsible! If the government of a society fails to protect and defend its country’s “citizens” interest then those responsible are enemies and traitors of the state! And should be dealt with by the military of the country!
@Luis-xr6ec4 жыл бұрын
Not even charges ... stunning!
@shivakumar4995 жыл бұрын
Unknowingly skip a traffic signal, you will be standing in front of a judge coughing up a fine, but here... What is this? A free ticket?
@allgoo19645 жыл бұрын
Banking industry regulates itself?
@JoeDoe25 жыл бұрын
These CEOs shouldn't be allowed to keep their wealth. They should have the shirts sued off their backs. America is an unjust nation.
@mayhem74554 жыл бұрын
The banks and the investors didn't get hurt, they got bailed out. We got stuck with the bill. So we lost twice.
@johnhsmckay3 жыл бұрын
If by "we" you mean the tax payer, that's not actually true. The bails outs those banks received were loans, those loans were paid back, with interest. The American tax payer made a 50 billion dollar profit from those bail outs. The people that got hurt were the people that lost their homes. Those people should not have taken out loans they they could not pay back though, make sure to read the fine print. The loans were immoral The people taking out the loans were stupid. Immoral people didn't get punished. The stupid people lost their home.
@jimwerther3 жыл бұрын
The football players in the SouthEast Conference understand finance just as well as the employees of the Securities and Exchange Commission do.
@steveducell21586 жыл бұрын
we need to keep companies from becoming too large.
@mydogskips26 жыл бұрын
Unfortunately, that's artificial control which goes against free market capitalism, the "holy grail" to most in the industry and many in the country/western world. But even more unfortunate, the capitalist system tends to concentrate wealth in the hands of a few, meaning a small group of companies will indeed get very large, "too large to fail" in many instances.
@lancemilliken90786 жыл бұрын
I love 60 min
@tanaka.shinji112 жыл бұрын
Ernst & Young was also involved in Olympus case indirectly, and Japanese government didn't do anything against them.
@truckingjoeforever73685 жыл бұрын
What is that saying, "Who watches the watcher?"
@Jeffrey-s6g4 жыл бұрын
Yet years later we are repeating past mistakes. We will never learn.
@samsngdevice51033 жыл бұрын
The stock market is totally corrupt
@BoundlessTruths5 жыл бұрын
Apparently, the people working for the SEC did not understand the material given to them and couldn't charge people for the unlawful practices - WHAT A JOKE
@BunneRabb5 жыл бұрын
♫♪ I got a pocket full of judges, keepin' my money warm ♪♫ - Wall St.
@adelgado7511 жыл бұрын
I was a Vice President at Lehman Brothers. I was the manager for the Tape Library. I had a nice office, great salary, and a staff of 23.
@jasontaylor82833 жыл бұрын
SEC is a joke....they also ignored multiple warnings about Madoff
@tracymcmillan14665 жыл бұрын
To paraphrase: Too big to go to fail? No, too big to go to JAIL.
@josesoccer20114 жыл бұрын
It's 2019.. Does anyone know if the FCC has acted on it yet?
@Yehuda44 жыл бұрын
Hosé TV! FCC....?
@commonsenseapproach1015 жыл бұрын
let this sink in... the big banks are 3x's bigger now than during the crash, and 5 out of 8 biggest banks in the USA failed the stress test this summer. Corp Debt(which relies on bonds market to buy back the debt) is at a all time high!!! We have a massive issue about to blow up. And its going to get worse in feb 2019.
@TheGargalon5 жыл бұрын
good, I would love to buy some cheap stocks
@yonisali38792 жыл бұрын
If someone fails their own Stress then if they close their eyes and proceed as if they didn't see then they have forfeited their right to
@yonisali38792 жыл бұрын
If someone one fails their own Stress test and then proceed as if they did not see the results. Two things are for certain Either they are very liquid And waiting for the inevitable act right that will be run into head frist so they can pick up stressed out assets at bargain prices. Or they are extremely stupid with extravagant appetites that is content with riding the temporary wave with their fingers crossed that there will still be available funds for 5 star lawyers to ensure at worst a few months stay in club fed when the wave hits the rocks that is if the preoccupation with the appetites hasn't eroded the lawyers fund. Either way does not spell out win for whoever invest In companies that fail their own Stress test beacuse they are the ones that gone be taken to the cleaners. I guess the old street rule applies as insurance even in high finance. Which was if something that is non tangible is called a product and is made to sound too complex then it actually is and comes with lot's lot's of fine print that probably span's pages that might not be soundest of gambling but if person really must has to scratch itch for gambling with the odds they be better off playing blackjack against a dealer atleast that route there is a slim chance you might walk away with atleast what you came with.
@Galactis15 жыл бұрын
And the banks still operate under the same conditions and deregulated ideals today.
@shawngaran3 жыл бұрын
This just in...the UK is the number one spot for banks now in 2021.
@anthonylovell5 жыл бұрын
Wonder if that guy found a job. He'd probably make a great auditor.
@GodsChild11595 жыл бұрын
He should be president of America!
@debasishraychawdhuri5 жыл бұрын
Which is why no one wants to hire him.
@Dakatari3 жыл бұрын
In every 60 minute documentary all the criminals look and act same
@victorespino56504 жыл бұрын
Damn. Crazy that that transaction is allowed and in the books
@chrispachas8486 Жыл бұрын
Impressive! Thanks for this information
@chv4596 жыл бұрын
The US should applogize to the hundreds of thousands if not millions world wide victims. b/c the US government was ultimately responsible.
@kiturselassie96934 жыл бұрын
Repo 105 , how can SEC investigation team which conducted oversight of Lehman Bros fail to pick up on this con? We're they themselves bought ?!
@williamoleary93303 жыл бұрын
As of today May 1. 2021 has anyone gone to jail?
@doodlebug18202 жыл бұрын
Wheres Eric Dale?
@charlespappas99175 жыл бұрын
Knowing many employees of Ernst and Young. The guilty and corrupt are in a home somewhere far away fron there.
@fabioaraujo5524 жыл бұрын
After you look closely to what's happening around you come to realize everything is just an act... people, companies and the state... just a movie playing in real life.
@Lousy_Bastard4 жыл бұрын
Yes and politicians are paid actor's, democracy and having a vote is a scam too.
@adolfgoering9843 жыл бұрын
EY is always in the middle of every financial shenanigans.. This firm should be closed...
@johnbatchler85516 жыл бұрын
fauld knew the accounting shennigan that was going on
@matthewfilardi66384 жыл бұрын
“The Lord has made everything for its purpose, even the wicked for the day of trouble.” Proverbs 16:4 ESV “but the Lord laughs at the wicked, for he sees that his day is coming.” Psalms 37:13 ESV
@dftfre16765 жыл бұрын
A shell game... Was a gimmick, which never got prosecuted
@A22DNAL4 жыл бұрын
It was a wake up call then about the rich and we as a nation still haven't learned. Look where 2016 took us and here we are in 2020. We are a pack of morons doomed to repeat the cycles of ineptness until all the halls of government are rid of the stench and rancor of the rich, wealthy, powerful, connected people who know nothing of the life of the everyday American.
@terencewinters21543 жыл бұрын
The hypocrisy of the law is sometimes impossible to understand particularly in the financial services industry especially when the government and the taxpayer are the insurers of last resort. And Lee is right when he says the financial services contractual opaqueness makes them inscrutable except to the drafters of these instruments . In sum it's like being in the Amazon thickets without a map a compass never mind gps. How could Fuld not know ? Maybe he did or did not understand the papers he was given or relied on the international shell game to deny what was evident. Deutsche bank employees manipulated the LIBOR rate but got caught . Fined. But you know how they think money in hand today is more important than money lost tomorrow. So 26,000 employees were left bereft of resources work and the taint of that association . But the real losers were the tax payers who had to fill the breach of hundreds of billions of dollars . Madoff wasnt enough .
@CHMichael4 жыл бұрын
The entire board should have gone to jail - its there job to know. - but they all walked away with hundrets of millions.
@GrantAugustus15 жыл бұрын
Good points!
@robertw96774 жыл бұрын
Sec totally failed the country
@jaybrooks10985 жыл бұрын
SEC doesn’t want to press the issue. They hired people with little understanding to question the issues. Which is extremely scary. Let’s not forget.. the same issues that caused the crash, mainly bundled securities that have been been manipulated in a way to make them look like safer packages. From what I understand is they changed the name. The same problem is still going on. I hope I am wrong but I fear I might be right.
@deedetres703 Жыл бұрын
who got hurt? - everyone but the people responsible and those who allowed it -
@johnknowing-zr8de5 жыл бұрын
Actually this all started in 2000 Democrat bill Clinton spearheaded his China Trade Act in 2000. At the same time Clinton wanted everybody to own a home in his speeches. What went down in Bill Clinton era Banks and mortgage Ins Co wanted to "combine" need permission from Congress so to speak so its not an monopoly. Pres Clinton basically said he wont block it IF the banks get "credits" To get them banks needed to make so many loans across the red line "red line districting" Democrats voter base bad areas. Banks response to Bill Clinton People saying Those people wont qualify Clinton administration said we can help your banks to streamline the criteria so people can qualify Banks response was would the loans be back by Fredie Mae and Fannie Mac. Clinton say yes. This worked for a while UNTIL the effect of Clinton China Trade act in 2000 U.S. from 2000 to 2009 lost over 42,400 factories By 09 US had less factories then before the bombing of pearl harbor Most loans going bad was because Millions lost their jobs Democrats are solely responsible for the banks collapse and the U.S great recession
@cerbico125 жыл бұрын
There should have been no bail out.
@vernelledouglas18013 жыл бұрын
Since no one was prosecuted, could this happen again?
@Blonxvis4 жыл бұрын
Who is here after the Wirecard scandal blew up ?
@youngjohn50764 жыл бұрын
Greed and corruption.
@suzclayton7834 жыл бұрын
Too big for Jail!
@Joshua-Samarita5 жыл бұрын
Did we learn from it? I don't think so. Almost 12 years since this happened and there's a sign of recession.
@richardaguilar85825 жыл бұрын
What many people don’t know is that recessions are normal. They happen every ten years. You can trace this trend all the way back to the Great Depression. However, in 2008, because of Leman and AIG, there was a huge crisis that made every property lose value cause they couldn’t sell cause banks had no money to loan. Apparently this hadn’t happened in 70 years when it was the last Great Depression. Once in a lifetime moments. Unfortunately for me, I was too young to take advantage and it probably won’t happen again till I’m very old. Moral of my comment? Don’t let the media scare you. Recessions are normal and best believe Trump will do anything to prevent it. His presidency depends on it. So bank on it happening in 2020. Side note, idk how wars affect recessions but I will look into it. Me thinks Iran and US will go to war after Trumps re-election.
@asanmartinjr074 жыл бұрын
No one ever gets punished!!!
@victorespino56504 жыл бұрын
It's the system but also the people don't change.
@Kneephry8 жыл бұрын
None of the actions described here by Lehmann Brothers caused the crash-that was the government and poor lending practices. All the claims here are just that Lehmann didn't acknowledge they were bankrupt sooner. It wouldn't have stopped the crash.
@mydogskips26 жыл бұрын
I'm not an expert, but to me that sounds about right.
@nasonh43242 жыл бұрын
lets remember that Lehman was not the only one involed in this it was everyone ... and no one went to jail.
@pwgearedturbofan23484 жыл бұрын
People talk about "letting the banks fail". That would be utterly idiotic and pointless. Our economy depends on major pieces of the economy like banks. It's not the same as letting your local lemonade stand fail. The government did the right thing saving the banks. We only had a recession instead of a depression. What the government failed at was regulating beforehand and punishing the criminals after hand. CEOs should have been fined and jailed, and the companies should have been heavily fined as well, in addition to paying back all government money with interest.
@ncthriller44653 жыл бұрын
Thieves in high places made it impossible to prosecute future thieves. I'm a peasant so I wouldn't know anything about it.
@bloodoftheinnocents47443 жыл бұрын
And here we are again, the SEC doing nothing about naked shorting and the greed and corruption gaining ground. Crash 3.0 is going to be one for the history books...
@elhior234 жыл бұрын
Does a case need to be made? No one went to jail. Everyone colluded and to this day nothing has been done.