Richard Posner Explains SEC Refusal to Act in Lehman Brothers Case

By: Monday September 9, 2013 4:00 pm

Judge Richard Posner says that criminal law is for the little guy. The SEC agrees. The Department of Justice agrees. Barack Obama agrees. Larry Summers agrees. Who are we to criticize?

FDL Book Salon Welcomes Michael Hudson, The Monster: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America–and Spawned a Global Crisis

By: Saturday January 29, 2011 1:59 pm

In The Monster, Michael Hudson gives us a detailed account of the how Roland Arnall created Ameriquest and made it into the giant of subprime lending. In the process the book implicates the major Wall Street firms, most importantly Lehman, who eagerly packaged junk loans into mortgage backed securities and more complicated instruments. He also notes the corruption of the three major credit rating agencies, who received big fees for giving these assets investment grade stamps. The list of aiders and abettors includes Massachusetts Governor Deval Patrick, California Governors Grey Davis and Arnold Schwarzenegger, and even the community group ACORN.

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