The Banking and Strategy Initiative

Chillin' out till it needs to be funded

After Leo Kirch will Lehman step up to sue the plate? | Crisis Insight

The Leo Kirch saga enters its 10th year where the media entrepreneur blamed Spokesman(Chairman) for denigrating the corporation on live television that per se cause it to default on its next loans. The bank and Rolf Breuer was sued for 3.3 bln Euros and has refused to settle. The bank is being offered a 800 mln Euro settlement. Leo Kirch died in July 2011.

Banking District

Banking District (Photo credit: bsterling)

Rolf Breuer and Josef Ackerman were both facing chargies later for lying in court testimony on record. The bank also paid huge settlements on a huge spying scandal where they maintained wire taps on key clients and bank personnel.

Lehman outgoing CEO had also blamed Wallstreet Banks for conspiring to put Lehman in front with a bankruptcy. Everyone else got huge bailouts from the Fed and the banking window was opened by the Fed/Treasury for overnight loans to resolve the shortage of collateral while Lehman was asked to file after it was disallowed the same window and its merger with Barclays allowed to fall through after objections by British regulators.

Lehman has asked JP Morgan in successive disputes over collateral bonds wilfully kept in piossession by JP Morgan even after bankruptcy proceedings and last week sued Citigroup to recover $2.5 bln it had stowed away in a backup account before filing for bankruptcy court protection.

Meanwhile bankruptcy lawyers have made the Maryland Economy #1 in economic recovery lending reams of paper and hotel bills to the state for covering the various bankruptcy proceedings , also keeping while collar employment ont he up despite the 800k losses a month since 2008

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This entry was posted on February 13, 2012 by in Financial Markets and tagged , , , , , , , , , , .


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