Once again George is displaying more ignorance or has poor advisors
The blame should be more thrown at Ernest Young Linklaters and other supposed professionals Executive Management at the time , and those that jumped ship in the run up - as Lehman was run as a pending time bomb, from the moment they got off the hook by the Feds in 1998 over LTCM
Why did no US groups jump to save Lehman- they knew it went beyond toxic , it was ACID
Barclay's ( who George Osborne wishes to appoint Varley ) to be Gov of Bank of England
so in charge of regulation and probably no more inquiry into Lehman demise - makes Osborne's comments scandalous!
Lehman is ripe for a serious enquiry but would that happen - very unlikely as it goes into too many areas and turns worms into vipers!
Fuld knew he had permitted his machine to go out of control , like the reckless way they added to losing positions as they were technically being closed!
Remember this is the man, who drove all employees greed and this with stock and options ! and many delivered lies through sales tactics , so just to secure revenue so for bonus and more stock !
they created a bad group of supposed salesmen , traders , bankers
and many went onto Barclays and the Japanese= what does this say about the industry etc and right and fit and proper to be working in the so called sq mile and beyond
remember Lehman practises lost small fortunes for local authorities and councils around the world - as their sales people had conned many into products that many truly did not understand the risk- and to push all onerous onto the customer is not part of the supposed regulation
Iceland happened thanks allot to Lehman and others copying this aggression - and in the industry Lehman followed or jumped ahead top Goldman ! so it is only the beginning of a very sad tale !
remember God's banker odes not feel the need to apologise or give back much income that should have been questioned if we believed in fair dink um and play etc ! but it is truly dog eats dog or god eats another mimicking god
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