Sunday, August 19, 2012

"60 Minutes" on August 19, 2012

The stories on "60 Minutes" on August 19, 2012 were recycled from previous episodes.

#1. The investigation of the collapse of Lehman Brothers. Steve Kroft mentioned in the beginning on August 19, that Valukas had never given an interview until April 2012. From April 22, 2012: The first story was on Lehman Brothers, with Lawrence University graduate Anton Valukas interviewed. Lehman had borrowed $44 for every $1.00 it had in the bank. There were colorable claims that this was a fraud. Misleading financial statements. The accounting firm was Ernst & Young. "It was a shell game." Repo 105. This is deception to make the company look better than it was. Matthew Lee an accountant at Lehman was concerned about Repo 105. November 30, 2007 was end of fiscal year; Lehman reported a record year. This was 10 months before Lehman went bankrupt. A letter written in May 2008. Possibly unethical and unlawful. Six days after the letter, Lee was let go after 14 years. Richard Fuld, former CEO of Lehman, claimed NOT to know about Repo 105 practices. Fuld noted before Congress that the SEC conducted regular analyses of Lehman in 2008. Claims against Lehman for $370 billion.

#2. Abuse of children by priests in Ireland done by Bob Simon. There was a mention of a story earlier this year about Archbishop Martin of Dublin. The Murphy Commission asked for files. Archbishop Martin provided the files. Martin noted sexual abuse is a total abuse of power. Saying to the child: you're worthless. Paddy Sheehan runs a cable car that takes visitors to an island: he observed "too much coverup." Cardinal Sean Brady. The Vatican recalled its ambassador to Ireland.

#3. Aerosmith, including the riding coattail commest by Tyler. Interview by Lara Logan.

"60 Minutes" on March 11, 2012


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