On Fri, 14 Nov 2008 14:41:18 -0600, F. George McDuffee
wrote:
snip
To put this in perspective the total annual production of all
goods and services in the United States [GDP] is estimated at
slightly more than 13 trillion dollars. 5/13 = 38% of GDP IN
SLIGHTLY OVER TWO MONTHS WITH NO END IN SIGHT, AND NO
ACCOUNTABILITY.
snip
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Not directly part of the US problem, but the Brits are more
efficient in these matters, and have managed to produce some
preliminary data....

Just the *EUROPEAN* operations of Lehman Bros. has more than 1
TRILLION$US to account for, with 500 Billion$US in debt.

N.B.: Lehman Bros. is only one small part of the total global
fiscal problem. Not only is there not enough money in the entire
world to settle up, there are not enough lawyers and accountants
to process the claims....

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Lehman administrators' task will dwarf Enron, creditors told
• European arm has more than $500bn of debt
• Collapsed bank's creditors expect less than 10%

* Simon Bowers
* guardian.co.uk, Saturday November 15 2008 00.01 GMT
* The Guardian, Saturday November 15 2008

Administrators grappling with the European arm of the failed
investment bank Lehman Brothers have told creditors their task is
"10 times as big and as complicated" as the unwinding of Enron.

Speaking after the first creditors' meeting, a team from
PricewaterhouseCoopers said they had identified more than ==$1tn
(£670bn) in assets and liabilities that need to be accounted
for.== {emphasis added}
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for complete article click on
http://www.guardian.co.uk/business/2...ers-us-economy

Where were the responsible adults while all this was happening,
and where did all that money go?


Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).