Eugene David ...The One-Minute Pundit |
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Friday, October 24, 2008
"You know what Lehman was doing with that money? They were funding their operations. They weren't buying securities and protecting it with some kind of hedge. They're borrowing money from their clients."
TRANSLATION: Lehman engaged in a Ponzi scheme. It is fashionable to squinch and ask whether the Feds should have saved Lehman. Perhaps there was nothing to save.
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