John Cassidy on the Lehman Report

John Cassidy:

Until now, my answer to the first question has been that while much of what the bankers did was reprehensible, it was perfectly legal. I still think this is the case—in finance, it is often the case that the biggest scandal is what you can get away with within the law—but the Valukas report raises the possibility that I was wrong, and that the big Wall Street firms were engaged in Enron-style accounting fraud.

★ Wednesday, 17 March 2010