Sunday, March 14, 2010

Sunday Links

This Lehman story is remarkable.  I mean, Lehman is basically another Enron - only bigger and much more entangled in the global financial system.  I'm pretty surprised that the market didn't seem to care about the massive fraud detailed in the bankruptcy examiner's report.  

Barry Ritholtz gives us a page with a whole mess of Lehman stories on it - a good starting place if you're reading this post and saying "What Lehman story?"

When you're done with the Lehman reading, if you haven't thrown up on your computer yet, you can check out Bruce Krasting's piece on the similarities between CDS, which are being vilified, and mortgage insurance - which is probably a far bigger issue.

If you still haven't thrown up: realize that your bank account's yield, which you probably knew was approaching zero percent, may actually have reached zero percent

EDIT:  late edition to the links:  It's not from The Onion (well, it's KINDA from the Russian Onion) - Panic in Georgia After a Mock News Broadcast.  Oy Vey.


1 comment:

Yangabanga said...

*sarcasm* It's hard to reconcile this blatant negligence/fraud with the paragons of virtue and qualification that were Lehman's Sr Management.

I'm no populist but it's hard to believe these revelations aren't putting more fuel on the populist fire. Then again the lehman crew have long since been vilified by everyone - it turns out they deserved it.

Might this finally spell the end of the useless and completely culpable rating agencies / auditors too?