If one wants to understand the full complicity of Wall Street in the Great Recession, look no further than the voluminous package of pre-collapse Lehman Brothers documents that have been made available by the law firm Jenner & Block LLP, which has acted as the coroner in the Lehman post-mortem.
More than three years after Lehman Brothers filed for bankruptcy protection, it's increasingly obvious we still don't know the half of what actually went on there. For example: The person with the highest pay package at Lehman in 2007 was not its chief executive, Dick Fuld, but a managing director, Robert Millard, who was the bank's head of principal trading.
Citigroup Inc. Chief Executive Officer Vikram Pandit, who took a $1 salary after his bank received the most taxpayer assistance of any U.S. lender, is poised to collect $80 million from other payments and awards that may eventually total more than $200 million.
Erskine Bowles, a true Southern gentleman and co-chairman of President Barack Obama’s erstwhile budget-deficit commission, came to New York City from his home in North Carolina the other night to talk sense about the nation’s perilous fiscal condition.
Robert Khuzami, the U.S. Securities and Exchange Commission’s enforcement chief, said the agency is “very focused” on bringing cases against exchanges and traders when system or programming failures harm investors.