That piece ran after Enron—in 2002.
I’m not sure why the Times doesn’t mention Ernst & Young, Lehman’s accountant. It seems like they’ll have yet another problem on their hands here.
We’ve noted that the shadow-banking system has pretty much fallen off the regulatory-reform radar. With today’s Lehman story and Friday’s fantastic ProPublica piece on Magnetar, that ought to change.
These stories show the press leading, which is great to see.