British Law Firm 'Conspired' to Hide $50bn Debts of Wall St Giant

A top British law firm helped stricken banking giant Lehman Brothers hide its debts in the run-up to the bank's collapse, a report said yesterday.

Linklaters, one of the City's 'magic circle' law practices, signed off questionable accounting techniques to disguise $50billion (£36billion) debts.

The 2,200-page report, published yesterday in America, found that Linklaters allowed 'balance sheet manipulation' while investors remained in the dark as to what was going on.

Crucially, Lehman had turned to the UK after it failed to find an American law firm who would sign off the activities, the report said.

Linklaters advised Lehman that the accounting practice was allowed under English law.

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Stiglitz Says Banking Problems Are Now Bigger Than Pre-Lehman

Joseph Stiglitz, the Nobel Prize- winning economist, said the U.S. has failed to fix the underlying problems of its banking system after the credit crunch and the collapse of Lehman Brothers Holdings Inc.

“In the U.S. and many other countries, the too-big-to-fail banks have become even bigger,” Stiglitz said in an interview today in Paris. “The problems are worse than they were in 2007 before the crisis.”

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Globalism - A Gigantic Ponzi Scheme

The EU recommended in a study, published in August 2008, that all European citizens and European Banks should invest with Icelandic banks. The concept was that the Icelandic banks would transfer these funds, grabbed from gullible and deceived Europeans, to Jewish Wall Street Banksters, such as Lehman Brothers and fraudster Madoff. Iceland's banks collapsed only four weeks after the EU had published the Commission's study and investment recommendation.

Thousands of people lost their savings and pensions to fraudsters like Richard Fuld from Lehman and Bernie Madoff - via the Iceland concept.

This gigantic fraud was promoted by Israel's Icelandic puppet, president Ólsfur Ragnar Grímsson as "a distinct Icelandic entrepreneurial spirit".

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Lehmans Missing $400 Billion Now An Anti Semitic Conspiracy Theory

A new anti-Semitic conspiracy theory has been spreading online over the last few days, claiming that on the eve of Lehman Brothers' collapse last month, the firm transferred $400 billion to Israel. The theory, which comes in the form of a news report, has already been distributed on dozens of anti-Semitic and anti-Israeli sites. It alleges that senior Jewish officials at the Lehman Brothers investment bank passed their clients' money on to three Israeli banks, with the intention of then escaping to Israel to enjoy the take without fear of extradition.

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Sounds like conspiracy FACT to me.

Banks Hoarding Cash To Pay For Derivatives Liabilities

Tomorrow, the auction for Lehman's credit default swaps will be held, and the final result will probably be that that holders of credit default swaps will have to pay around $360 billion dollars That's for Lehman alone. Derivatives exposure due to other failed businesses is even higher.
This is why Wall Street firms and banks have been hoarding cash. As the Financial Times wrote on October 7th:
Banks are hoarding cash in expectation of pay-outs on up to $400bn (£230bn) of defaulted credit derivatives linked to Lehman Brothers and other institutions, according to analysts and -dealers.

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Former Kissinger Policy Planner, CFR Member Calls For New Global Monetary Authority

Former Wall Street exec wants bailout and more… much much more

A Council on Foreign Relations member and former policy planner under prominent Bilderberger Henry Kissinger has penned a piece in the Financial Times of London calling for a “new global monetary authority” that would have the power to monitor all national financial authorities and all large global financial companies.
“Even if the US’s massive financial rescue operation succeeds, it should be followed by something even more far-reaching – the establishment of a Global Monetary Authority to oversee markets that have become borderless.” writes Jeffrey Garten, also a former managing director of Lehman Brothers.

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German bank in cash 'blunder'

The German government demanded a swift explanation of an apparent technical mistake that led a state-owned development bank to transfer 426 million US dollars to Lehman Brothers shortly before its bankruptcy.

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Blunder my arse ! All planned and organised to pull it all back to the US.
The Uk saw billions disappear to the states just before the bankruptcy was declared

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Lehmans To File For Bankruptcy

Stocks and the U.S. dollar tumbled on Monday as Lehman Brothers was expected to file for bankruptcy, leading to grave uncertainties about other banks and shaken confidence in the financial system, and sending safe-haven Treasury debt and gold prices soaring.
U.S. stock market futures were down more than 3 percent, pointing to sharply lower open, while major European markets were set for falls of between 2 and 3.2 percent, according to one financial spread-betting firm.
The dollar plunged 2 percent against the yen, on track for its biggest daily fall in more than six years, as U.S. investment bank Lehman Brothers looked set on a path to bankruptcy in a massive blow to investors' willingness to take risks

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