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We've been arguing that the revelations from the Lehman bankruptcy examiner's report deal a serious blow to the ideology of regulation. Today Andrew Ross Sorkin provides really damning evidence against the idea that greater financial regulation leads to a safer financial system. From Sorkin— Almost two years ago to the day, a team of officials from the Securities and Exchange Commission and the Federal Reserve Bank of New York quietly moved into the headquarters of Lehman Brothers.
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The remarks were released Monday in advance of Tuesday's hearing before the House Financial Services Committee. Although the Securities and Exchange Commission was Lehman's chief regulator, the Fed began to monitor the firm after tr... Read Post

The examiner in the Lehman Brothers bankruptcy said Tuesday that his investigation had found evidence that Richard S. Fuld Jr., the firm's former chief executive, was aware of an accounting technique that shifted billions of dollars... Read Post

The New York Post reports that Fuld is actually happy about the bankruptcy examiner's report. But while Valukas in the report said that the Lehman estate has "colorable" claims against Fuld, former CFO Erin Callan, and other members... Read Post