Whether Suicide or Suicided - Interesting!

[Jan Klimkowski]

Mgtspy (who outed "Blumunki"/Kellermann) over at Ticker Forum (TF) had very good insider information.

Mgtspy posted the following almost as it was happening:

This is NOT in the news anywhere else in the world. TF is the first place that hears this.

3 days before LEH collapsed, Dick Fuld called Freddie's CEO Dick Syron. After that call, Dick Syron bypassed all his risk management and with the support of his trading floor chiefs sent $1.2B cash to Lehman brothers in the form of Unsecured Lending - YES, that means NO COLLATERAL. That money was written down to zero the Monday that Lehman collapsed. This is not announced, but will show up in the next earnings (Oct 15?) as a loss. My sources told me Fannie Mae suffered a smaller loss, but nobody is privy to the amount, it's just not nearly as bad as freddie mac.

Now the stunning part: there are talks out there in bloombergs that Dick Syron and probably some of the trading chiefs, knowing full well that they were not gonna get golden parachutes, sent that money in order to get kickback. Think, 1% of 1.2B is still 12 million USD. Not a trivial sum of money.

Where does that money end up? Certainly not in LEH's investors hands, but in the hands of people that force LEH to get as much funding as they can before turning and forcing it to collapse. A MAJOR ROBBERY. It's so bad that a robbery of this scale cannot be done without insider's help, and Dick Syron/Patricia Cook + a few of the head traders at Freddie did it before they themselves cashed out and will later get kickbacks.

Anyone want to send this to NYT or Wapo is okay with me. I have no document I can offer at this point but certainly a subpoena from FRE and perhaps LEH will be able to reveal who's doing what in this particularly heinous crime.

On Sep 19, 2008, the following appeared on Reuters:

Freddie Mac says Lehman owed it over $1.2 billion

NEW YORK (Reuters) - Freddie Mac (FRE.N) said on Thursday it has yet to receive payments of more than $1.2 billion due from Lehman Brothers Holdings LEHM.PQ, which went bankrupt after the U.S. government refused to bail out the investment bank.

Mortgage giant Freddie Mac, which was taken over by the government about two weeks ago, said Lehman was due to make principal payments of $1.2 billion plus accrued interest under unsecured lending transactions due to mature Sept 15, the day Lehman filed for bankruptcy protection.

In a document filed with the Securities and Exchange Commission, it said Lehman also services single-family loans for Freddie Mac and estimated its potential exposure to Lehman for servicing-related obligations, including repurchase obligations, was about $400 million.

But the mortgage company said it did not know whether or to what extent it will take a loss related to the transactions and noted that actual losses could be materially greater than its estimates.

Freddie Mac said it is in the process of evaluating its exposures to Lehman and its affiliates arising under other business relationships and that until this is complete it could not provide assurances as to the amount of its exposure.

http://www.reuters.com/article/businessN...1620080919