Also in this playlist...
This transcript is automatically generated
-- thanks so much.
Let's first reported -- -- -- senior law enforcement officials are having a tough time making a criminal case -- the implosion and that global and the missing money.
But do they have a witness that can lead to major breakthrough Charlie Gasparino -- -- Has the latest breaking deep -- Melissa I think it is what sources close to law enforcement officials that are investigating this and it's about.
I have to doesn't perform in between the FBI the US attorney for the southern district is attorney for Chicago the SEC to CFTC.
What they're saying is that this case is coming down to one witness and spewed O'Brien the former the former treasurer and what we -- with senior law enforcement officials.
-- on the Fox Business Network is making any case much less a criminal case which looks highly unlikely right now.
They see a lot of sort of just one hand not knowing what the other -- doing.
-- in any case comes down to -- -- O'Brien.
Who was critical in those final sort of days of -- schools existence where we do no money was transferred in and out of customer counts.
To maybe JPMorgan Chase to other sort of counterparty -- and she was at the center of it according according to these law enforcement officials.
And you know -- percent of -- meaning she was the person in both the you know one of the people involved a lot of these cases we -- -- she has not been charged.
I do not know if she's a target of any of the investigation I don't think so but everybody is is basically pointed to her as the person that could.
Provide the daylight to some might -- the disclosure as to how this thing went down how one point six billion dollars.
Of segregated customer money almost unprecedented as you know certain extent it is supposed to be separated and ended up.
Someplace else -- where people are out of that money and that's -- that's the biggest thing right now they're looking at we should point out one of the things that.
Raises suspicions here.
Is and not necessarily about her about what she knows is effective youth O'Brien as we -- reporting is asking for anonymity she's -- community as using right.
-- -- we wouldn't want to go check Rebecca Lowell a couple of.
-- she's desperate immunity with with federal prosecutors.
-- civil law enforcement officials and also as we reported yesterday with the house financial services committee subcommittee and operations and investigations.
You know why she's doing that you know is something -- -- -- a lot of suspicions.
We don't know if any these agencies have -- that are immunity.
But this is where we are right now she is the case according to people we've talked to in law enforcement circles what she say that would make it a criminal case to.
Because that's it's a big leap to get arrogant and write a lost money feel like from a criminal -- right and you know I -- a column in the times today which said you know there must be criminal case -- -- well I mean listen I like Jonas -- have.
For -- of diet known for many years.
You know I I think one of the things he forgets as he moves from lose -- to the editorial side is that you have to show content.
OK and just because Dick Fuld did some stupid things during Lehman's final days and months doesn't mean he intentionally defrauded people.
-- -- may believe that the company was in good shape when he was saying listen we'll survive this.
And that's the whole thing -- -- -- comes down to intent so she's gonna have to show.
When it comes down to she's gonna have to have some sort of silver bullet either -- testimony.
Whether she knows of who she spoke to maybe to the she spoke to Jon Corzine whoever that they knew that moving money out of customer accounts.
Was clearly a violation of law.
And they did it now I will tell you that the notion.
It's not so black and white everybody really the CME makes it sounds like a black or white it's not there's something called a -- -- Henry -- publication without without putting people asleep.
It's a notion of borrowing money that you -- that you -- And you know people do all the time -- your mortgage rate you -- borrow against your mortgage.
Correct right type application -- it's hypothetical that you own that house I -- there was a whole wall that -- White -- so apparently if you have a UK subsidiary.
Are you can move money to the UK subsidiary.
And borrowing and borrow a lot of it there but it was some of that happened during the Lehman bank drug bankruptcy -- -- -- I believe hedge fund money to the UK and the bar the use that have money.
Was tied up until very recently I think maybe it's still tied up so remembered that there are some great lines here.
And you know I'm just saying that -- O'Brien is -- indicate this is why -- never say someone's guilty of anything.
Because there -- a lot of gray areas in securities laws.
Charlie Gasparino stay on top of it because we want to know how this happened so that investors feel like it won't happen again kind of -- like I don't think I suspect that the fifty.
Filter by section