Matt Taibbi’s recent Rolling Stone article dissects the downfall of Bears Stearns and Lehman Brothers as if he were at a murder crime scene. He carefully uncovers evidence, reveals the deception, and fingers the criminals behind the homicides.
Much ink has already been spilled on the topic, but Tabbi’s unique insights make his version of the events a particularly intriguing read. In order to explain how events unfolded, he focuses mainly on the role of naked short-selling, which he calls “counterfeit stocks,” and which he clearly explains.
There are no tears shed in the description of the demise of the two Wall Street titans, but it’s painful to hear how in light of the outstanding evidence, and the many avenues available to bring about justice, the feds have done nothing to punish those guilty of murder.
The sequence of events play out from start to finish with every premeditated step rigged along the way. He paints a detestable portrait of the financial system, the bailouts, and how the bankers’ deep ties into government power are simply not in support of regular American people. As he describes, “an economic drought temporarily left the hyenas without any more middle-class victims.” At which point the banks turned on themselves first and then taxpayer money.
The piece is a must read. In addition to his Rolling Stone article on naked swindling, Taibbi’s blog provides two useful short-selling versus naked short-selling primer videos.
Taibbi’s Bear Stearns and Lehman Brothers Autopsy Reveals Foul Play originally appeared in the Daily Reckoning. The Daily Reckoning, a FREE daily e-letter, offers a “uniquely refreshing” perspective on the global economy, investing, and today’s markets.
