It's the summer of 2006, and I've already mapped out my post-college plan: spend two years at Lehman, start a company, become a billionaire, buy a house in the Hamptons, have an explosive divorce, die alone but surrounded by a mountain of gold bars.
A deeper examination of the relationship between all the audit firms and their clients on the issue of risk-obfuscation is needed. Limiting any inquiry to Lehman alone is inadequate. To start, here are a few simple questions.
Once upon a time, it seemed as if our leaders understood that "too big to fail" meant "too big to exist." But in Sen. Dodd's financial reform bill, the big banks won't be dismantled -- they'll be watched ... by a committee.
It is scandalous that those in government vested with the responsibility of financial oversight have permitted a culture of "heads they win, tails we lose" to take hold and to grow into a financial Frankenstein.