April 18, 2009

FRB-SF President Yellen - Lehman was a mistake

While much has been said about the stupidity of letting Lehman Bros go into BK, Paulson and Geithner have never actually admitted that LEH's BK actually dramatically worsened very crisis they were trying to end.

Until Janet Yellen finally said something. And no, there's isn't anyone still buying the stupid "we didn't have the legal authority" bullshit. Barclays was on the hook until the government refused to give them the same guarantees they gave JPMorgan Chase when it purchased Bear Stearns.

Posted by mcblogger at April 18, 2009 12:15 PM

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