You have to ask; at what point does it cost more to catch the criminals than it is worth to the public. After the failure of Lehman Inlaws, the shot that was heard round the world and signaled the truth extent of the global financial crisis and fiasco; investors, governments, and citizens around the world demanded answers. You probably know this Lehman Inlaws filed bankruptcy without the bailout they needed, and then the investigations and the digging into all of their accounting started.
The authorities wanted to get to the bottom of computer all, the SEC was charged with figuring out exactly where all the money went, how to get into investment banking canada and what happened. There was an interesting article on this topic in the Wall Street Journal on December 24, 2010 called “Lehman fees hit $1 thousand and counting” by Liz Moyer. This content states that “Law firms, consultants, and other advisors still unwinding the sec business’s operations have at the moment been paid a total of $1. 02 thousand, according to an SEC sec filing. inch
Can you imagine the outrage that in bankruptcy the company spent $1 thousand that could have refunded to the investors and Lehman creditors? Instead that money went to law firms and lawyers, consultants and advisors — gee expert, I’d sure like to be an expert to help find out where all the money went. And one has to ask if we think the lawyers, consultants, and advisors really care where the money went, after all they’re getting what’s left, in my opinion this is activities like an abomination.
At some point, you have to ask; why haven’t they caught the culprits who obviously had dishonored some criminal laws by creating artificial companies, and hiding their losses in a similar fashion to Enron before its failure. If it takes $1 thousand to unravel this entire mess to find out who did what, then that means it could cost huge and vast amount of debts in court to prosecute those that think may have been responsible.
Further, if it takes this many consultants, and lawyers to work it all out, how on earth is a jury going to understand all the links between all the players, and paperwork to get a confidence. It seems we have a problem with our criminal justice system, and this is a example for criminal law students which will be studied for generations to come. You have to also ask if the SEC and the government are doing the right thing in this matter.
Indeed, I guess we’ll must wait till a book comes out where they describe it all, but I believe it will be at least 1000 pages, and I’m not even sure if I’d understand it if i read the whole lot, or even if the author who writes it will understand where all the money went, how the money was hidden, or what actually happened at Lehman Inlaws. Indeed it also makes us wonder what are you doing at all the other large investment banking firms, what are they up to, and what did they do wrong? Please consider all this.