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12/23/2010

From one scam to another scam

The New York Attorney is taking Ernst and Young to task for its role in misleading the public that led to the collapse of Lehman Brothers. The fall of Lehman Brothers resulted in a worldwide financial crisis culminating in several big banks going under as well. Many investors lost heavily from the fiasco. The first strange thing about this is that it will be a civil suit brought by the New York Attorney General against Ernst and Young for aiding Lehman to mislead investors. Why it is not a criminal suit in the first place is quite funny. Maybe it is meant to be a joke. Whatever, it is good that finally the law is catching up with the most important partner of crimes against the innocent masses at a scale that is beyond comprehension. The auditing companies have so far been left untouched in many cases of fraud or misleading the investors across the world. Somehow they are always free from prosecution. They are blameless when in reality they were the one that played a vital role in hiding all the frauds in the financial statements. More needs to be sued and put behind bars. This brings me to the second strange thing in this civil suit. The accused is the inanimate institution and not any of the senior executives. The humans who made all the decisions, committed all the frauds, were free from blame. It is the lifeless institution called Ernst and Young that was at fault. How ridiculous can it be? Sounds very familiar too, huh! So, from one big scam, the New York Attorney is going to create another bigger scam. No human bean is at fault or to be held responsible. It is very, very neat indeed. This is first class American rubbish. And the robbers are still wining and dining in their mansions and yachts around the world.

4 comments:

Matilah_Singapura said...

This is bullshit. Lawyers making more work for each other.

There is no money to recover, but millions of dollars in fees for plaintiff and defendant's lawyers can be generated.

Damn good scam, man. 100% legal -- why? because the lawyers and judges say so :-)

Anonymous said...

Why only the auditors of Lehman Brothers? I have to agree with Matilah. There is no money to recover. Just throwing good money after bad.

What about the rating agencies and big banks that created all those toxic derivatives? They still have money, so why not take action against them.

The whole system is corrupted to the core.

Anonymous said...

The Elites, First Class(businessmen) and Second Class(political leaders), in the US are showing the American People how they(Elites) can screw them legally or ILLEGALLY without having to face consequence.
Oh yes, they(elites) do have oversea suckers and victims too.

Anonymous said...

The Elites, First Class(businessmen) and Second Class(political leaders), in the US are showing the American People how they(Elites) can screw them legally or ILLEGALLY without having to face consequence.
Oh yes, they(elites) do have oversea suckers and victims too.