The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:The Bents Get to Blame the Government After All Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, October 03, 2012

The Bents Get to Blame the Government After All

News summary by MFWire's editors

Is Judge Paul G. Gardephe letting up on the Bents? Bloomberg reports today that the judge has permitted the SEC and Reserve Primary Fund chairman Bruce Bent Sr. and his son Bruce Bent II to present evidence about the U.S. government's role in the collapse of Lehman Brothers Holdings Inc..

For the full story on the lawsuit so far and the death of the Primary Fund, see MFWire's timeline.

The Bents, Reserve Management Company, and their distributor, Resrv Partners will be allowed to present evidence that confidence in Lehman's finances were based in part on the SEC's oversight of the investment bank under a voluntary regulatory program.

The move seems surprising given that recent efforts by Bent and son to blame the U.S. government for the Reserve Primary Fund breaking the buck have been thwarted by the U.S. District judge. On Aug. 16, the Wall Street Journal reported that Bent and son told Gardephe that the jury for the upcoming Oct. 1 trial should be allowed to hear about the government's refusal to bail out Lehman Brothers.

But Gardephe had responded a month later on Sept. 10 by disallowing Richard Painter from testifying at the impending trial. The judge ruled that the University of Minnesota law professor's testimony, which would have detailed the panic of the financial crisis and the government's response to the Lehman crisis, would confuse the jury as to the focus of the trial.  

Edited by: Irene Park

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2020: Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2020
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use