If McConnell-style deceit about the financial reform bill continues in the Senate, serious regulatory reform won't happen. Half measures won't work. Only robust financial reform will end Wall Street's freedom to deceive.
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.