Cramer: My List for the Gallows
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Reading the findings this morning about how Lehman executives went about destroying a bank that was too big to fail reminded me that perhaps it's time for the investigators, whether they be from Congress or the Angelides Commission -- the Financial Crisis Inquiry Commission that is supposed to tell this country what really happened -- to interview the real bad guys, the guys who bankrupted and crushed their own institutions.
The notion of endlessly keelhauling Lloyd Blankfein or Jamie Dimon -- the CEOs of the two best-run banks, Goldman Sachs (GS) and JPMorgan Chase (JPM) -- does nothing for me. They didn't destroy the system. The notion of berating Vikram Pandit, the man who works 24/7 to put Citigroup (C) on a new, profitable footing, leaves me cold, too. He's doing a fabulous job rehabilitating a once-great franchise.
So, in order for the Angelides Commission to better do its job (as that is the front-and-center investigation), first I would like to be called to testify to give them an overview of what really went on. I would come down with a list of people to be subpoenaed -- let me share with you that list, because it is made up of reckless businesspeople, the ones who crushed their own companies, who can tell us more about what really happened than any of the winners.Who is on that witness list? I would like to hear from Jimmy Cayne, former CEO of Bear Stearns, and Richard Fuld of Lehman about how to get around the capital requirements and jam clients with faulty merchandise. How do you hide bad paper? How do you disguise what you are doing? How do you have no risk controls? How do you abdicate all responsibility and surrender to greed over prudence?
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