What The Lehman Report Proves: Financial Insolvency

Market Ticker - Karl Denninger View original article March 12, 2010 05:21 AM The Lehman Report on which I wrote last night regarding deeply troubling issues surrounding the Lehman Bankruptcy, has laid bare some very ugly facts relating to our financial system, corporate governance, and our government's active complicity not only in the Lehman collapse, but in ongoing balance sheet shenanigans and the current investment picture. The conclusions I am forced to reach, after much reflection and sleeping on this article overnight, are not pretty. They compel me to advise that, in my opinion, the market is now trading both technically and on a fundamental basis, exactly as the Nasdaq was in 1999. I recognize this is a serious charge and has implications that are most unpleasant, in that it implies a probable detonation ahead at some time in the next year - one that will not only destroy all of the gains made since March of last year but go beyond that - indeed, perhaps ...