Satire & Savoir
The soul of Lehman Brothers is laid bare for all to see. What has become resoundingly clear from their case is the “deja vu a la Madoff.” Yet, while Madoff was both sane and cognizant of his deceptions, concealing his misdeeds so fastidiously, the executives at Lehman Brothers on the other hand displayed a brazen complex of denial in their actions. Meticulously uncovered by New York attorney Anton Valukas in his report, is a glimpse of an astounding inner culture, revealing millions of pages of crooked behavior, “Best-Worst” financial practices and a sharp chiding for Ernst & Young. Valukas, now faces a legal block from Barclay’s to prevent further revelations. Who knows what someone like Barclays are concerned about concealing. And if someone as high profile as Ernst &Young can have neglected something in the mix of these scurrilous events, what kind of message does that convey to the market place? Certainly not confidence. Lehman Brothers, an upstanding pillar and seemingly impregnable institution of 158 years should leave us all wondering. Just what is the true level of integrity employed behind closed doors and between global financial institutions? As the revelations of such events have piled up incrementally in the past few years, a portrait emerges of iconic institutions, dubious ethics and transactions with sloppy accountability.
We are left pondering then: where will Joe Public dare to place his funds in the future? Here is a slumbering note to close on. They say a firm bed is good for the back. Be mindful however, that gold bars hidden under the mattress would be the first place the burglars are going to look. Why not just take that holiday to Spain today. Waiting until retirement to see it stolen from you, well that would be just living purgatory.
By P Ratana