See stories like this are what's driving me insane about President Obama throwing money at banks all willy nilly like. This story further proves that investment banks knew that the assets that they were using to back CDOs were worthless and intentionally spread the risk throughout the market in an attempt to recoup their losses and get out before the market began to completely crumble. Here we have a government official, and former Lehman Brother's employee wanting to invest heavily in real estate at the end of the bubble? Having worked for Lehman, I'm sure that he was fully aware of the impending collapse of several mortgage lenders including Mortgage Lender's Network in which Lehman was a heavy investor. What made Lehman Brother's stop purchasing paper from wholesale mortgage lenders? And if Lehman found that the investments were no longer sound, what would make a former Lehman executive take a government insurance fund heavy into stocks and real estate in or after 2007?
If he was unaware of Lehman's disastrous position in 2007 then he was ill equipped to be handling government finances. If he was aware and made this investment anyway then he's a criminal. Either way he needs to be investigated. President Obama, there can be no redress until we stop allowing these criminals to rob the cookie jar. If cases like this one and the recent funneling of billions from AIG to private banks demonstrate nothing else, they tell you that these criminals will not stop unless charges are filed. Congress, the SEC, and other regulatory and oversight bodies are derelict.
Criminal investigations need to begin immediately.
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