Friday, March 12, 2010

Lehman Fraudulently Cooked Its Books, Accounting Giant Ernst & Young Helped, Geithner and Bernanke Winked and Slapped Them on the Back

from Washington's Blog. 

All the dirt on the key players in the economic collapse (for working people) that you probably don't need to know, but might be curious about anyway. I think the key point that very astute observers like the author of this blog and Yves Smith miss is that, to paraphrase a famous statement of one of our great presidents, Bill Clinton, "It's the economic SYSTEM, stupid!" 

The economic collapse is, IMO, not about personalities even though the destruction is carried out by individuals of, or serving, the governing class of owners. It's the built-in incentives of capitalism that shapes the behavior of individuals who otherwise might have turned out to be decent folks.