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Repo 105: Creative accounting at Lehman Brothers | 55 comments (55 topical, editorial, 0 hidden)
Re: Creative accounting at Lehman Brothers (4.00 / 3)
I agree about the tough as nails.

But I think there is some overestimation of the experience required. You (Migeru) could certainly figure out "CDOs, SIVs, balance sheet leverage, and credit default derivatives just as easily as the idiots who created and trade this shit."

Also, I don't see why you need to create yet another welfare scheme for investment bankers. This is not to say that employee poachers as gamekeepers would not work, but the key is not that they need pay equity, they need political backing... which is the real problem... they need to know that they won't be sacked when Vikram Pandit or whomever calls their congressman to complain.

Certainly they should be paid well... but it doesn't have to be insane money...

by Metatone (metatone [a|t] gmail (dot) com) on Wed Mar 17th, 2010 at 01:32:00 PM EST
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Re: Creative accounting at Lehman Brothers (none / 1)
I am becoming convinced that regulation needs to become both intrusive and heavy-handed. But the screams from the serious people in the salmon-coloured press would be loud indeed.

The brainless should not be in banking -- Willem Buiter
by Carrie (migeru at eurotrib dot com) on Wed Mar 17th, 2010 at 02:16:07 PM EST
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Re: Creative accounting at Lehman Brothers (none / 0)
The serious people are sociopaths, so - of course.
by ThatBritGuy (thatbritguy (at) googlemail.com) on Wed Mar 17th, 2010 at 08:30:21 PM EST
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Re: Creative accounting at Lehman Brothers (none / 0)
You (Migeru) could certainly figure out "CDOs, SIVs, balance sheet leverage, and credit default derivatives just as easily as the idiots who created and trade this shit."

LOL, I guess that's why I work in the Risk Division of a major international bank. (As you know, this means I'm a loser since winners all work as traders and make at least 6 figures)

The brainless should not be in banking -- Willem Buiter

by Carrie (migeru at eurotrib dot com) on Wed Mar 17th, 2010 at 02:31:07 PM EST
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Re: Creative accounting at Lehman Brothers (4.00 / 3)
Those who have a conscience and a desire to maintain their integrity should really qualify for disability in our culture, and that disability should be paid even while you are working.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Mar 17th, 2010 at 03:22:37 PM EST
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Re: Creative accounting at Lehman Brothers (4.00 / 3)
Those who have a conscience and a desire to maintain their integrity should qualify for a job as government regulators.

And you don't need to have them running around in Armani suits to make the industry they regulate treat them as first among equals. You just need to give them a really big stick and permission to make examples of a couple of putatively too big to fail businesses.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed Mar 17th, 2010 at 04:56:34 PM EST
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Repo 105: Creative accounting at Lehman Brothers | 55 comments (55 topical, 0 editorial, 0 hidden)
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