How much lower can the Securities Exchange Commission ("SEC") go? Beats the crap out of me. Here's the latest Alarm Was Raised on Lehman's Accounting.
Securities and Exchange Commission and Federal Reserve officials were warned by a leading Wall Street rival that Lehman Brothers was incorrectly calculating a key measure of its financial health months before its collapse in 2008, people familiar with the matter say.
Former Merrill Lynch officials said they contacted regulators about the way Lehman measured its liquidity position for competitive reasons. The Merrill officials said they were coming under pressure from their trading partners and investors, who feared that Merrill was less �liquid than Lehman.
To this stunning revelation, the window licker/paste eaters at the Securities Exchange Commission had this to say;
The SEC declined to comment beyond saying that the senior people at the unit that oversaw Lehman had left the regulator.
Whatever. I give up. We here at Monkey Business propose, if we are going to have an SEC how about we replace the Securities and Exchange Commission (SEC) with an SEC that actually gives us year round entertainment and would probably provide the same level of securities regulation as the current SEC....and maybe even better! Ladies and gentlemen....the NEW SEC for America;
Not bad, but the LuvaBulls are a lot hotter.
Posted by: sifter | March 21, 2010 at 01:14 AM