The hold up at Lehmans is a reminder of why some compaines will not the dead die.
It is reported that negotiations have stalled over the question of whether executives who preisided of the demise of this financial services giant over the past few years should be entitled to their bonuses and shares and other emoluments tied to performance of the share price of the company. The question in the Australian context is are these payments rights? are these rights exercisable and conditional and have the conditions been properly met.
See as in the reported case of Lehman, it is the self interest of these excutives and their shady deals, overly optismistc forecasts, fictitious deals and profits and legal structures that aided and abbetted in the legitimsation of these reports about profits and asset values that matters. It is what pumped up share prices when all along they knew or ought to have known these were the subject of fiction.
We need to know which law firms aided and abbetted them in these deals. Was there a conflict of inetest or were there conflicts all along. did the legal advisors know or ought they to have known that what they were doing was assisting in the perpertation of a fraud through negligence, recklessness or was it intentional. Were there directors of the company on the boards of the law firms that advised them?
Pump and dump is illegal. telling fibs of any sort is not simply immoral but in this case theft on the grandest scale against defenseless victims because the law favours the rich and the powerful.
Was the pump and dump and the ficittious structures and misleading repotrs by the boards of B&B designed to satisfy those conditions that would have netitled the directors to receive their ill gotten gains in huge performance payments at shareholder expense?
Perhaps the Tax office should intervene? they have already on my returns from a mere $50,000 a year wage. Surely they have the resources to differentiate fact from fiction? or is the liquidator waiting to move in and pick up the remains and have Mick Gatto protect them? Liquidators should be directly under supervision of debtors and creditos alike. There is too much evidence of these unaccountable crooks sucking what belongs to shareholders at the end of the day.
BNB Price at posting:
$1.63 Sentiment: None Disclosure: Not Held
