Lehman and Its Creditors Seek to Subpoena Geithner - News and Current Events | futures io social day trading
futures io futures trading

Lehman and Its Creditors Seek to Subpoena Geithner
Updated: Views / Replies:291 / 0
Created: by kbit Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Thread Tools Search this Thread

Lehman and Its Creditors Seek to Subpoena Geithner

  #1 (permalink)
Elite Member
Aurora, Il USA
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
kbit's Avatar
Posts: 5,884 since Nov 2010
Thanks: 3,303 given, 3,334 received

Lehman and Its Creditors Seek to Subpoena Geithner

Lehman Brothers' bankruptcy estate and its official committee of unsecured creditors asked a court late on Thursday to compel Treasury Secretary Timothy F. Geithner to testify about the investment bank's collapse.

The request for a subpoena comes as part of the estate's lawsuit against JPMorgan Chase, which asserts that the bank illegally took $8.6 billion in collateral from Lehman, precipitating that firm's demise.

The lawsuit's main argument is that JPMorgan, apprised of Lehman's fragile condition, improperly profited from making its collateral demands -- and also pushed Lehman into bankruptcy.

Lawyers for Lehman's creditors wrote in a court filing that they and the estate served Mr. Geithner with a subpoena last August, ordering him to testify about conversations he had held with both JPMorgan and Lehman over the former's calls for collateral in early September 2008.

Mr. Geithner, then president of the Federal Reserve Bank of New York, spoke with JPMorgan's chief executive, Jamie Dimon, 10 times in the week before Lehman fell, according to the filing. Many of those conversations, the lawyers contend, must have been about JPMorgan's collateral demands.

"It is certainly relevant and necessary to understand if Dimon indicated on these calls that JPMorgan was 'going to cease operating on a business-as-usual basis with Lehman' if Lehman did not provide collateral to JPMorgan," lawyers wrote in the filing.

Mr. Geithner also spoke 35 times to Lehman's then-chief executive, Richard S. Fuld Jr. during that time, giving him insight into the faltering bank's financial condition.

The estate and its creditors contend that they aren't seeking to ask Mr. Geithner about the New York Fed's internal discussions about its response to Lehman's ailing condition, and that they are seeking only to ask him about his conversations with nongovernment individuals like Mr. Dimon.

Thus far, however, Treasury hasn't committed to making Mr. Geithner available for a deposition. Lehman is seeking to force him to testify before a March 16 deadline for discovery in the lawsuit.

The Lehman estate has also sought the testimony of Mr. Geithner's predecessor as Treasury secretary, Henry M. Paulson Jr. Lawyers for the creditors said that they will address Mr. Paulson's testimony in a separate move.
A Treasury spokesman didn't have an immediate comment.

Lehman and Its Creditors Seek to Subpoena Geithner - Yahoo! Finance

Reply With Quote


futures io > > > > Lehman and Its Creditors Seek to Subpoena Geithner

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Upcoming Webinars and Events (4:30PM ET unless noted)

Wyckoff Hunting for Great Risk/Reward Ratio w/Gary Fullett

Elite only

Digging into the Details of iSystems w/Stage 5 & iSystems

Jun 5

Similar Threads
Thread Thread Starter Forum Replies Last Post
Greece on the Verge of a Deal With Private-Sector Creditors Quick Summary News and Current Events 0 January 28th, 2012 10:20 AM
.....Lehman says voting creditors back bankruptcy plan kbit News and Current Events 0 November 29th, 2011 07:49 PM
White House Orders Review Of Energy Department Loans To Avoid Solyndra Subpoena And E Quick Summary News and Current Events 0 October 28th, 2011 03:59 PM
Is This Lehman All Over Again? No, But It Sure Feels Like It Quick Summary News and Current Events 0 August 18th, 2011 04:20 PM
Will Another Lehman-Style Crisis Be Prevented? Quick Summary News and Current Events 0 May 16th, 2011 05:50 AM

All times are GMT -4. The time now is 02:46 PM.

Copyright © 2018 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2018-05-25 in 0.08 seconds with 19 queries on phoenix via your IP