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Bank News Nonsense

The lamestream media told you:

In a debacle that was widely anticipated, Lehman Brothers investment bank, saddled with toxic uncollectible mortgage debt from under-capitalized loans to low-income high-risk home buyers who obviously couldn't afford homes, collapsed into bankruptcy on Sep. 15. Recently revealed secret talks with South Korea and Communist China failed to sell a half interest in the broke company for desperately needed capital. The company's shares dropped from $66 in Feb. to just over $3 by Sep. 12, leading to the expected failure. --This "news" courtesy of ABC, CBS, NBC, CNN, FOX, and virtually all newspapers and radio stations.

The Uninvited Ombudsman notes however that:

Before the debacle, writing for Bloomberg.com, financial expert Yalman Onaran noted, confirming what other experts were saying back then, "Like other Wall Street investment banks, Lehman can now borrow directly from the Federal Reserve, so there's no rational reason to believe the firm will run out of money." Quoted in The Week, June 20, 2008.

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About the Author

  • Freelance writer Alan Korwin is a founder and past president of the Arizona Book Publishing Association. With his wife Cheryl he operates Bloomfield Press, the largest producer and distributor of gun-law books in the country. Here writing as "The Uninvited Ombudsman," Alan covers the day's stories as they ought to read. Read more.

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