Professor Elam

INvestors are learning that near cash is not cash.  The City of Springfield MA got $14 M back from MER.  MetroPCS and Basil Maher were not so lucky.  Seems  MER and Lehman respectively mixed their money with sub prime debt and whoops the cash was not there when they wanted it. Lehman and MER were apparently using customer cash to prop up shaky deals, they say they have a defense.

Last I checked the USA is in a shooting war, the deficit is $400 B, neither party has a presidential candidate yet, our borders are anything but secure, Lehman and Merril can’t seem to distinguish customer cash from junk debt, so what is Congress doing?  Grilling baseball players over steroids. Where is the authority for that?  Why isn’t Congress grilling CITI, MER, Bear Stearns, Lehman, et al…..  Again a pox on both their houses, Waxman and Spectre should be grilled on their priorities…..