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Gasparino: Lehman Probe Not Over, On Life Support

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  • Description

    FBN's Charlie Gasparino on the latest on the Lehman Brothers civil case.

  • Duration 4:40
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-- well its been almost three years now since Wall Street firm Lehman Brothers.

Imploded touching -- the broader collapse of the financial markets and leading us down the road to recession.

Conventional wisdom says the case against -- is over.

But maybe not Charlie -- has the latest exclusive details Charlie I mean what spot a little repo 105.

I mean that all that -- -- Yeah that that's maybe with the SEC's -- is is grappling with us and.

Sources close of the commission which it.

-- point -- -- I believe this is breaking news was conventional wisdom is that the case is over.

Which sources close the into the security secures and exchange commission.

Which is I guess Wall Street's top cop which level civil charges against companies and individuals say the probe of Lehman is not over.

It is however on life support that -- there have been -- very difficult time to come up with charges to come up with something against maybe Dick Fuld the former CEO -- -- the former CFO.

In -- to replace calendar CFO when it imploded in the summer of 2000 in eight.

And a lot of people in the markets felt that they were misled.

But the SEC for what we understand is still.

Investigating this case that doesn't mean it will bring charges to have a difficult time but they have not given up we should point out that charges come off in two years three years after the fact.

We are talking now going on for years since Lehman and -- -- of limitations apply in this case similar to that that's -- -- question I don't think so.

I don't think honest this is a -- -- -- civil charges not a criminal charge I think it's pretty safe to say that the criminal case Justice Department's are investigating literally the minute that Lehman imploded.

-- September 2008.

That probably is -- all the time because the SEC -- a hard time bringing civil charges.

-- the justice of arms got our time bring criminal charges but I will tell you this.

The the civil case appears it is still going on listen they -- -- opt to do a report a 21 a report that there's been some press on this.

But I'll tell you what we're hearing from inside commission is they're still looking to why they still looking.

Well there is incredible incredible public freshman and to bring bring -- and -- in this in this bring something in this case I will tell you this we've been told analysts over the last couple -- asking them.

It's in the summer 2008 do you feel that Lehman's top executives fold.

-- low with the people on the ground that knew the numbers that they were leveling with you about the type of how much liquidity Lehman had just in case there was a run on the bank people pulled money out the -- have another cash on hand to remain solvent.

And it you listen to the man into the woman that we talked of different.

These are analysts are -- the firm tell us they basically feel that they were misled this is an interest in development.

While this is going on bodies and -- talking about this you have the SEC basically telling where -- -- from sources close to commission that this case is still going on.

What's Dick Fuld did not seem interesting his silence might deafening.

Listen I think Dick Fuld feels that for all intents and purposes it.

He's off the hook I mean ethics I think from a we'll be talking to people close and I did put a call to his lawyer a political to counselor today -- called the -- loads lawyer.

And they got right back to your right now they actually in low works of Barclays bank kept -- -- -- lawyer Barkley had no comment they blow it has no comment.

Listen he's try to start -- financial advisory firm sources tell (%expletive) is that working as a few clients.

You know it's -- -- because even if it does in the charges are brought against him.

Which that looks like the likelihood even though it's still going on.

Then you'll always be Dick Fuld got it right running to train when it Kress I think that's going to be.

Interstate -- it it's this talk that we mean again thanks for the update stick graduate analysts here this breaking news according to Wall Street Journal CNN.

Has removed former New York State governor Spitzer from its new fall line up.

No word on any replacement at this time of course keep you posted on that that's a reaction -- -- -- on CNN.

It's very Justin Spitzer hated my guts so badly once when I interviewed him the I was in some questions about to cross and like the questions is -- spinning.

As as he was screaming at me spinning.

I don't know why they put this man on TV -- mean if you -- on his background how we conduct in this case some of those cases were good but as as a person.

He was one of the more.

I would just say despicable would just begin.

Because listen only -- and -- -- his wife she did have a kit here's what here's why would say -- he's he's a hypocrite.

I don't talk about him sleep lookers I don't care about that but when he went after Grasso.

He went after weather Brosseau and by the way did the evidence was wasn't even there.

With a colossal fathered a kid out of wedlock with a Grasso had sex with the secretary this is a type of low.

To der Walt tactics this guy you think clean up analysts and but below -- -- body while he was doing on especially those tech high grade but but you want and also that it was low hanging fruit and I will tell you that way comported himself.

I can't believe that they -- put a hypocrite on TV because it was okay -- got to fix but you know be the hypocrite is not what anybody -- -- any of us.

Appreciate that thanks a -- that.

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